How to file a home insurance claim

Becoming a homeowner is a major milestone, but it comes with a long list of responsibilities like purchasing homeowners insurance. Should you need to use your insurance coverage to repair your home or replace belongings, you’ll need to file a claim with the insurance company.

What is an insurance claim? A claim means that you’re asking your insurer to compensate you for a loss that is covered under your policy. The insurance company will review your claim, approve it and send you the money you’re owed.

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Having homeowners insurance is extremely important, but homeowners insurance claims are relatively rare. According to the Insurance Information Institute (III), about one in 20 insured homes files a claim each year, and over 98 percent are related to property damage caused by fire or extreme weather. 

What can I claim on my homeowners insurance?

There are four main categories covered by most homeowners insurance policies—your dwelling (physical home), your personal belongings, liability protection and coverage for additional living expenses. 

• Dwelling coverage: You can submit a claim if the outside of your home is damaged or destroyed by fire, smoke, wind, hail, lightning, explosions and vandalism. The damage from floods and earthquakes are not covered under most policies. Dwelling coverage also pays for damage to detached structures, like a garage or shed. You cannot submit a claim for general wear and tear of your home, like aging pipes.
• Personal property coverage: If your personal belongings are damaged by one of the covered perils mentioned above, you can submit a claim to get reimbursed for some or all of the original value. That can include your clothing, kitchen appliances and furniture. Personal property claims are most common if your home is burglarized. High-value items like jewelry tend to be subject to a coverage limit.
• Liability coverage: If you have a guest at your home and they fall down the stairs or get bitten by your dog, you can file an insurance claim for protection in a lawsuit where you could be found responsible. If you do have to go to court, your liability coverage will pay for the cost of defending you and any court awards. It also pays for your guests medical bills.
• Additional living expenses: Some insurance companies allow you to file claims for additional living expenses in the event that you’re unable to live in your home due to damage from a covered peril. If your homeowners insurance policy offers this, you can submit a claim to cover things like hotel bills and restaurant expenses.

Create a home inventory

As a homeowner, one of the best things you can do is create a home inventory. Cataloging all of your personal belongings helps you determine how much insurance coverage you need and makes filing a claim faster and easier.

Survey each room of your home and make a list of all the items with a detailed descriptions. If you can, record details like the make, model, year it was purchased and where you bought it. For more expensive items like an appliance or electronics, write down the serial number. Taking pictures of your personal belongings can also be helpful when you file a claim.

Once you’ve created your home inventory, keep it up to date. Add newly purchased items, or save your receipts. Have at least one copy of your home inventory outside your home so it doesn’t get lost or damaged.

What to do before you file a claim

If you do have to file a homeowners insurance claim, there are a few steps that are important to follow. 

• Call the police immediately after you notice the damage—whether your home was burglarized, a fire broke out or a tree fell on your garage.
• Document the damage when it’s safe to do so. Take pictures and include written notes about the damaged items and their original value.
• Gather your receipts for the items that were damaged or destroyed to help the insurance company properly compensate you for the losses.
• Contact your insurance company to let them know about the incident, discuss your policy and coverage limits and get the proper paperwork.

How to file a homeowners insurance claim 

If you’re wondering how to file an insurance claim, the answer is simple, and most of the major insurance companies let you do it online or even through their mobile app.
 

	Phone Number	Link
Esurance	1-800-378-7262	File an online claim
USAA	1-210-531-8722	File an online claim
State Farm	1-800-732-5246	File an online claim
Nationwide	1-800-421-3535	File an online claim
Allstate	1-800-255-7828	File an online claim
Farmers	1-800-435-7764	File an online claim
Liberty Mutual	1-888-398-8924	File an online claim
Amica	1-800-242-6422	File an online claim

If you need to file any type of homeowners insurance claims, speak with your insurance company to find out exactly what you need to do. We’ve included the basic guidelines for filing a claim below based on what kind of claim you need to file.

• Damage to your home or personal property: In your claim, include pictures of the damage, a written description of the incident, when it occurred and the monetary value of the items that were damaged. Don’t throw away any damaged items before the insurance company can evaluate them.
• Personal liability or medical payments claim: Report the incident to your insurer as soon as possible. In your claim, explain the incident, report when and where it happened, give the name and information of the person injured, include any witnesses and take photos of injuries or other damage. If someone is injured and goes to the hospital, explain their diagnosis and any medical treatment they received.
• Additional living expenses claim: If you’re unable to live in your home due to damage, keep all your receipts for hotel bills, restaurant meals and moving costs, if applicable. In your claim, include photos of all receipts and describe the situation. Also note how long you expect to be away from your home while it’s being repaired.

Prepare for the adjuster

After you submit you an insurance claim, you’ll meet with an adjuster from your insurance company. The adjuster’s job is to organize and prepare the claim by speaking with you, witnesses, police officers and lawyers to gather all the facts about the incident. Typically, they’ll visit your home to assess the damage in-person and collect photographs, written details and other assets to be used in a report that helps the insurance company accurately assess your claim. 

Before meeting with the adjuster, submit the necessary paperwork to your insurance company. Organize the photos, notes and statements and have them ready to share with the adjuster to expedite the claims process so you get your payout faster.

How to get the most from your claim

If you decide to file a claim to get reimbursed for your losses, the most important thing you can do is to fully understand your insurance policy. Often times, homeowners don’t get the full payout they deserve because they don’t know what they are entitled to. Before you file the claim, carefully review your policy or have a professional do it for you. It’s also important to review your policy a few times per year to make sure you still have enough coverage.

Another way to maximize your claim is to document the damage as best you can. For example, take photos of the exterior of your home before a major storm hits so you can more easily show the before-and-after if damage does occur. Have a home inventory, take photos of everything you own and keep receipts whenever possible. If you feel more comfortable, you can always hire your own personal adjuster who can work independently from the insurance company.

Lastly, if you feel like your insurance provider hasn’t fairly compensated you for your losses, there are a few things you can do. Consider contacting your insurer to see what else you can provide to raise the payout, like additional proof of damage. Or, hire an independent appraiser to get a second opinion about what your compensation should be. If you have a significant claim and have exhausted your other options, you can hire a lawyer and take the insurance company to court—for a high fee.  

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Pay-per-mile Car Insurance

Whether it’s a magazine subscription or a gym membership, nobody wants to pay for something they never use. Despite this, we often keep paying for certain services, convincing ourselves that someday we’ll make good use of them and that when such a day comes, we’ll be glad that we held onto our subscription. It would be so much nicer if, instead of flushing money down the drain month after month, we only paid for a service if we used it. While this concept is merely a pipe dream in most circumstances, it’s possible for car insurance. Welcome to the world of car insurance by the mile.

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What is Pay-Per-Mile Car Insurance?

Starting with a base rate that is calculated using factors such as your age, your credit score, your driving history, the kind of car you drive and your gender, insurance providers charge you a monthly premium that is a combination of your base rate and the total amount you drive.

To calculate the latter component, insurers use an in-car device that tracks the number of miles you log each month. These miles factor into your annual mileage, which ultimately becomes a factor—though not a major component—in your overall premium. Taking all of this into account, insurance providers come up with a premium that reflects your driving habits, which is what you end up paying each month. If you don’t drive at all, you pay the base rate. If you do venture out onto the open road, your monthly premium reflects your mileage and includes a daily mileage ceiling above which you won’t be charged.

Pay-Per-Mile Car Insurance Companies

Nationwide SmartMiles

SmartMiles by Nationwide offers the same coverage as a traditional Nationwide car insurance policy with the caveat that its rates adjust each month based on how much you drive. Some special features of Nationwide’s SmartMiles coverage include:

• Safe driving discounts of up to 10% after the first renewal
• A “Road Trip Exception” that only charges you for the first 250 miles you drive on any given day
• Easy-to-use online tools that help you keep track of your mileage and monthly payments

With the exception of a few hybrids and diesel engine vehicles, this pay-per-mile insurance can be used by all drivers with post-1996-model cars.

Metromile

With rates starting as low at $29 per month, Metromile offers an affordable alternative to other car insurance providers. Like Nationwide, Metromile also features a 250-mile per day mileage cap (150 miles per day in New Jersey), which enables infrequent drivers to indulge in guilt-free road trips on the weekend. Metromile offers an extensive list of coverage options, which includes:

• Rental reimbursement
• 24/7 Roadside assistance
• Property damage
• Bodily injury
• Comprehensive
• Under/uninsured motorist
• Medical payments coverage

Users can select some or all of these car insurance by the mile coverage options as part of one of four different levels of liability protection and may add more than one vehicle to a policy, which saves them money on their base and per-mile rate.

Though Metromile has limited availability (CA, IL, NJ, OR, PA, WA and VA), it offers automatic billing and easy-to-use online resources for handling payments, which makes it an attractive option for users that are residents of states where it is available.

Esurance Pay Per Mile

Pay Per Mile by Esurance offers many of the same functions as the other pay-per-mile car insurance providers listed here. Their premiums, which are paid eight times over a six-month span, are composed of a base and per-mile rate and include a mandatory down payment at the start of each policy term cycle. In addition to this, Esurance charges a $50 cancellation fee if you terminate your policy early, though this can be waived if the policyholder switches to a traditional, unlimited miles Esurance policy.

Generally, most pay-per-mile users are scared away from Esurance’s offerings due to the fact that, for the moment, its Pay Per Mile program is only available to users living in Oregon. This may change in the near future, but for now, if you’re not an Oregon resident, you may need to look elsewhere for your pay-per-mile auto insurance.

Allstate Drivewise

Drivewise by Allstate is different from the norm as far as pay-per-mile insurance programs go. In addition to tracking the number of miles that you drive in a day, it also keeps tabs on how fast you drive, the number of times you brake hard, the time of day that you drive and the areas in which you drive.

Billing is also done a bit different with Drivewise, in that users pay a deposit and then have money deducted from that amount in the form of base and per-mile rates. When the deposit amount gets close enough to zero, users are automatically billed and the deposit gets replenished.

In addition to the standard liability coverage that is offered, Drivewise appeals to drivers because of the low mile limit ceiling—150 miles per day—and the opportunity it gives drivers to save if they keep their miles low.

One thing that drivers won’t be too fond of, however, is Drivewise’s limited availability. As of now, only residents of New Jersey, Oregon and Texas have access to this pay-per-mile service, though this may change soon.

Who should use pay-per-mile insurance?

Pay-per-mile car insurance clearly isn’t for everyone. Apart from the aforementioned geographic restrictions that apply to some providers, the per-mile basis on which premiums are calculated makes pay-per-mile insurance an unattractive option for users that drive a lot.

By way of example, a sample rate from Metromile quotes their premiums at least $29 per month as a base rate plus six cents per mile driven. Taking into account the fact that the average American drives 13,476 miles per year, this policy would end up costing users over $1,150 per year, which is more than $200 over the national average, according to 2016 figures.

With this in mind, people who know that they have to log a lot of miles behind the wheel likely aren’t the best candidates for this kind of insurance. On the other hand, if you live in an urban area or have circumstances that don’t require you to use your car often, pay-per-mile insurance could be an excellent way to save money on monthly auto insurance premiums.

How much can you save with pay-per-mile insurance?

The main factor in determining how much you can save with car insurance by the mile is the number of miles you plan on logging. In revisiting the Metromile example, if you are able to stick to an average of 25 miles per day, you’d end up paying just under $900 per year in auto insurance, which would yield you a modest chunk of change in savings compared to the national average.

To have a clearer idea of what you could save, however, your best bet is to solicit quotes from traditional auto insurance providers and pay-per-mile insurers and use your estimated annual mileage as a predictive marker in calculating how much each option might cost you.

Frequently asked questions

What’s the difference between pay-per-mile and pay-as-you-drive (telematics) insurance?

Pay-as-you-drive models use a telematics device to monitor your car. By using this technology, drivers have the chance to potentially earn a larger discount by driving less and being more cautious on the road. The point of these devices is to track a driver’s driving patterns as a means of gauging of cautiously or recklessly a user drives. The devices track speed, hard braking and a few other factors to determine how much a driver is eligible to save for safe driving.

Pay-per-mile insurance is only calculated using a base rate and a per-mile rate. Thus, how recklessly or safely you drive have no bearing on what you pay at the end of each billing cycle.

Can I cancel my pay-per-mile insurance at any time?

Though all users have the right to cancel their pay-per-mile insurance policies whenever they like, doing so often comes with fees. Esurance, for example, charges policyholders a $50 cancellation fee if they terminate their policies early. This fee can be waived if the policyholder switches to a traditional, unlimited miles policy. To find out whether your provider will charge you to cancel your policy, reach out to a representative.

Does pay-per-mile have the same coverage as a traditional policy?

Yes. The coverage offered with a pay-per-mile policy is the same as that provided under a traditional policy with the exception that the payment structure is different. While a traditional policy will charge you a monthly premium based on factors such as the make and model of your vehicle, your age, your driving history and health-related factors that could impact your ability to drive safely, a pay-per-mile policy charges drivers a substantially reduced base fee along with a per-mile fee that is usually capped at a certain per-day mileage limit.

How are my pay-per-mile premium rates calculated?

Pay-per-mile premium rates are made up of two components. The first is a base rate, which is applied at the discretion of the provider. The second component is a rate applied to the number of miles you drive during a billing cycle. This rate is determined based on factors such as your age, driving history, credit score, make and model of car and gender, among other factors. Combined, these two factors make up your monthly premium.

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Geico Renters Insurance Review 2020

Geico is well known for offering a wide range of insurance options at an affordable price. But compared to other providers, Geico’s renters insurance policies are average.

Basic renters insurance policies from Geico include personal property, personal liability and living expenses coverage. Additional coverage includes options for stocks, bonds, fine jewelry, business property or other valuable items. Like most renters insurance policies, Geico will pay to repair or replace your belongings if they are damaged by fire, smoke, vandalism, theft, extreme wind and water.

The specs

Price	Varies by state, type of home and personal factors
Best for	Renters looking for low-cost premiums
Not for	Renters who place high value on customer service
States served	50
Discounts	Multi-policy Home security systems Fire sprinklers Fire extinguishers Smoke alarms
AM Best Rating	A++
Standout features	Online and mobile app tools Additional coverage for valuables Affordable premiums

The claim

Most people are familiar with Geico’s signature catchphrase, “15 minutes could save you 15 percent or more on car insurance.” But if Geico is preaching steep savings for auto insurance, the same claim should be true for other types of insurance it offers.

Is it true?

It’s difficult to tell how accurate this money-saving claim really is without doing a head-to-head comparison of Geico’s quotes against other providers. The other sticking point of this claim is that insurance quotes vary dramatically based on a number of factors—the state you live in, your credit score, your claims history and even your gender and marital status.

Geico is known for offering more affordable premiums than other providers. However, it’s hard to believe that every person who uses Geico insurance is paying 15 percent less than they would with another insurer. Depending on their previous insurance company, some people may be able to save 15 percent or more, but some might save less or even pay more.

When we look at renters insurance specifically, another reason why it’s difficult to validate Geico’s claim is because the company hasn’t been included in J.D. Power’s U.S. Renters Insurance Study for the past several years. The last time Geico made the list was in 2016, when it received 3 out of 5 stars for overall satisfaction, which is considered average.

The fact that the company has been absent from J.D. Power’s study in recent years reinforces the fact that Geico probably doesn’t provide the same level of quality, price and service other insurance companies do in the renters insurance category.

Our deep dive

Here is what you can expect to get from Geico’s renters insurance policy:

• Personal property coverage: Geico’s personal property coverage protects your belongings if they get damaged or destroyed by a covered peril, including fire, smoke damage, vandalism, theft, wind and water damage.
• Personal liability coverage: If you accidentally damage someone else’s home or belongings, your personal liability coverage will help you pay for the repairs. It will also cover someone’s medical bills if they were to get injured in your home.
• Additional living expenses coverage: Should your home get damaged or destroyed in a covered peril and you have to live elsewhere, Geico will reimburse your hotel and restaurant bills until you have a permanent residence.
• Replacement cost coverage: Instead of paying actual cash value to replace your items, which factors in depreciation, Geico uses replacement cost coverage to reimburse you for losses.
• Limited discounts: Geico only offers a few ways to save on your renters insurance—bundling your policies and having certain safety features in your home, like fire alarms and sprinklers.
• Personal property calculator: With Geico’s personal property calculator, you can estimate the total value of your personal belongings in order to determine how much coverage you should purchase.
• Extra coverage for valuables: Geico offers additional insurance coverage for expensive items, like fine jewelry, coin collections, sporting equipment and specialized electronics. This coverage comes at an added cost.
• Business merchandise coverage: If you sell items on eBay or other stores, Geico will cover common losses, like lost or damaged packages.

Cost rundown

Renters insurance quotes vary by person, so the only way to know exactly how much you’ll pay for a Geico policy is to get a quote. There are a variety of factors that influence how much your premium will be. Some factors have to do with your personal background, and others are related to the home you want to insure.

Also keep in mind that basic renters insurance plans do not include coverage for earthquake or flood losses. If you live in a state that is susceptible to either, you will need to purchase a separate policy.

Cheaper (or free!) alternatives

Renters insurance is already pretty affordable, but there are some additional ways to save.

• Raise your credit score: The higher your credit score, the better deal you’ll get. Increasing your credit score can help you save money on your premium over time.
• Increase your deductible: By increasing your deductible, you’re agreeing to pay more out-of-pocket to cover your losses before the insurance company steps in. As a result, you’ll pay less every year.
• Bundle your insurance policies: Geico offers discounts on renters insurance for policy bundling, so consider switching your auto insurance to Geico as well.
• Get multiple quotes: You’ll always find the best deal when you get quotes from multiple providers. Geico might not necessarily be the best or cheapest option for you.
• Make your home safer: Geico gives customers discounts on their renters insurance if they install anti-theft and fire safety features in their home, like fire sprinklers and alarms.

The competition

Geico is not the only option for renters insurance available. Here are a few competitors that you can also get quotes and information from.

Allstate: Allstate also ranked well in J.D. Power’s Study, and is ideal for people who have never had an insurance claim. Allstate offers a discount of up to 20 percent and bonus savings for every year that customers stay claim-free.

• American Family: American Family earned the top spot in J.D Power’s 2019 U.S. Renters Insurance Study. The company earned a perfect 5-star rating across the board for overall satisfaction, policy offerings, price, billing, claims handling and customer service.
• Nationwide: In J.D. Power’s study, Nationwide received about average ratings in most categories, but it earned a 5-star rating for claims handling. Nationwide is a good option for people who want comprehensive coverage options. Basic renters insurance policies include personal and liability coverage, as well as credit card coverage and covered damages for home improvements.
• State Farm: State Farm was a close runner up in J.D. Power’s study, with 5 star ratings across the board, except for a dismal 2 out of 5 star rating for claims handling. State Farm is a good option for people who care about high quality customer service but aren’t as focused on price.

What others are saying

Looking at customer reviews on Geico’s Better Business Bureau page, it’s not uncommon for customers to complain about the poor customer service. Note that while these reviews refer to Geico in general, they might also apply to renters insurance too.

According to one customer, “The company only cares about the premium you pay them and when they are needed they leave you to fend for themselves.” Other customers caution against inaccurate payouts, raising rates for seemingly no reason and a slow claims handling process.

The bottom line

Geico renters insurance can be a good option if you want bare bones coverage for a fair price or already have another type of insurance with Geico. However, if you value reliable customer service, discount options and more flexible policy options, you’rebetter off taking your business elsewhere.

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The Best Time to Buy a TV, Mattress and More: Here’s Your Guide

Some purchases are tough to plan: car repairs, patches for a leaky roof, a working furnace right before the big snowstorm hits.

But more often than not, you can plan ahead for life’s necessities — and some non-necessities, too.

Before you let an impulse buy drain your bank account, consult our handy calendar of the best time to buy absolutely everything. You might be surprised at the deals each new season brings!

Our Guide to the Best Time to Buy Everything

Be a smart shopper and plan your purchases according to this calendar, which lets you know when the best deals are, month by month.

What to Buy in January

Kick off the new year with big savings.

TVs

Retailers know that the newest TVs and other electronics are revealed at the annual Consumer Electronics Show in early January. This makes January the best time to buy a TV, thanks to major discounts — as long as you don’t sweat the new, fancy models too much.

Calendars

No need to rush to the bookstore in December to get a new wall or desk calendar. Buy one in January to get 50% to 70% off.

Gym Memberships

“In January, you’re likely to find gyms waiving extra fees (which can range from $10 to $100 per year, depending on the gym), offering a free introductory period or discounted rates to make it easy to jump into a year of fitness,” Elizabeth Harper, contributing writer of DealNews.com writes.  

“And if you don’t see any deals offered, ask!”

Linens

The yearly tradition of hosting a white sale dates back to the 1870s, when linens were only available in white. But modern white sales include linens and home goods in every color of the rainbow.

Don’t be swayed by sheets with super-high thread counts — you probably don’t know what different thread counts feel like.

Ugly Holiday Sweaters

I know, you have an entire 11 months until you get invited to your next ugly sweater party. But my Goodwill intel reports that January is the best time to find a truly hideous sweater for way cheap.

What to Buy in February

Fall in love with these deals during the month of February.

Mattresses

Presidents Day is a good time to buy a mattress because it gives you a long weekend to shop with your partner for an item you should both agree on before buying.

That’s why retailers use the holiday to shill for pricy items many people have put off buying or replacing for a while. Take advantage.

Jewelry

One of the best times to buy jewelry is in February — but only after Valentine’s Day.

Look for discounts of up to 80% off after retailers remove their rose-colored glasses. It’s not worth paying the “love tax” to celebrate with your sweetheart, anyway.

Winter Coats

Winter coats take up a ton of room in your closet and just as much room in stores. Help retailers clear ’em out this month, and you’ll get a big discount.

What to Buy in March

Spring forward by making these smart purchases in March.

Luggage

Don’t wait until a week before your big family vacation to get a new suitcase. March is the best time to buy luggage, as it’s on sale to entice shoppers who are desperate to be done with their snowy, dreary winters and who crave a little spring break.

Just don’t forget where you put it when it’s time to pack.

Fitness Equipment

Whether you’re looking for a treadmill or just a set of dumbbells, March is the time to shop. Retailers know you’re going outside to exercise soon, so they want to unload in-home workout gear.

What to Buy in April

The smart shopper always plans ahead.

Tools

You don’t have to wait until Father’s Day to find excellent prices on tools and home improvement gear.

If you’re eager to start your home DIY projects in the spring, go ahead and shop now. Home Depot likes this time of year so much it even hosts a Spring Black Friday sale.

Sneakers

Everyone’s finally going outside again. Let sporting goods stores make it easier for you to keep up with your New Year’s resolution (remember that?) by discounting those new kicks.

What to Buy in May

Is your refrigerator running? If not, May is a great time to get a new one.

Baby Gear

I understand you’re not going to time your baby’s birth to get the best deal on all their accoutrements.

But if your kiddo needs a new stroller or high chair, May is a good time to shop, according to Consumer Reports — especially if you can grab the Memorial Day deals.

Refrigerators

New refrigerator models debut in the summer. Shop in May to get last year’s model at a better rate.

You can’t tell the difference between last year’s refrigerator models and this year’s, right? Didn’t think so.

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What to Buy in June

Here come the… deals?

Vacation Tickets

Planning a summer vacation? Travel early or late in the summer instead of during peak times. And you’ll pay less for airfare if you can travel midweek.

Outdoor Gear

Now that summer is in full swing, outdoor gear — like tents, backpacks, lanterns and even fitness gear — is marked down.

Cookware and China

June is peak wedding season, and stores hope you’ve planned ahead to buy those wedding registry gifts.

Now is when those items are discounted, and it’s the perfect time to replace or upgrade what’s in your own cabinets.

What to Buy in July

Don’t sweat these savings.

Amazon Products

If you’re an Amazon Prime member, check your calendar: Amazon celebrates its birthday each July by discounting thousands of items on Prime Day, which now extends well beyond 24 hours.

While there are a lot of duds and “Amazon really sells that?!” raised eyebrows, the megastore offers great deals on its own products, from Kindles to Echos to Fire sticks.

Furniture

New styles hit stores in February and August, so retailers spend much of July clearing out old stock, especially over Fourth of July weekend — making this the best time to buy furniture.

What to Buy in August

The dog days of summer offer some amazing bargains.

Computers (Except Apple Products)

Computer manufacturers typically release their new models in the summer, so back-to-school sales are a great time to buy last season’s model. The specs probably won’t be different enough for you to notice, unless you’re a hardcore gamer or designer.

Apple products, however, typically get announced in the fall, so hold off to get that new MacBook.

Grills

Grilling season doesn’t stop at the stroke of Labor Day. Buy at the tail end of summer to enjoy your grill until almost Thanksgiving (OK, depending on where you live).

What to Buy in September

Back to school? More like back to the checkout lane.

Thanksgiving Flights

According to 2017 booking data, this could be your best time to buy Thanksgiving flights.

Swimsuits

Even though your local pool might be closed for the season, you should think about stocking up on swimsuits for next year.

A House

This might not be a frequent purchase, but if you’re in the market for a new home, it can help to hold off past the busy spring and summer buying seasons.

Your costs typically drop a few percentage points at the end of September (after the kids have gone back to school), making this the best time to buy a house.

What to Buy in October

There’s a joke about spooky deals in here, but I won’t make it.

Denim

Jeans typically get discounted in October, after back-to-school sales have ended and families are stocked up on fall attire.

Patio Furniture

Goodbye summer, hello savings.

It’s worth checking out the patio furniture if you don’t mind storing it over the winter. When that first warm spring day hits, you’ll be ready to bask in the sunshine.

What to Buy in November

The days get shorter, but the deals get bigger.

Small Appliances

This time of year is ripe with rock-bottom prices on giftable small appliances.

If you’re looking for a blender, food processor, coffee maker or anything else that’ll proudly take up space on your kitchen counter, it’s worth waiting until Black Friday sales begin in stores and online.

Wedding Gowns

Bridal shops are slow before the proposal rush during the holiday season, so the few weeks before Thanksgiving is a good time to start trying on gowns.

Ask about sample sales and last year’s styles that may be priced to move.

What to Buy in December

Celebrate the season… by shopping smart, obviously.

Swimming Pools

If your family’s been begging for a backyard pool, December is the best time to have one installed. It might be chilly, but pool pros would rather avoid working on 90-degree days!

Plus, when their workload slows in the winter, many contractors are willing to lower their prices.

Toys

Toy deals stick around after those Black Friday and Cyber Monday sales in November.

Even if you’re done with holiday shopping for your little ones, consider picking up their favorite character and activity toys while they’re still discounted to stash away for birthdays.

Lisa Rowan is a former staff writer and producer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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The Cheapest Nevada Renters Insurance Companies 2019

Everything is bigger than life in Vegas, including the cost of living. The entire state of Nevada is more expensive than the U.S. average cost of living, and yet the average rate of Nevada renters insurance ($174) is not much different from the national average of $180 in 2017, making it more affordable than ever to protect your things.

Renters insurance is an essential part of renting any property because it protects you from liability if damage happens. It not only protects your valuables, but it also covers any damages to the property that may occur.

Nevada renters insurance is not required, but it is highly recommended given its extremely low monthly premium and widespread coverage. You can sleep better at night knowing your home is safe and protected.

Best rental insurance companies in Nevada

Nevada is prone to damage from lightning, extreme winds and flooding. Renters insurance not only covers your home and your belongings, but it also covers incidents where a visitor experiences damage to themselves or their belongings. Your Nevada renters insurance company will handle the medical expenses and any property reimbursement.

Insurance policies will vary depending on your needs, and there is a wide variety of coverage that is available to you.

We did the research and found these five companies are the best Nevada renters insurance companies:

• American Family
• Country Financial
• State Farm
• Travelers

State Farm and Travelers are nationally known as reliable renters insurance companies, but Nevada welcomes some lesser-known names that are setting the bar higher. The best Nevada renters insurance companies are affordable and offer superior customer service.

J.D. Power and the Better Business Bureau (BBB) judge a company by their customer satisfaction, taking into account things like the kinds of policies available, pricing and claims processing. AM Best measures a company’s financial stability, which can significantly affect how well your claim and reimbursements are handled.

Rankings for best renters insurance companies: Nevada

Company	J.D.Power	AM Best	BBB
Travelers	2 out of 5	A+ (Superior)	A+
Country	Unranked	A+ (Superior)	A+
State Farm	5 out of 5	A++ (Superior)	A+
American Family	5 out of 5	A (Excellent)	A

Best for bundle policy options: Country

Country offers fantastic Nevada renters insurance with tiered pricing bundled into two different cheap renters insurance packages, Basic and Premier. It allows higher amounts of liability, offering up to $1 million in coverage. Multi-policy insurance becomes even cheaper.

Best for affordable coverage: American Family

American Family is J.D. Power’s #1 pick for home insurance, surpassing all other renters insurance companies in customer satisfaction, pricing, offerings and billing.

American Family Insurance offers multi-faceted coverage, making it easy to bundle your best Nevada renters insurance policy with life insurance and plans for your car, motorcycle and RV. There’s travel protection and pet insurance. American Family can tend to all of your needs while also providing affordable insurance rates.

Best for customer service: State Farm

State Farm is known for its customer satisfaction rates. It got 5 out of 5 in nearly all areas from the J.D. Power ratings, including for overall satisfaction.

Best for multiple products: Travelers

Travelers is one of the largest providers for auto and home insurance, so this company is a good option if you’d like to work with one company for your all your policies.

Unlike many states, Nevada’s best cheapest insurance companies are among the top-rated in the country. With straight A’s in financial stability and customer reviews, these companies offer the most affordable renters insurance for your home and belongings.

It makes renters insurance more attainable without making a massive dent in the budget.

The average for Nevada cheap renters insurance is $179 per year, but the best cheap renters insurance companies come in below that price.

These are the average annual premiums for Nevada’s best cheap renters insurance companies

• Country: $116
• American Family: $131
• Travelers: $134
• State Farm: $152

Coverage usually includes $15,000 in personal liability and $30,000 in property liability, but these numbers can increase based upon your needs. To make things more budget-friendly, you can also adjust your coverage to protect your home adequately.

Frequently asked questions

How much renters insurance do I need in Nevada?

Nevada does not require its residents to have car insurance or renters insurance. Landlords are free to make their own rules, however, and many properties require renters insurance before you move in. If your landlord requires a certain amount, start with that required coverage. If you aren’t required to have renters insurance but want it, do a home inventory to decide how much coverage you need to cover your belongings.

What is the best renters insurance company in Nevada?

Which company is the best for you will depend on your budget and needs. Nevada is home to some of the country’s best cheap renters insurance companies. The companies listed here boast high scores in customer satisfaction.

To choose the right policy for you, look at the eligible discounts to see if there is a lower price. You can also look for special add-on coverage that you may need from a specific insurance provider.

What does renters insurance include?

The reason why renters insurance is so important is that it protects your home. Renters insurance will cover your damages to your rental property, your belongings and liability if a guest gets injured at your apartment

Is renters insurance worth the money?

You spend a fortune on your rent and utilities, so why not protect your home too? It is a minor expense when compared to the consequences of no insurance in times of trouble. Most policies will cost you little more than your morning coffee!

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Dear Penny: Can I Increase My Social Security After Retiring?

Dear A.,

Most of the advice you’ll find about how to increase your Social Security benefits is essentially: Go back in time, work longer and for more money. Or go back in time and earn more money so you can invest it, and you won’t need to rely on your Social Security benefits.

It’s not bad advice for people who still have decades left until retirement. But it’s not useful for people like you, who are facing the brutal reality that Social Security isn’t enough to live on.

Unfortunately, I bear bad news: Based on what you’ve told me, it doesn’t sound like there’s a way for you to up your Social Security benefits.

Social Security has two main options for people who start collecting benefits and then change their minds: Withdraw your application within 12 months and repay all the benefits you’ve received. Or ask Social Security to suspend your benefits if you’re at least full retirement age but under 70.

Either tactic results in higher monthly benefits once payments resume because the longer you delay Social Security, the higher your benefit. But obviously, neither is an option in your case. 

So let’s accept that the $1,000 a month you need to quit your retail job isn’t going to come from your Social Security retirement benefits.

That said, you may qualify for assistance beyond your retirement income. You may be eligible for Supplemental Security Income, food assistance through the Supplemental Nutrition Assistance Program (SNAP) or subsidized housing, to name a few possibilities.

The National Council on Aging maintains a database of more than 2,500 assistance programs at benefitscheckup.org. You can search for resources by providing a few details like your ZIP code, date of birth and income.

If you own a home, one option to consider is a reverse mortgage. Basically, you give up your home equity in exchange for monthly payments, a lump sum, a line of credit or a combination of these. Yeah, it’s risky and comes with high fees, but it makes sense for many seniors dealing with a retirement shortfall.

But if none of this proves viable, the question is: Just how much do you hate that retail job? Enough to move somewhere with a lower cost of living? Enough to cut what I’d imagine is already a bare-bones budget even further, say, by going carless and/or taking on a housemate?

Or is there a way you could earn money that’s not as lousy than your part-time retail job? I get it: You’re 70 and exhausted from working. But if that’s truly your only option, consider some alternatives for making money. For example, could driving for Uber or doing a work-from-home customer service job be a little less taxing?

There are no easy solutions here. You do have options, though none of them are perfect. But with persistence, I think you can find some that will make your retirement a lot less stressful.

Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny. Send your questions about retirement to AskPenny@thepennyhoarder.com.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Revealed: UK credit score hotspots – how does your compare?

Revealed: UK credit score hotspots – how does your compare?

New data reveals the best and worst areas for credit scores. 

Brean Horne Fri, 01/24/2020 - 10:20

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People living in Eastern Central postcode (EC) have the highest average credit score in the UK, according to new research from MoneySuperMarket.

The price comparison site analysed more than 200,000 credit reports from the MoneySuperMarket Credit Monitor.  

Residents in the EC area hold an average credit score of 583 out of a possible 710 points.

The average UK credit score stands at 562.

People living in the Surrey town of Guildford (GU) hold an average credit score of 578 – the second highest in the UK.

Kingston upon Thames (KT) came in as the third highest credit score area, with the average resident holding a score of 577.

The table below shows the postcodes with the highest credit scores.

Location	Average Credit Score
EC - Eastern Central London	583
GU - Guildford	578
KT - Kingston upon Thames	577
RG - Reading W - Western London	576
E - East London RH - Redhill	575

Worst areas for credit scores

Residents in the north of England and parts of Scotland were among the areas with the lowest credit scores.

Sunderland (SR) has the lowest average credit score of 548.

The second lowest average credit score is held by people living in Wolverhampton (WV).

Those living in the Scottish town of Kilmarnock (KA) have an average cred score of 550 – the third lowest in the country.

The table below shows the postcodes with the lowest credit scores.

Postcode	Average Credit Score
SR - Sunderland	548
WV - Wolverhampton	549
KA - Kilmarnock	550
DN - Doncaster	550
HU - Hull	551

How to improve your credit score

Your credit score can affect your ability to get anything from a mortgage to a mobile phone contract, so it’s important to keep yours in good shape.  

The following three tips could help you boost your credit score.

1. Check your credit history

Monitoring your credit history regularly will help to identify errors on your credit file which could be affecting your score.

If you spot any inaccuracies, try to get them resolved as soon as possible.

Regularly checking your credit score will also help you identify instances of fraud.

2. Register to vote

Making sure that you’re registered to vote is a simple way to improve your credit rating.

MoneySuperMarket found that the average credit score for someone on the electoral register was 566 whereas the average credit score for those not registered was only 538.

Registering is easy, just head to GOV.UK/register-to-vote

3. Keep up with your repayments

Paying off your credit card balance each month as well as keeping up with repayments on personal loans and mortgages will help boost your credit score.

It shows lenders that you are reliable with credit and can manage your debts.

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Banks accused of denying reimbursement to scam victims

Banks accused of denying reimbursement to scam victims

Current account providers are ignoring new industry rules, according to Which?

Emma Lunn Fri, 01/24/2020 - 09:05

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Which? has raised concerns that some of the UK’s biggest banks are refusing to reimburse blameless victims of transfer fraud, despite the introduction of new industry standards intended to protect fraud victims.

A voluntary code was introduced in May 2019 that would ensure innocent victims get their money back – but Which? has heard from a number of people who say they have been denied reimbursement unfairly.

Fraud warnings

The consumer champion described a “worrying trend” of banks relying on fraud warnings to justify not refunding customers. It says these decisions from banks fly in the face of the voluntary code most banks have signed up to, which pledges to reimburse all blameless victims.

Online or mobile banking customers now often see fraud warnings when transferring money, as banks introduce a range of features aimed at making a customer think twice about whether they are being scammed.

However, a Which? survey found that almost half (49%) of people are not aware that new fraud warnings have been introduced by banks – it says this is further evidence that victims should not be arbitrarily turned down for reimbursement because they have “ignored warnings”.

Working with experts, Which? also analysed the effectiveness of banks’ fraud warnings, to establish whether they are adequately “understandable, clear, impactful, timely and specific” – as set out in the code. The experts raised concerns about elements of the warnings from some of Britain’s biggest banks.

Generic messages

One researcher voiced concerns over the “generic” messages displayed by First Direct, HSBC, Lloyds, Natwest and Royal Bank of Scotland. Petko Kusev, from Huddersfield Business School, said that it was perfectly rational for customers to ignore generic information when conducting bank transfers.

A second researcher, Patrick Fagan from Goldsmiths University, suggested that some warnings can come too late, as once people have already been targeted by scammers they typically commit to seeing the action through.

Which? supports the introduction of fraud warnings but says if a bank can’t prove its warnings are effective then the customer should not be deemed at fault.

The consumer champion also wants the industry code to be made mandatory for all current account providers as many haven’t signed up.

Jenny Ross, Which? money editor, says: “People are losing life-changing sums of money every day to devastating bank transfer fraud – so it’s shocking that some current account providers still haven’t signed up to offer their customers vital protections.

“All banks must prove that their online warnings are up to scratch – especially if they are denying victims reimbursement, as we’ve seen in some cases.”

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Are notice accounts a good option for savers?

Are notice accounts a good option for savers?

Notice accounts offer middle ground for savers who want something in between easy-access accounts and fixed-rate savings bonds

Stephen Little Thu, 01/23/2020 - 17:09

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If you do not want to lock your savings away and want quick access to your money an easy-access account is normally the best option.

However, if you are looking to gain some interest on your savings and still have some flexibility you might want to consider a notice account.

These allow you to dip into your savings as long as you inform your bank in advance. You can earn a higher rate than with an easy-access account, but not quite as high as with a fixed-rate savings bond.

Typically, you will have to give advance notice of 30 to 90 days to your bank or building society before you take your cash out.

Some accounts are even more restrictive and may require notice of up to 180 days.

Notice accounts are good for savers who would like to make an occasional big purchase, but still want the benefit of receiving  interest. For example, they are useful if you are saving up to buy a car or a holiday later in the year.

However, if you are saving money for a rainy day and want to draw the money out quickly, a notice account may be too restrictive for you.

If you are looking to use the account regularly, it won’t be of much use as you will lose your interest.

The highest paying notice account is from the Bank of London and the Middle East at 1.71%. It comes with a 90-day notice period and can be opened online.

However, it requires £10,000 to open the account so might be out of reach for most savers. This account offers an ‘expected profit rate’ (EPR) instead of traditional interest.

The Moneybox 95 Day Notice account offers a rate of 1.65% and can be opened on your smartphone with a deposit of £1. Just behind at 1.6% is ICICI Bank’s 95-day notice account, which can be opened through the online Raisin savings tool with a deposit of £1,000.

If you are looking for a shorter notice period, the Charter Savings Bank 60 Day Notice account has a rate of 1.5%. You will need £5,000 to open the account.

These accounts offer higher rates than the best easy-access account from Shawbrook Bank at 1.41%. This account can be opened online with a deposit of £1,000 and there are no limits on the number of withdrawals you can make.

Notice accounts with the shortest notice periods tend to pay the lowest rates.

OakNorth Bank’s 35 Day Notice Deposit account has a rate of 1.36% while Aldermore’s 30-day notice account pays 1.3%. Both accounts can be opened online.

Cash Isa notice accounts

Notice Cash Isas give you greater flexibility over ordinary fixed Isas.

However, savers are increasingly finding their options for notice Cash Isas limited, while rates are also lagging behind their easy-access counterparts.

The Moneywise Best Buy is the Aldermore 30 Day Notice Cash Isa, which pays 1.3% to customers who give 30 days’ notice.

The account can be opened online with a deposit of £1,000. If you deposited £5,000, over a year you would earn £65 in interest.

The top-rated easy-access Isa is from Al Rayan at 1.36%. You can open this account with a deposit of £50.

If you deposited £5,000 in this account, you would earn £68 in interest over a year.

FEATURED PRODUCT

Moneybox 95 Day Notice Account

This account pays 1.65% interest and can be opened online. It has a 95-day notice period and requires a £1 initial investment.

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Consumer confusion about tax return expenses

Consumer confusion about tax return expenses

One in three people who do their own tax return could be paying more tax than they need to or risking a fine from HMRC because they don’t understand expenses, according to Which?

Emma Lunn Thu, 01/23/2020 - 15:07

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The consumer champion surveyed nearly 1,300 Which? members about their experiences of submitting a tax return.

Of those who submitted a return, only four in 10 (39%) said they normally claimed expenses – meaning many could be missing out on expense claims that could help them save on their tax bill.

One in 10 (9%) felt their expenses were negligible, while half (49%) of those surveyed believed that they did not have expenses they could claim for. However, when presented with a list of potential claims that could be expensed, more than three in 10 (31%) said they didn’t know which could be claimed.

Those omitting expenses risk overpaying their tax bill. However, trying to claim for expenses that are not eligible for tax relief could potentially result in a fine from HMRC.

HMRC penalties

A penalty charge from HMRC is based on the amount of tax owed, as well as whether HMRC believes the person submitting the return has just been careless, or if they intentionally tried to claim tax relief they are not entitled to.

Among the responses illustrating the confusion, one person told Which?: “I just claim £104 – £2 a week. Someone told me the Inland Revenue just accepts a small amount like this without having to show your expenses. Don’t know if that’s true.”

Receipts and expenses

More than nine in 10 (93%) of those surveyed said that HMRC had never asked for additional information regarding their expenses claims.

However, Which? says you should keep a record of all your receipts and expenses in case you are asked for proof. One respondent to the Which? survey said HMRC requested seven years of all their income and expenses, while another said they were asked for a complete review, which took months to finish.

Gaps in tax knowledge

Last year, Which? revealed a number of gaps in consumers’ tax knowledge, with just over half of adults unaware of how much money can be earned tax-free.

Which? Money editor Jenny Ross says: “Few people enjoy the annual ordeal of submitting a tax return, but getting to grips with the rules will help you to avoid paying too much, or being hit with a hefty fine.

“Get organised by keeping hold of all your receipts and reading up on what HMRC considers as reasonable expenses, and think about using an online calculator to simplify the process of submitting your tax return.”

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