Podcast: Insurance For Homeowners and Real Estate Investors

Insurance For Homeowners and Real Estate Investors

For this podcast about insurance I chatted with Matt Kincaid of Meridian Captone.  In the podcast we discussed insurance for homeowners and real estate investors.  Topics included first time homebuyer tips for arranging insurance, insurance for real estate investors with long term tenants and insurance for investors working in the short term rental space.

I hope you enjoy the podcast and find it informative.  Please consider sharing with those who also may benefit.

Listen via YouTube:

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You can connect with Matt at LinkedIn,  You can reach out to Matt for more information on their insurance products by emailing him at mkincaid@meridiancapstone.com.

You can connect with me on Facebook, Pinterest, Twitter, LinkedIn, YouTube and Instagram.

About the author: The above article “Podcast: Insurance For Homeowners and Real Estate Investors” was provided by Luxury Real Estate Specialist Paul Sian. Paul can be reached at paul@CinciNKYRealEstate.com or by phone at 513-560-8002. If you’re thinking of selling or buying your investment or commercial business property I would love to share my marketing knowledge and expertise to help you.  Contact me today!

I work in the following Greater Cincinnati, OH and Northern KY areas: Alexandria, Amberly, Amelia, Anderson Township, Cincinnati, Batavia, Blue Ash, Covington, Edgewood, Florence, Fort Mitchell, Fort Thomas, Hebron, Hyde Park, Indian Hill, Kenwood, Madeira, Mariemont, Milford, Montgomery, Mt. Washington, Newport, Newtown, Norwood, Taylor Mill, Terrace Park, Union Township, and Villa Hills.

Transcript

[RealCincy.com Insurance Podcast]

[Beginning of Recorded Material]

Paul S.:             Hello everybody, this is Paul Sian with United real estate home connections. Real estate agent licensed in the state of Ohio and Kentucky. And with me today is Matt Kincaid with Meridian. Hi Matt, how are you doing today?

Matt K.:            I’m doing great, Paul, thanks for having me.

Paul S.:             Great to have you on here, and looking forward to our podcast today. Where we’re going to discuss insurance for homeowners, for investors as well as looking in-depth into the insurance policies and how that’ll help out buyers and investors, so why don’t you tell us a little bit about your background? When did you get started in insurance?

Matt K.:            Yes. It really started in junior/senior year of college. I went to NKU, graduated in 2015. My best friend actually dropped out of school and started selling commercial trucking insurance to long-distance truckers. So he thought it might be a good part-time job for me to do, do some customer service work.

So that’s what I did my senior year mostly. And picked up on it pretty quickly, and after I graduated, I started selling full-time, and it just happened to be when I stuck with. Ended up transitioning to more personal lines. So I still do a lot of commercials, but our main focus is personal. So we’re typical home auto landlord insurance that sort of thing, so that’s kind of how I got started.

Paul S.:             Great. And you’ve been with Meridian ever since?

Matt K.:            Yes. I’ve been with Meridian. It’ll be four years in September; I’ve been in the industry for about six years now.

Paul S.:             Nice. So I understand a lot of people don’t know that you’ve got your insurance brokers, which I believe Meridian is an insurance broker, and then you got your insurance agents. Can you explain a little bit the difference between an insurance broker and an insurance agent?

Matt K.:            Yes. So in the insurance world, there’s independence and captives; captives are just what it sounds are captive to one product, one company. Whereas with independence Meridian particular, we have about 15 different companies that we’re able to shop around through. So one of our companies is, for example, is Allstate. A lot of captives also have Allstate, but we have the same exact product.

But we also have 12 other companies that we can shop around through, to make sure that you’re getting the best. So it’ll really benefit to the customer and me as an agent, or I’m not if I was just one company, I know I have to stand behind that product 100% no matter what. Whereas being a Meridian, I can just do whatever is best for the customer.

Paul S.:             Yes. So the ideal then I guess is that you can shop around from multiple policies. Just like going into the store, you can compare different types of bread, and whatever price works best for you, whatever flavor works best for you. That’s similar to what you’re able to provide.

Matt K.:            Yes, that’ll be a good example. For like your typical, this may not be what we’re talking about but, but for like your home and auto, most of time, it’s best to be with one company, but not all the time. So I’m able to mix and match if need be, whatever is going to save the customer most money, whatever they’re company is having.

Paul S.:             Great. So let’s move on to first-time homebuyers. Insurance is a, especially for homeowners, insurance is the new thing for first-time homebuyers if they don’t really know what they’re looking for. When’s a good time for them to start having that conversation with their insurance person?

Matt K.:            So I think whenever you get in contract is a good time to start looking. Getting a quote is never going to hurt, you’re not bound to any coverage, or you’re not going to be paying. 90% of time, you’re not going to be paying the full 12 months up front.

So it’s good to start getting your quotes shops around, getting some final numbers to give to your lender if you have one. So they can finalize numbers and give you a good picture of what you might be looking at going forward. So it’s never too early in my opinion, but once you get into contract, I think is an ideal time.

Paul S.:             Yes. That’s something I agree with too. And it should be pointed out for those first-time homebuyers who don’t know, I mean insurance is required if they’re financing the purchase, and the lender is going to require homeowners insurance.

Matt K.:            Yes. A lot of people know that it’s not a law that have home insurance, but the lender can make that stipulation that you have to have it upon closing.

Paul S.:             Great. And when a homebuyer first time, whether homebuyer existing or first-time homebuyer. What exactly is the insurance company looking at when they’re pricing out policies?

Matt K.:            So a big one is, you’ll hear this term going out a lot, insurance score. It’s a credit-based score; you don’t need a social to run it. But they’re able to calculate a similar score based on the amount of claims you’re turning in, your payments.

Are you making your payments on time? That sort of thing. So they’re able to get a good a good picture of the type of risk that the insurance company is taking on so that I mean if you’re looking at the property itself, the construction of the property, how old it is, the exterior that sort of thing.

Paul S.:             So does that involve a hard credit pool or a soft credit pool?

Matt K.:            It’s soft; you won’t see it on your credit at all.

Paul S.:             Okay, great. So that’s something that doesn’t have, even though during the home shopping process there’s going to be a bunch of credit pools, whether from a couple of lenders. But insurance it’s not one of those things that the buyers have to look at.

Matt K.:            No, absolutely not. Especially, that would be a big pain. Especially if I’m shopping through 15, and I’m running NVR and insurance score. But no, it won’t even show up on your score.

Paul S.:             Okay. So what are some of the best ways that homebuyers can improve their chance of getting a better insurance rate?

Matt K.:            Right. So prior insurance history is a big one, making your insurance payments on time. The area that you are in is going to be a big factor. The zip code, there’s different what’s called protection classes based on where the home is. So that’s based on how far you are from the fire hydrant, and also how far you are from the fire department.

So the highest protection class you can have is ten, that’s a maximum risk. You’re over five miles away from the nearest fire department, and your insurance rate is going to be higher. Simply do the fact if there was a fire or total catastrophe, it’s going to take longer for them to reach you.

Paul S.:             Okay. Let’s talk about the risk; you mentioned risk in there. How does risk play into it? Let’s say whether of the buyer themselves and if they’ve had past history of claims or the house even if they’ve never been in the house before what about the risk associated with that.

Paul S.:             Yes. So like I said before pass to insurance, history is big. With these landlord policies, it’s hard to tell what the price is exactly going to be. Because obviously, they’re going to rate it based off the buyer’s insurance score.

But they don’t know who’s going to be living in there. They don’t know the type of risk for who’s going to occupy that home. So it’s very limited; there’s more of a baseline price just based off the buyer’s insurance score and the protection class and the age and the property itself.

Paul S.:             Okay. In terms of the property itself, there’s a CLUE report which a lot of buyers probably have not heard about. Can you explain what the clue report is, what does it stand for, and what does that exactly provide?

Matt K.:            Yes. So I kind of describe it as a moto vehicle report for your home.  So it stands for the comprehensive loss underwriting exchange. So a lot of times, LexisNexis, you’ll get your reports from there. It’s just a big aggregate of claims that are turned in by insurers, and obviously, when I’m running your clue report, it’s going to pull up based off your name, your date of birth and the address if there are any claims that correspond to you, the insurance company can grade it importantly.

Paul S.:             Okay, great. Is there any cost for you pulling a clue report for a buyer?

Matt K.:            No, absolutely not. So for a personal policy, so if we’re talking landlord, that’s four units, four family and under. Most of the times, the company can run that itself. If it’s a commercial policy, it’s a little bit more different.

For example, if this is not a new purchase, maybe you’ve had this property for a few years, and you’re shopping right around, you may have to order that from your prior insurance company. But if it’s a new purchase, a lot of times it’s not going to be necessary, if it’s a commercial risk.

Paul S.:             Okay. Let’s talk about a homeowner who’s been in their house for a few years now, and they had a policy in place with an insurer. Do you have any recommendations or suggestions for them? I mean, do the rates get better? Do the rates get higher if they get another quote?

Matt K.:            So it’s kind of a cache one to it. It’s almost impossible to know what the insurance company is going to do. Obviously, you want to find a company that is A-rated or higher, that means they have a good financial stability, so they’re not just going to raise your rates for no reason.

But insurance is kind of like the stock market in some ways. If a company is taking big losses a certain year, they may try to recoup by raising rates, and that’s just going to be across the board based on your zip code. But I always just say just keep track of your rates. I know Meridian we have somebody who’s dedicated to be shopping if your policy goes up a certain percentage. So I think that’s great to have. But just pay attention to it, and re-shop it every couple of years if need be.

Paul S.:             Okay. By the fact of them, somebody re-shopping it, that’s not necessarily going to increase their rates, will it?

Matt K.:            No, absolutely not. Companies like to see that you’ve been insured, they don’t want to see you bounce around all the time, because that means they’re probably going to lose that risk in a year. But to answer your question, there’s no harm in re-shopping. I have customers that will call me each and every year to make sure that we have the best rate, that’s totally fine by me.

Paul S.:             Okay, that’s great and helpful information. To move on to investment real estate, can you talk about the differences in commercial versus residential investment real estate insurance?

Matt K.:            Yes, so kind of hard to describe the four. Commercial is going to be the five units and above, personal is going to be four and under. Coverages on that, the only differences that you’re going to see with commercial, instead of having a one hundred thousand or three hundred thousand liability limit, most of the time they’re going to include a general liability policy, which is going to include one million in liability.

A bunch of different other things that fall under that, so that might look different. Other than that, the forms are fairly similar. You just want to make sure that you have replacement cost, or if you want actual cash value, deductible, loss of rent. So those things are going to be similar, it’s just a matter of how many years you have, that sort of thing.

Paul S.:             Okay. In terms of investors who are owner occupying, they’re buying a duplex or four-unit, and they want to live in one unit. Are the insurance rates generally better for that type of situation?

Matt K.:            There’s not a clear answer for that, I mean it’s still going to be written on the same type of form. There might be some discounts being that the insurance company is able to calculate their risk, maybe a little bit more accurately. I mean, that could be a good thing or a bad thing for the customer.

But really, you just want to make sure that you’re asking those questions, make sure the agent is writing the policy correctly. So down the road, if there are any changes or let’s say the insurance company audits you and that information is inaccurate, that could then raise your rate.

Paul S.:             Okay. So I guess the answer is it depends?

Matt K.:            Yes. With a lot of insurance, it just depends, unfortunately.

Paul S.:             That’s still good to know. So let’s talk a little bit about insurance riders, I guess insurance riders applies both to regular homeowners as well as investors. What can you tell me? I guess first, let’s explain what’s an insurance rider, and why would somebody want one or need one.

Matt K.:            Yes. So with any insurance policy, there’s going to be a lot of things that are automatically included. Like if we’re talking landlord policy wind, hail, fire, that sort of thing. And then if you want to have personal property protection, let’s say you’re furnishing some of the items may be the appliances in the home can have that. Otherwise, the writers are going to look fairly similar to what you’re going to see on a typical homeowner’s insurance policy.

Or do you want water and sewage backup? Do you want replacement cost on your belongings or the roof? So those are going to look fairly similar. If the agent is asking the right questions and going over it thoroughly, there should be no question on how you want it covered. Some other things that might be on there is earthquake that’s not included; flood insurance it’s a totally separate policy, so there’s always that misconception that flood is included in the homeowners; it’s never included.

Whether it’s a landlord policy or homeowner’s policy, the way to differentiate that with water coverage is where the water is originating from. If the water originated from outside the house, that is flood. If the water is originating from inside, let’s say you have a pipe that burst, or a toilet that overflows or some pump that’s water inside the house and that’s something that could be covered either automatically or with a rider.

Paul S.:             Okay. And just look a little further into flood insurance that applies to both regular buyers and investors, but that’s also like you said this based on external factors close to a river, close to the lake. Where would somebody find out if their property falls under that, or requires flood insurance?

Matt K.:            So a lot of the times, the lender may have an idea if it’s required or not. Otherwise, just asking your insurance agent. There’s not like an automatic identification that is going to tell you. In the loan process, it will probably come up that flood insurance is required, and then at that point, the insurance agent can find out what flood zone you’re in, what kind of rate impact that’s going to have on you, and that sort of thing.

Paul S.:             And then flood insurance too is not something you provide directly, I believe that’s provided from the government, correct?

Matt K.:            Yes. So it’s a FEMA based product, but we do also have a private flood company if your loan accepts that, which can be up to 40% off of a FEMA back product, and it’s the same exact coverage.

Paul S.:             Okay. So let’s talk a little bit more about the private insurance coverage you said for flood insurance, as opposed to FEMA. That’s something you said the lender would have to allow it. Otherwise, they have to go through the government program?

Matt K.:            Yes. So I mean the laws are changing for this all the time, most of the time if it’s a Government loan, they’re not going to allow private flood insurance. But that could depend on a bunch of different factors.

So the best thing to do is just ask your lender if private flood is acceptable because if it is, that’s going to save you a ton of money. I just did one a couple of weeks ago, where FEMA wanted 1,500 bucks, and my private flood carrier came back at like 700. So that could be a big difference, especially if you have a certain down payment you need to make for the home, and just cut cost in general.

Paul S.:             That’s 1500 versus 700 is that a yearly cost?

Matt K.:            Yes, flood is always going to be a 12-month policy, just like your homeowners.

Paul S.:             Okay. Is it worth it? Let’s say somebody’s not listed as a; the property is not listed in flood zone, so they don’t require flood insurance. Is it worth it for them to maybe they happen to live behind a, there’s a small lake behind them? Is it worth it to get flood insurance for them?

Matt K.:            I think it’s at least worth having that conversation, you know everybody’s different. You know there are some customers they’re going to want all the bells and whistles, they are going to want earthquake even if you’re not even close to a fault, that sort of thing.

So it’s just having that conversation, I mean you can never be too covered. It’s never a bad idea to cover all your paces, but it’s just a matter of what the insured is willing to spend, and if they think it’s worth taking that risk or not.

Paul S.:             Okay. Most of the insurance policies we’re talking about, and I shouldn’t say most, I should say all the policies we’re talking about right now are generally applied to like long term whether you as a long term owner-occupant or as a long term investment property, where you have a one continuous tenant may be staying a year after a year or long-term leases basically.

Let’s talk a little bit about short term tenants like your Airbnb, your VRBO, I mean, are there different insurance requirements for that, different insurance policies? What would you recommend? And what have you seen for other people who are looking for that type of insurance?

Matt K.:            Yes. So honestly, I’ve ran across it a few times. The one thing you want to make sure of is most companies will either not write it, or they’ll have an endorsement done for a short-term rental. So that’s going to be a surcharge for you. Other than that, it’s going to be fairly similar. You just want to make sure if you’re going through air Airbnb or VRBO make sure what they are going to cover.

They’re going to include an insurance policy, so you don’t want to have any overlaps, we also don’t want to have any gaps in the insurance. I know Airbnb will, for example, not cover bodily injury or property damage, so that’s something that’s going to fall under your insurance policy. So it’s just making sure that you understand the verbiage. So if you do have an Airbnb home that you want to get insured, take a look at that policy, send it to your insurance agent. Have them write over it, and make sure that you’re fully covered.

Paul S.:             Okay. That’s something that you’d provide if somebody’s coming to look for a policy through you for a short term rental that you would be able to assist them with too?

Matt K.:            Yes, absolutely. I did one last week; the customer was very concerned about the pricing. He was coming from USAA; they wanted like 2,500 bucks on the year for a single-family Airbnb.

I have a great company called Berkshire Hathaway; they have a product specifically for Airbnb or VRBO. I was able to cut his price almost in half. So we definitely have products for it; off the top of my head I probably have three or four that I can quote through.

Paul S.:             Okay, great. And just to go back to your company’s footprint, Meridian, basically, are you able to offer insurance all 50 states? Are you limited anywhere?

Matt K.:            So yes, we’re not available in all 50 states, but we are available in the Tri-State as well as Tennessee, Illinois, a lot of the southeast. So if you have any questions about that, please give me a call.

That being said, I have a lot of property investors that are coming from either across the country or overseas. That is totally fine, as long as the property that they’re buying is within our scope, we can definitely accommodate.

Paul S.:             Okay, great. And what’s the best way for somebody to reach out to you if they want to get some more information?

Matt K.:            So you can reach me either by phone or email. I’m also very active on Facebook. My phone number is 513-503-1817. Or you can reach me by email that is MKincaid@Meridiancapstone.com.

Paul S.:             Okay, great. That’s all the questions I have for you today, Matt, thanks for being on.

Matt K.:            Yes, thanks for having me.

[End of Recorded Material]

Source: cincinkyrealestate.com

How Interest Rate Hikes Affect Personal Loan Investors – SmartAsset

How Interest Rate Hikes Affect Personal Loan Investors – SmartAsset

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In December 2015, the Federal Reserve raised the federal funds rate by a quarter of a percentage point. That was the first time the Fed had raised rates in nearly a decade. While federal funds rate changes don’t directly impact peer-to-peer (P2P) loan interest rates, lending platforms may begin increasing their rates. If you’re investing in peer-to-peer loans, it’s important to understand how that may impact your portfolio.

Rising Rates May Mean Better Returns

Personal loan investors make money by claiming a share of the interest that’s paid on the loans, in proportion to the amount that’s invested. If the platform you’re using raises rates for their borrowers, that means you’ll likely see higher returns.

That’s especially true if you’re open to funding high-risk loans. Peer-to-peer platforms assign each of their borrowers a credit risk rating, based on their credit scores and credit history. The loans that get the lowest ratings are assigned the highest rates. For example, Lending Club’s “G” grade loans (the loans that go to the riskiest borrowers) have interest rates of 25.72%.

Assuming borrowers don’t default on their payments, these investments can be more lucrative than lower-risk loans. Using Lending Club as an example again, F and G grade loans historically have had annual returns of 9.05%, which is nearly double the 5.22% return that investors earn from low-risk “A” grade loans.

The Downsides of a Rate Increase

While rising interest rates may put more money in investors’ pockets, there are some drawbacks to keep in mind. For one thing, it’s possible that as rates rise, borrowers could decide to explore other lending options. If that happens, there would be a smaller pool of loans for investors to choose from.

To compensate, peer-to-peer lenders may resort to issuing lower-quality loans as rates rise, but that could be problematic for investors who prefer to steer away from riskier borrowers. If the platform you use no longer offers the kinds of loan products you want to invest in, you’ll have to reallocate those assets elsewhere to keep your portfolio from becoming unbalanced.

Finally, rising interest rates could result in a higher default rate. Increased rates mean that borrowers have to pay a lot of money for taking out personal loans. If the personal loan payments become unmanageable, a borrower may end up defaulting on their loan altogether. Some platforms refund the fees that investors have paid, but they usually don’t refund their initial investments after borrowers default.

What Investors Ought to Consider

If you’re an active P2P investor or you’re thinking of adding P2P loans to your portfolio, you can’t afford to overlook the risk that’s involved. Financing the riskiest loans is a gamble, so it’s important to consider the consequences of putting money into those kinds of investments.

A good way to hedge your bets is to spread out your investments over a variety of loan grades. That way, if a high-risk borrower defaults you still have other loans to fall back on.

If you want more help with this decision and others relating to your financial health, you might want to consider hiring a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with top financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Photo credit: ©iStock.com/Ondine32, ©iStock.com/Tomwang112, ©iStock.com/xijian

Rebecca Lake Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She’s worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children.
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Source: smartasset.com

7 Ways Coupons Waste Your Money and Time

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Photo by Krakenimages.com / Shutterstock.com

Clipping coupons is synonymous with saving money. Just mentioning frugal living brings to mind long hours hunched over the dining room table shredding the Sunday newspaper into a mound of money-saving coupons.

But why? What’s so great about coupons?

It may sound blasphemous to some budgeters, but I gave up coupons years ago. Spoiler alert: I still save a respectable amount on groceries, I’m eating healthier, and shopping is a breeze.

Here are the reasons why I hung up my scissors and quit clipping coupons.

1. The cost/reward ratio is low

In exchange for the modest savings it offers, traditional coupon clipping is a demanding taskmaster.

By the time I buy a newspaper, clip the coupons I want, organize them, monitor the expiration dates and find stores that allow coupon stacking, it seems like I should just get the item for free.

2. Coupons are manipulative

It’s no secret manufacturers and retailers want us to use coupons for one reason only: to expose us to products we wouldn’t normally buy, encouraging habitual purchases. Once the savings go away, they expect that demand will stay and the price can gradually increase.

For me, staying on budget means minimizing my wants and needs and shopping with greater intention. Most coupons are distractions that wrap new wants in a package of “savings.”

If I really want to check out coupon options, your time might be better spent accessing manufacturer coupons online.

3. Coupons distract us from better deals

Saving money shouldn’t be an obstacle course. It’s easier and more rewarding to simply stick to store brands, learn which generic products to buy or wait for in-store sales.

Store brands often offer better deals than coupons — without the hassle. Without the overhead of sexy ad campaigns, package designers and product innovators, generics are typically a much better value.

Compare unit prices, instead. You just might never clip another coupon again.

4. Coupons push pre-packaged and processed food

When it comes to groceries, coupons often market convenience foods that are more expensive and less healthy.

Seriously, though, where are the coupons for fresh foods like broccoli or apples? If they exist, they are as rare as a coupon with no expiration date.

5. Coupons encourage over-buying

To take advantage of the savings, coupons often require the purchase of more than one item — “$1 off any three,” for instance. This may be fine for products you know and love, but it’s risky otherwise.

What if you don’t like the taste of the coffee, the flavor of the chips or the scent of the moisturizer? Instead of being out the cost of a single item, you’re out in multiples. Am I really saving if I have to buy more than I need, want or will use?

6. Coupons build brand loyalty

Part of the purpose of coupons is to establish a pattern of buying behavior and build brand loyalty. In matters of love, loyalty is a virtue. But when it comes to shopping, a little cheating can be a very good thing.

Blindly sticking to one brand of yogurt, pasta sauce or toothpaste means you’re likely missing out on better deals or products you’ll like more.

Brand loyalty may make shopping faster, but the benefits end there.

7. Coupons aren’t free

Don’t think those “free” coupons you get with your grocery receipt come without a cost.

Most are generated as part of elaborate loyalty programs that track dozens of data points like what time of day you shop, how much you spend on average, which in-store services you use and whether you have kids.

In addition to using it themselves, stores may sell your information. In exchange for those discounts, you could be handing over a big slice of your privacy.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

Elite status and 60,000 miles: Emirates unveils elevated offers on its new card lineup

Elite status and 60,000 miles: Emirates unveils elevated offers on its new card lineup


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Many of the credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. Please view our advertising policy page for more information.

Editorial Note: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Source: thepointsguy.com

9 Simple Ways To Get Free Diapers

9 Ways Get Free Diapers

9 Ways Get Free Diapers

Looking for free diapers and low-cost baby products?

Diapers are expensive and a pain in the budget. Babies need roughly 8000 diapers before they’re potty trained, costing parents $2000 or more.

So we’ve put together some simple and legitimate options to help you save money. When you combine these methods together, you can literally save hundreds of dollars.

Try these easy tactics to get free diapers. It only takes a few minutes to fill out a form or sign up for a program, and the savings you’ll enjoy is truly worth it.

Table of Contents

Target-Baby-Registry

Target-Baby-Registry

Let’s start with the low-hanging fruit – free stuff from Target.

Target Baby Registry – Set up a baby registry at Target and you’ll get free diapers and wipes from The Honest Company and plenty more.

You’ll also receive a cool gift bag stuffed with free samples and a $50 coupon book with savings at major outlets like Starbucks and Liz Lange.

Here’s just some of what you get:

  • Munchkin Latch 4 oz. baby bottle
  • Baby Aquaphor diaper rash cream
  • MAM newborn pacifier
  • Johnson & Johnson Head-to-Toe lotion
  • A 10-piece sample pack of baby wipes from The Honest Company.
  • Pampers samples of diapers and wipes.
  • Lanisinoh disposable nursing pads and breastmilk storage bags
  • Johnsons’s “Baby’s Firsts” guide to first-year milestones
  • Babyganics Moisturizing Daily Lotion sample tube
  • Mustela Hydra Bebe body lotion sample
  • Zarbee’s Naturals baby immune support vitamins
  • 10% off any nursing bra and/or camisole.

Two:  Sign Up for Amazon Family

Amazon Mom Family

Amazon Mom Family

Amazon Family (formerly Amazon Mom) comes with a free 30-day trial, or you can access it for free if you’re already a Prime member.  Just create a child profile to begin and save up to 20% on diaper and baby food subscriptions.   You’ll also get additional discounts on other family products.

Amazon Family is part of Prime so all shipping is free.

Refer your friends and get an additional $10 in Amazon credit to use for free diapers.

Three:  Get Free Amazon Cards for Diapers

Swagbucks

Swagbucks

Wouldn’t it be great to get free Amazon cards and then use them for diapers and other baby products?

Good news – Swagbucks and InboxDollars give you that opportunity.  Here’s how it works.

Swagbucks gives you rewards points for various online actions, such as using their search engine, taking surveys, watching videos and playing games.  Then just redeem your rewards for Amazon gift cards (or cards from other stores) or as cash through PayPal.

Signing up is free and you’ll even get a $5 sign up bonus.

TIP:  Download the app and perform many of the tasks on the go.  You can easily earn $25 each month in Amazon cards with minimal effort.

InboxDollars is another loyalty company offering rewards for shopping online, taking surveys and watching videos. Redeem your points for an Amazon card to use on anything you want.

Four:  Get Free Diapers by Signing Up with Diaper Companies

Huggies Rewards Program

Huggies Rewards Program

Diaper companies know that most parents find one diaper brand they like and use them exclusively as long as their child needs diapers.

Naturally, these companies want you to be loyal to their brand, and not to their competitors.  So they’ll happily give you free diaper samples to earn your loyalty.

Huggies Rewards program offers free diapers and wipes when you redeem Huggies points.  You can get 500 free points just for signing up here.

When you make a purchase of Huggies diapers or baby products, upload your receipt to their site to get more points added to your account.

Huggies recently lowered the number of points needed to acquire coupons for free diapers and baby products so saving money is easier than ever.

In addition to Huggies, check out the rewards programs at the other major brands:

Pampers

Luvs

GoodNights

More Free Samples

Honest Company – Jessica Alba’s environmentally safe company will send you 7 premium diapers and 10 baby wipes. The diapers contain no chemical bleaches.

Dollar Diaper Club – Get a free trial and they’ll send you 6 organic diapers and 10 wipes.

Everyday Happy – Receive a free trial box of premium diapers and a package of bamboo wipes.

Simply Right – Sign up on their website and this Sam’s Club brand will send you free diapers and wipes.

Five:  Smart Couponing for Free Diapers

Clipping Coupons

Clipping Coupons

Check your local paper and online for diaper coupons and look for diaper sales at your local stores.  By timing your coupons with diaper sales, you can really save on diapers, or even get them for free.

Here are a few places online where you can clip baby diaper coupons.

Huggies coupons

Luvs coupons

Pampers coupons

Six:  Use Referral Programs for Diaper Money

baby diapers

baby diapers

A couple of companies offer lucrative referral programs that could add up to a lot of free diapers and wipes.

Diapers.com gives you $5 in diaper credit for each person you refer to their site.  Sign up for their referral program here.

If you have an active Facebook or Instagram account, ePantry has a referral program.  Post to your accounts and earn $8 for every mom you sign up.

Occasionally ePantry runs promotions offering up to $20 per referral.

Seven:  Charities and Government Programs Helping with Diapers and More.

Free baby diapers

Free baby diapers

The National Diaper Bank Network helps low-income families with free diapers.  The non-profit network has chapters nationwide so those in need can pick up diapers locally.

This is a great complement to food stamps and WIC, which do not provide diapers.

NeedHelpPayingBills.com aims to assist the needy with a variety of needs.   Here is their free baby diapers resource list of organizations everywhere that are ready to help.

Eight: – Save by using cloth diapers

Cloth Diapers

Cloth Diapers

Washable cloth diapers are an environmentally friendly option for your child.

They can also help you save money, especially if you have, or plan on having, more than one child in diapers.

Nine:  Call Pediatrician or Hospital for Freebies

Pediatrician and hospitals give diapers

Pediatrician and hospitals give diapers

Hospitals often give you stuff you need for your newborn, such as a free diaper bag or car seat.  Check with your hospital before your due date to see what is available to you.

Your OB/Gyn doctor and pediatrician are also great resources to consider for free baby diapers, bottles, and formula samples.  They can steer you in the right direction and they usually have baby samples right there in their office.

Like It?  Share It!

If this post was helpful, please share it with others who might like it too.  Thanks!

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Source: incomist.com

How to Add Your Business to Yelp and Optimize Your Listing

If you’re like most Internet users, you’ve used a business listing or directory website to find a restaurant, specialty store, tax preparer, or other service provider in your area.

Yelp, arguably the most popular business information directory for customer-facing services businesses, welcomes many millions of unique visitors per month. According to Expanded Ramblings, Yelp draws more than 175 million monthly visitors, with mobile traffic accounting for the majority.

Consumers use Yelp to search for service providers near them, navigating to its website or mobile app for a few minutes at a time and closing out when they’ve found what they’re looking for. But business owners have a much more intimate relationship with business directory sites like Yelp. For many small, independent outfits, business listings represent a significant source of new customers — far more than word of mouth marketing alone. If your small business doesn’t yet have a listing, it could be time to set one up.

Yelp for Business Owners: Does It Make Sense to List Your Company?

Yelp isn’t ideal for every type of business. Generally speaking, the most popular Yelp searches pertain to businesses that offer sensory experiences, such as restaurants, bars, venues, and specialized experience providers like tour companies. Searches for retailers — both independent and those tied to a larger chain — are popular as well.

Other popular Yelp categories include:

  • Hotels and travel services
  • Beauty shops and spas
  • Automotive
  • Home services, such as house cleaning, plumbing, and general contracting
  • Health and medical

Yelp also segments listed companies by location: county, municipality, and sometimes neighborhoods (mostly in bigger cities). If your business lives and dies by the number of people who walk into its physical location — for instance, you run a restaurant or retail outlet that does a large amount of business through a storefront — a business directory listing is basically mandatory.

On the other hand, if your company doesn’t have a storefront or doesn’t rely on one to drive sales — for instance, if you sell things online — then other means of driving customers to your business, such as social media marketing techniques or a listing on an e-commerce website like Etsy, are likely to offer a better payoff.

Pros of Listing Your Business on Yelp

Listing a business on Yelp has some key benefits, including legitimacy for businesses who’ve claimed their listings, high search rankings for Yelp business profiles and business owner accounts, and value for customer research.

1. Claimed Listings Confer Legitimacy

Regardless of how much effort you put into optimizing and curating it, the simple act of claiming your business directory listing can change how prospective customers see your business. On most business directories, including Yelp, unclaimed listings are plainly displayed as such. To the man or woman on the street, a highly visible prompt to claim a particular listing — which takes a matter of minutes — doesn’t inspire confidence that the listed business is well-run, or that the owner cares about courting new customers.

Although this is an admittedly subjective measure of an owner’s buy-in or a business’s quality, I know that I personally shy away from businesses with unclaimed directory listings unless they’re backed by a recognizable brand or I’m familiar with them by other means, such as word of mouth.

2. Listings Typically Rank Well in Organic Search (Good for SEO)

Although the details of popular search engines’ algorithms are proprietary and ever-changing, it’s clear that online directory listings rank highly in organic search results — the lists you see when you type a search term into the Google or Bing search bar.

The upshot of this: Unless its name can easily be confused with common or generic terms like “Tasty Pizza,” a typical business’s Yelp listings are likely to appear on the first results page of a search engine — an important point, since most searchers never make it to subsequent results pages. And because Yelp is a well-known and ostensibly unbiased source of information, searchers who want to get the unvarnished truth on a given business are likely to click on the results for its listings.

3. Consumers Rely Heavily on Directory Listings for Research

Despite a recent study reported by PCMag that found roughly 40% of online reviews to be bogus, 60% of consumers consider online review sites as useful as recommendations from real-life acquaintances, according to a 2017 ReportLinker survey. In an increasingly jaded world, that’s a pretty high mark — and a strong case for creating and maintaining listings on popular directory sites.

Cons of Listing Your Business on Yelp

Listing your business on Yelp does have some drawbacks, including a significant time component, limited control over reviews, and the potential for abuse.

1. Maintaining Your Business Profile Takes Time and Resources

Claiming or creating a business listing doesn’t take much time or effort. You can handle either in a spare moment.

However, optimizing and maintaining your listing is not so easy. Even free activities such as uploading photos, analyzing customer data, and responding to reviews all take time that you likely don’t have as a busy entrepreneur. If you have other social media accounts or an online store, your digital responsibilities could become overwhelming, diverting your attention from more immediate business needs.

One solution is to hire a part- or full-time marketing employee or social media manager, but that requires a new addition to the payroll — not always a realistic proposition for cash-poor small business owners. Another option is to retain an outside firm to handle your digital marketing needs, although that can be just as expensive as hiring a part-time employee.

If you currently lack the time or resources to produce a first-rate business directory profile, there’s no shame in concluding that it’s better to wait until you do have those luxuries. If you can’t do it right, don’t feel pressured to do it at all.

2. May Not Display All Users’ Yelp Reviews (or Any at All)

In the late 2000s and early 2010s, some online business directories — particularly Yelp — took lots of blowback for failing to do their part to contain the untold millions of fake reviews spreading across the Internet. Fake directory reviews came in several different flavors, but it was particularly common for listed businesses to purchase positive reviews — typically with gushing praise and the highest possible ratings — for their own listings, or post positive reviews themselves using dummy accounts. In competitive markets, less scrupulous companies likewise had no qualms about posting fake negative reviews on competitors’ listings.

Although they haven’t totally eradicated fake reviews, online directory sites have definitely cracked down on the practice. In fact, the crackdown has been so good that some legitimate reviews don’t make it through the directories’ quality filters, which are controlled by proprietary algorithms similar to those used by search engines.

If you want the opportunity to see — and ensure that your customers see — every review of your business, good or bad, this is a big drawback. And although the particulars of directories’ visibility-controlling algorithms aren’t public, one can envision an algorithm deciding that an overly enthusiastic but legitimate positive review is a fake while allowing a tepid review to be seen.

3. Directory Listings Contain Sensitive Information

If you need your customers to come to your physical place of business, they need to know where it’s located and how to contact it. A restaurant can’t survive if no one’s coming in to eat or calling to order takeout.

On the other hand, there are times when it’s better to conceal your business location, and possibly contact information, from the public. For instance, say you provide white-collar services, such as accounting or legal advice, to local businesses — but you typically visit with clients at their offices and don’t want them to know you work out of a home office or coworking hub. Listing your home address as your business address reveals where you live, while listing a coworking space can lead judgmental clients or your competitors to conclude that you can’t afford a “real” office.

Note that if an unclaimed listing already exists for your business, you may need to claim it and edit out sensitive information or request its removal altogether.

4. Your Listing Could Attract Abuse

Even if you’re not paranoid about people knowing where you live or looking down on you for basing your company out of a coworking space, there’s another reason to eschew a public business directory listing: the prospect that your listing could become a venue for abusive or hateful reviews.

Because business directory sites allow rank-and-file Internet users to post reviews on a given business’s listing without proving that they’ve actually interacted with the company in real life, it’s relatively easy to organize a negative publicity campaign utilizing Yelp or another directory site that permits user reviews. (Directories occasionally step in to delete or moderate obscene or threatening reviews, particularly in response to user flags, but you shouldn’t bank on this to single-handedly keep vitriolic reviews off your listing.)

These negative campaigns typically center around a major service gaffe or prominent public support for a controversial political position. A great example: In early 2015, the owners of a small-town Indiana pizzeria called Memories Pizza made headlines when they said they would follow the letter of the state’s recently passed Religious Freedom Restoration Act, which many observers interpreted as giving businesses wide latitude to discriminate on the basis of sexual orientation. The ensuing backlash saw thousands of sarcastic, occasionally obscene comments posted on Memories Pizza’s website. The Indianapolis Star reported that the shop closed shortly thereafter, with the owners citing safety concerns.

In the past, lower-profile incidents of a similar nature have hit businesses expressing opposition to state minimum wage increases or support for creationism and intelligent design. To be fair, some argue that the old saying, “All press is good press,” applies here, as negative directory campaigns sometimes spark a backlash that pays off for the affected business. It’s worth noting that, as reported by Forbes, Memories Pizza raised more than $800,000 in a GoFundMe crowdfunding campaign in the four days following its closure.


How to Claim or Create Your Yelp Listing

Yelp uses publicly available and user-submitted information to generate listings for operational businesses. If you’ve been open for some time, there’s a good chance you’re already in Yelp’s database. Yelp allows the legitimate owners of such a business to “claim” their existing profile.

Claiming your profile provides certain privileges:

  • Updating Listing Information. You can edit critical information about your business, including its physical address, phone number, business hours, and website address. This is important because Yelp doesn’t guarantee that its unclaimed business listings are accurate.
  • Adding Photos and Links. You can upload photos of your storefront, merchandise, and the inside of your business. This is great for restaurant owners who want to show off tasty-looking menu items, or service providers who want to display photos of a van or truck bearing a distinctive logo, which users are more likely to recognize than a faceless storefront or generic uniform.
  • Interacting With Reviewers. Claimed profile owners can respond to user-generated reviews, either by sending the user a private message through Yelp’s system or making a public post on the comments feed. This is particularly useful for owners who want to address negative feedback from users and contain issues that could hurt business. Note that you can’t edit or delete negative reviews, which might call Yelp’s objectivity into question, but you can respond to them.
  • User Views and Leads. Yelp tracks your listing’s page views and displays this information to verified business owners. It also creates Customer Leads, which provide hints about how customers are interacting with your business. Data sources for Customer Leads include:
    • Mobile check-ins
    • Mobile calls made directly to your business using Yelp’s on-site click-to-call feature
    • Map views
    • Click-throughs from your Yelp listing to your company website
    • User-uploaded photos on your business page
    • Bookmarks placed on your listing using Yelp’s bookmark feature

Claiming an Existing Business Listing

To get started, click Yelp’s “Claim Your Listing” button, then type in your exact business name and city. This takes you to a results page that displays similarly named businesses nearby and indicates whether they’ve been claimed. If your business is listed, it should say that it hasn’t been claimed.

To claim your listing, you need to create a Yelp account with your first name, last name, email address, and password. Make sure the phone number on your listing is accurate, then click “Call Me Now.” This prompts Yelp to robo-call the listed business number with a unique verification code.

Once you receive that code, you can enter it into the proper field and start editing your listing. If you’re unable to complete the phone verification process for any reason, you can also manually verify your identity as the business owner by emailing Yelp’s support team.

Creating a New Business Listing

If your business doesn’t have an existing listing to claim, you need to create one. At the bottom of the business search results page, click the “Add a Business” button and enter as much information as possible into the fields on the next screen: your business name, exact address, phone number, and website at a minimum.

After you submit this information, it takes Yelp some time — usually no more than two business days — to verify that the business exists and add it to its listings. Once added, you can search for it as described and claim the listing as your own.


How to Optimize Your Yelp Listing

Claiming or creating a Yelp listing is an important first step. However, building a top-notch Yelp presence takes time and effort.

These tips and resources are useful as you work to set your listing apart from your competitors’:

1. Fill Out Your Profile Completely

The more complete your listing is, the better it looks to Yelp’s internal algorithm — and the higher it’s likely to appear on Yelp’s search results pages. There’s no reason not to fill out your profile completely.

2. Use Google Keyword Planner or a Similar Tool

Yelp listings are visible to Google and other search engines, so it pays to use a keyword planning tool — such as Google Keyword Planner, which requires a free Google AdWords account to use — to identify keywords that relate to your company.

For instance, if you specialize in Neapolitan-style pizza and discover that your company website ranks highly for the term “Neapolitan pizza,” make sure that keyword appears at least once in your business listing.

3. Add Lots of Photos

Photos breathe life into your Yelp listing and boost customer engagement. An internal Yelp study found that consumers linger on photo-enhanced Yelp pages for two and a half times as long than on pages with no photos.

Photos are especially useful for showing off your logo — particularly if it’s already plastered on your company’s vans or outdoor advertising properties, and thus recognizable to prospective customers — as well as for highlighting particular products, especially food. If your business is open to the public, include pictures of its interior and outdoor seating areas to give visitors a sense of what to look forward to.

4. Solicit and Respond to Customer Reviews

Yelp frowns on businesses that court reviews by giving away free stuff or offering special deals to those who post positive reviews — it sees this behavior as a form of manipulation. However, you can skirt this prohibition and stay in Yelp’s good graces by placing the Yelp logo in a visible location in your store (such as at checkout or on a menu), linking to your Yelp page from your company website, and straight-up asking for reviews with no strings attached.

Separately, be sure to respond to detailed, thoughtful reviews, whether they’re good or bad. It’s especially important to respond to negative feedback, which shows other page visitors that you’re willing to address service issues and other problems. Just remember to follow social media etiquette best practices at all times.

5. Try Yelp Deals and Gift Certificates

Yelp Deals and Gift Certificates can help you monetize your Yelp listing and generate buzz around your business. Like Groupons and other social deals, both offer heavy discounts on transactions with the issuing business. Yelp Deals focus on discounts for specific local services — for instance, “20% off a haircut-and-shave package.” Yelp Gift Certificates offer across-the-board discounts — for example, “$20 in merchandise for $10.”

In both cases, Yelp takes a cut of the proceeds: 30% of face value for Deals and 10% of face value for Gift Certificates, subject to change with company policy.

6. Consider Buying Ads

If you can afford another line item in your marketing budget, consider buying ad space on Yelp. Yelp ads appear above the first non-promoted listing in Yelp’s internal search results pages, similar to the paid search ads you see on Google and other search engines.

Although they’re clearly marked “Ad,” they’re highly visible and appear only with relevant search terms, so they’re great for attracting people actively searching for what you have to offer. And because they effectively give you priority placement over competitors, they’re great if you operate in a crowded market.

Costs vary widely depending on your location and industry, but expect to spend at least $50 per month for a high-visibility ad campaign.


Final Word

Yelp isn’t the only business listing site worth looking into. There are dozens of other sites that could get your company’s name in front of potential customers. Listings on some of these sites are free to claim, while others require a one-time or monthly fee. Each has its own set of benefits and drawbacks.

Rather than spend significant amounts of time and marketing dollars going after them all, take a weekend or evening to research the options that work best for your business’s needs. Don’t be afraid to talk to other business owners in your industry, even if you’d normally be reluctant to share trade secrets with them. After all, with everything else you need to keep track of, the last thing you need is to make an investment with little to no chance of paying off.

Source: moneycrashers.com

Mortgage Correspondent Lending and Loan Production

The intent of the following article is to provide an overview of mortgage industry correspondent lending, the resulting mortgage loan production and demonstrate one of the methods that investors use to track and report loan production numbers for risk management and seller performance monitoring purposes.

Click here to print this section. Print Entire Article

In an effort to offer more loan products and remain competitive in today’s expanded marketplace both the bank and mortgage brokers participate in correspondent or wholesale lending programs. Correspondent and wholesale lenders refer to the banks and mortgage brokers that sell them loans by many names – Originators, Brokers, Lenders, Sellers or Correspondents. For the purpose of this article the banks and mortgage companies that originate the loans are “Sellers” and the correspondent or wholesale lenders that fund or buy the loan from the seller are “Investors”. Sellers, based on investors’ guidelines, make a lending decision and fund the mortgage loan using their own money, the investor’s money or a warehouse line of credit. As soon as the loan has closed, it is sold to an investor at a previously negotiated price. This dynamic works great for the borrower. The borrower is dealing with the seller who will close the loan, and the seller is able to shop the mortgage around thereby obtaining the borrower a lower interest rate.

Investors count the loans that they purchase from sellers as production. Investors typically report production numbers for a seller by loan program. A loan program can have many loan products that fall underneath its umbrella. For example, the investor may have a loan program type of “Conforming Fixed” and underneath the “Conforming Fixed” program umbrella the investor may offer 10-Year, 15-Year, 20-Year, 25-Year and 30-Year “Conforming Fixed” products.

The “Reporting Seller Mortgage Loan Production” section of this article details steps for creating a report that an investor may use to track and report seller production by loan program type. A disproportionate percentage of loan production for a single loan program type from a seller could represent a significant risk to the investor. The Sample Mortgage Loan Production Report in this article can be used as a model for stand alone report or incorporated into a comprehensive Seller Scorecard report.

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Source: lendingrisk.com

Travel is getting harder — and pricier

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