Poor Man Survival
Self Reliance tools for
independent minded people…
ISSN
2161-5543
A Digest of Urban
Survival Resources
Consumer
alert: Allstate owns
Progressive, esurance, the general and others AND therefore, much of what they
state in their TV advertising is verisimilitude or the appearance of truth or
in my opininion, a lot of crap. There
should be a large banner across the bottom of such ads warning the public. The FTC has failed in its duty to protect the
public from such shams.
[The same applies to travel booking
services: Surprise: Orbitz, Travelocity, Expedia + 20 Others
All Jointly Owned]
We just spend a big chunk of change renewing
our auto, health, homeowners [on two properties] and other insurance policies
through the same carrier and each year we get hit with higher premiums and the
same song and dance…premiums are higher because you live in MI and because you
have a bad credit score.
Our so-called bad score is based on the fact
that we pay cash for everything and we do finance anything including our homes,
autos, etc. Although, to combat this
nonsense, we finally obtained a credit card to “build” our credit score.
As far as auto insurance, MI has the worst auto
insurance in the nation and I have been waging a losing battle against the
political elite here for a year who are in the pockets of the legal
establishment and the medical industry to maintain the status quo which enjoy
the sky high rates in order to fleece the pockets of the disabled, the poor and
seniors who must pay sky high rates [even those who already pay for other
policies including Medicare are FORCED to pay for unlimited medical insurance
policies on their auto policies in MI – the only state in the nation to do so]!
Lemonade is a new face on the homeowners and
renters insurance scene, but it’s already receiving tremendous feedback from
consumers. Lemonade breaks the traditional insurance mold with low rates, a
mutual insurance model, high-tech solutions, and transparency that is a welcome
change from the norm…
Lemonade is stirring up a lot of commotion “reversing the
traditional insurance model.” Its homeowners’ insurance model really
does something revolutionary with its services. Shifting the focus from revenue
to benefits, it’s a combination of innovative technology, flexible policies,
and modern thinking. Not sure what that all means? Let me show you what
Lemonade is all about.
Pros
- Affordable
homeowners and renters insurance
- Tremendous
online rankings
- Transparent
policies
- Fast, easy
claims processing
Cons
- Only available
in certain states (see full list below)
- No bundled
insurance options
How Does Lemonade Peer-To-Peer Insurance
Work?
Lemonade is a peer-to-peer insurance provider. That means people
pay their premiums into a communal pot, and claims are covered by the money
that’s in the jar.
The peer-to-peer model has recently expanded to several areas
throughout the industry, with companies like Prosper and LendingClub offering
specialized social loans. This P2P model is certainly a refreshing twist to the
gray and outdated insurance industry.
That’s already vastly different than the standard
every-man-for-himself model, but Lemonade goes further. Traditionally,
insurance companies tried to lure you to pay the highest premiums possible
because that meant more money in their pockets. Then, they’d use red tape and
hidden terms to deny your claims because the less money paid out in claims, the
more revenue the company gets to keep.
The most amazing feature of Lemonade’s business model is this:
After covering expenses, updating technology, and paying employees, Lemonade
will donate leftover money to charity.
This is a really unique, innovative way to make sure that you
and your insurer are not on opposite ends of a battlefield.
If you have a claim, a traditional insurer is incentivized to
fight you, because if it doesn’t pay that claim, it will pocket that money as
profit. Lemonade
won’t get that money in any case because it will be earmarked for
charity. We’ll dig deeper into this Giveback Program
later in the article.
A Millennial Approach
Lemonade embraces technology unlike other insurers. Whereas
traditional insurance companies offer plans that I might liken to a dial-up
modem, Lemonade services are more like high-speed mobile internet. You can sign
up for everything via the mobile app or online, make claims, and receive
reimbursements without ever leaving the couch.
Claims are also automated for faster turnaround. You just upload
a video of the damage, and Lemonade reviews the claim instantly. After
approval, you’ll have the money transferred to your account so you can replace
the item or have the property damage repaired. What people really love about
Lemonade is the speed with which claims are processed. In fact, a quarter of
claims are paid out in under 3 seconds!
What Does Lemonade Cover?
Lemonade coverage is pretty exhaustive, especially for the
price. Generally, Lemonade can cover everyone in your home (all relatives
included for no additional cost) excluding roommates who are not related to
you, and all of your belongings even if they’re not in the house at the time of
damage. Here’s what you can expect to be covered with a Lemonade
homeowners/renters insurance policy:
Reconstruction Costs
If damage is done to your home, insurance covers the cost to
repair those covered damages.
Personal Property Damage
Lemonade also covers damage or destruction of any personal
items.
Personal Property Theft
You’ll be reimbursed if your personal property is stolen, and
what’s even more impressive is that items are covered regardless of where the
item is (in your home, outdoors, in France!).
Other Person Liability
Lemonade covers medical expenses and legal fees when another
person is injured and you are held responsible. This also refers to injuries
sustained on your property for which you are held liable.
Loss of Use
Finally, Lemonade will cover any living expenses you incur if
forced to leave your home for covered reasons.
Is Lemonade Worth the Cost?
Easily one of its most prominent features is the low-cost of
having Lemonade insurance. When compared to the competition, Lemonade wins
hands down in the rates department. No matter which policy and competitor I
compared it to, Lemonade was at least $10 cheaper, and more often than not it
was $200, $300 or even $400 less. In short, Lemonade offers tremendous value
for your money. If you aren’t looking for a bundled insurance policy, this is
easily your cheapest bet. Where you live, what you want insured, and
deductibles will factor into your premium cost, but a lot of people can get Lemonade insurance for just $5/month.
Not only does it boast the lowest rates, but you can adjust your
deductible at any time to increase or decrease your premiums. They’re inversely
proportional, so if you pay more of a deductible, you’ll pay less premium.
What’s more, Lemonade offers some of the highest coverage limits in the
industry. That means you’ll get more money for your losses than you would from
competitors.
Lemonade also offers discounts for good credit or owning an
alarm system, smoke detectors, or home monitoring system. Don’t have a fire
alarm or security system? Lemonade will give you a discount on your premiums
even if you live within close proximity to one of the major defense departments
like a fire station or police department.
Coolest Lemonade Features
Zero Everything
Lemonade’s Zero Everything policy is great for people who have a
lot of smaller items they want insured. This policy waves the deductible for
claims made in exchange for a slightly higher premium. Let’s say your $350
tablet breaks. With a $100 deductible, you’ll get $250 to have it replaced.
With Zero Everything, you’ll get the full $350 (after paying a higher premium).
And unlike many insurers, Lemonade won’t increase your rate if you make two
claims or less annually.
Extra Coverage and Add-Ons
Lemonade allows you to increase your coverage limit for more
valuable items. For example, standard coverage limit for jewelry insurance is
$1,500. However, you can expand your coverage, so the limit for that same item
rises to an impressive $50,000. Such high limits for expanded coverage is a
unique feature that you won’t easily find with Lemonade’s competitors. Coverage
also applies to belongings stored in an outdoor unit. Items eligible for
additional coverage include artwork, jewelry, bikes, musical instruments, and
more.
Mobile App
With the sleek Lemonade app, you can request a quote, sign up
and even file claims on the mobile app, making the entire process streamlined
and so much faster than anything I’ve ever seen in the insurance industry (not
to mention convenience you won’t find anywhere else). You can also tailor your
coverage options and immediately apply changes via the app.
Transparency
Lemonade is straight-forward and easy to work with. It tells you
everything you’ll need to know, doesn’t hide behind complicated jargon, and
explains policy rules and caveats.
What’s This About Charity?
Anyone who likes the idea of big corporations giving back will
appreciate Lemonade’s Giveback Program. This initiative lets Lemonade customers
pick charities to donate their premiums to. Here’s how it works:
- Lemonade takes
a flat rate percentage (20% to be exact) to cover salaries, costs, etc.
- Another
percentage goes back to purchasing reinsurance coverage
- The rest goes
towards claims
Now, here is where the charitable donations come in. If there is
money left over in the claims pool, that remainder will go to charity. In the
first year of the program, Lemonade gave away an unbelievable 10.2% of its
annual revenue to charity through the Giveback Program.
Drawbacks
Sounds too good to be true? Well, you can stop pinching yourself
because Lemonade is the real deal. So, what’s the downside to this up and
coming insurance model? For one thing, Lemonade isn’t available everywhere,
yet. Coverage is an option only if you live in the following states:
- Arizona
- Arkansas
- California
- District of
Columbia
- Georgia
- Illinois
- Iowa
- Maryland
- Michigan
- Nevada
- New Jersey
- New Mexico
- New York
- Ohio
- Oregon
- Pennsylvania
- Rhode Island
- Texas
- Wisconsin
- Washington DC
Live anywhere else, and you’re out of luck. Lemonade has
promised to roll out several more coverage states within the year, though.
Another downside to Lemonade’s coverage is that it only includes homeowners and
renters insurance. You can’t bundle your auto insurance into a package
deal to minimize your insurance expenses, for example. If
that’s your goal, you should look elsewhere.
Summary
Lemonade Peer-to-peer insurance is a refreshing take on the more
stagnant insurance model. The company has found a really unique way to make
sure it’s not incentivized to cheat you (the money it has leftover goes to
charity instead of to its own pocket). It offers a quality service that makes
homeowners insurance affordable to everyone. Strong financial health and
outstanding customer feedback give new customers all the encouragement they
need to trust in this company.
Lemonade’s Giveback Program, smart mobile app, and easy claims
process are just more reasons to support this service. What’s more, with
excellent rates, a wide range of coverage, and useful add-ons, the company has
definitely turned lemons into lemonade. Check out how easy it is to sign up for Lemonade now.
Most people pay just about every expense they
have using a credit or debit card – so why not rent? UrbanR allows you to do
just that. It’s not an arrangement for everyone, but it is certainly worth
investigating if you've ever experienced difficulties or inconveniences with
paying or receiving payment for rent.
Taking a road trip can definitely be more
budget-friendly than flying, and it allows you to experience all sorts of areas
and landmarks along the way. However, if you’re not careful, you can easily
overspend on your cross-country adventure.
Final Notes…
Contributors and subscribers enable the Poor Man Survivor to post 150+ free essays annually. It is for this reason they are Heroes and Heroines of New Media. Without your financial support, the free content would disappear for the simple reason that I cannot keep body and soul together on my meager book sales & ecommerce alone.
How to Build a DIY Air Conditioner in Minutes for Less Than $10
https://www.moneytalksnews.com/how-make-8-air-conditioner/
Meet the World's Greatest Scammer
Over decades, psychic Maria Duval (or those acting under her name) stole over $200 million from Americans and Canadians, scamming 60 times the number of people that Bernie Madoff did. In this in-depth CNN investigation and new book, reporters track her down in France, and get a number of surprises.
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Additional
Resources
Your Free Middle Class Survival Kit
SAVE
& MAKE Money
Researched by our editors and
include 100s of tips, tricks and insider methods of saving money, earning extra money [many from the
comfort of your home], the best places to live, How to find little-known
freebies, discounts and other benefits-over 2,000 programs!
or…
How to Survive the War on the Middle
Class
14 of the best reports I’ve assembled on protecting your freedom-Download
link.
Rosefield is
a classic traditional cabin, which can be built for less than $6,000. The
cabin is open plan, which has the advantage of making it far easier, cheaper
and quicker to build than more intricate cabins with separate rooms. This
particular plan also includes a detailed cabin assembly diagram and
step-by-step instructions which includes a foundation guide. [282sf’]
A
Smoking Frog Feature, Shallow Planet Production
