Various Types of Home Insurance
March 4, 2022
Various Types of Home Insurance

Everyone is familiar with a high-level explanation of what Homeowners Insurance is, but what does it really cover? You know it covers your home and personal items from damaging events like a fire, theft or inclement weather, but what else? We have put together this resource for you to help you navigate your way to protecting your home.


What do I typically get with home insurance?

All mortgage companies require homeowners to purchase home insurance based on the replacement value of the property in order to approve the loan to purchase the home. A home insurance policy is very customizable based on the needs of the owner, however, certain components are standard.


Damages to Your Home

Your insurer will cover damages to your home or perhaps a complete rebuild if certain disasters strike. This includes vandalism, lightening, storms, fire or more. However, some things are not usually included in a standard home insurance plan such as damage from floods, earthquakes, a home not properly maintained, sheds, and other freestanding structures like a garage. However, you can purchase additional coverages separately if you need those protections added.


Personal Belongings

In the event of a disaster that your insurance policy covers, things like your clothes, appliances, furniture, and most things in your home will be covered. But how much is covered? A good rule of thumb is that approximately 50 to 70% of the amount you spend on your home insurance is what most insurance agencies will cover for your personal belongings and possessions. If you have a lot of valuable possessions like expensive jewelry, fine art, you will want to consider itemizing out what you have and purchasing a rider since a general home policy would only cover typically $1500 of stolen valuable possessions.


Personal Liability for Damages to Others

Lawsuits are costly and accidents happen. Liability coverage protects you from lawsuits others may file against you. This includes protection if your dog bites a jogger, the medical bills will be covered; or if a visitor slips on your wet floor and sues for lost wages, or pain and suffering, you’ll be covered.


Umbrella Policies for Extra Coverage

A few hundred dollars more on your policy can get you about $1 million more with an umbrella policy. Things that are not covered in your standard home policy, can be covered with an umbrella policy.


Temporary Stays While your Home is Rebuilt or Fixed

In the event that you are not able to stay in your home for a while, your additional living expenses portion of your policy would reimburse you for your hotel or renting costs. Make sure to look up your policy as there may be limitations as to what level of accommodations will be covered.  There is a range of limitations options depending on how much you’d like to spend on your policy.


Various Types of Homeowners Coverage

You have a lot of options when it comes to home insurance. Not all plans cover the same items. The more you want covered, of course, the more it will cost. Essentially there are three levels of coverage to choose from:


1. Actual cash value

Actual cash value covers the cost of the house and the value or your belongings after depreciation is taken out. What those items are worth is what you’ll get back, not what you initially paid for them.


2. Replacement cost

Replacement policies will cover the actual cash value of your home and belongings without depreciation taken out. This would allow you to rebuild your home up to what you originally paid for it.


3. Guaranteed replacement cost or value

This is the most inclusive option offered and covers the costs to fix or rebuild your home even if it goes beyond your policy limit. This helps against inflation. But there is a ceiling that is usually 20-25% more than your policy limit.


What is not covered by home insurance?

Not all acts of God are covered in your homeowners policy. Depending on where you live, you may be in a flood zone or a place known for hurricanes or earthquakes. In these instances, you’ll want to purchase a rider for the protections you’ll need for living in those areas. Lack of properly maintaining your home will cause damages not to be covered. For example, insect and rodent damage to your home, mold and rot, and general wear are not covered. Damage from smoke from industrial or agricultural operations, and things like identity theft is not covered. Attacks from certain breeds of dogs typically are not covered. However, if your dog breed is covered and attacks, there are limits as to how much damage it will cover and you could be responsible for the remaining amount.


How much will you pay for home insurance?

Insurance agencies consider their risk from how likely the homeowner will file a claim. They’ll take a look at previous home insurance claims that were submitted by the homeowner, and claims that were previously filed on the property, and credit score. Other factors such crime rates in the area, building material availability, security features, condition of the home, heating type, pools, and what riders you purchase all add into your annual premium. A home in poor condition could increase your rate because the odds of filing a claim are higher.


How to save money on insurance?

A great way to save money on insurance is to add in safety features. Purchasing a security system that is tied into the police, installing smoke alarms, carbon monoxide detectors, sprinklers and dead-bolt locks can help reduce your cost of insurance.


Consider increasing your deductible to lower your premium but know that smaller “fixes” to your home could add up to be costly and come out of your pocket if you choose this route.


Packaging your policy with auto or health insurance at the same company may allow you to save on two premiums. Shop around to find an insurance company that offers discounts.


When renovating your home, consider what materials you will purchase. Materials less flammable typically cost less to insure.


When you pay off your mortgage, you can see your premiums drop because your insurer assumes that since you own the residence in full, you’ll take great care of it.


Review your policy annually to see if you still have the best policy for the best price, as well as look for changes to your home that could lower your premium since last time you’ve reviewed your coverage. If you’ve removed a pool, trampoline, or playground, installed security systems, or upgraded your electric, plumbing or roof, reach out to your insurance company to see if it saves you money.


Choose paperless billing and making your payments automatic from the bank could make you eligible for a discount.

Certain careers have special discounts such as engineering, firefighting, and teaching.


Make sure that your policy is based on how much it costs to rebuild your home, not it’s real estate value—or your premiums could be much higher that they need to be.


Limit the number of claims you make, as they increase your premiums or your insurer may drop you and therefore make it difficult and expensive to find coverage again

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New System, Same Problems? Why a Payroll Transition Should Start With an Assessment

October 14, 2026
Changing payroll or HCM providers can be a major decision for any employer, especially for small and mid-sized businesses where payroll touches nearly every employee, every pay period, and many of the systems that keep the business running. That is why a successful transition should involve more than simply moving data from one platform into another. A new system can offer better technology, stronger reporting, improved employee self-service, and more efficient workflows. But those benefits are not automatic. If an employer simply recreates the same workarounds, outdated data, and disconnected processes in a new platform, the result may look different without actually working much better. A payroll transition should be an opportunity to step back, evaluate how the business operates today, and intentionally build a better environment for the future. Start With How the Business Actually Works Before configuring a new payroll or HCM system, it is important to understand what is happening in the current environment. That means looking beyond payroll processing and examining how information moves through the organization from onboarding and timekeeping to benefits, HR administration, reporting, and eventually separation. For many growing businesses, processes develop gradually. Spreadsheets, manual approvals, and duplicate data entry may have been created to solve individual problems over time. Together, those workarounds can create unnecessary administrative work and increase the risk of errors. Before moving into a new system, employers should identify where information is being entered more than once, what still depends on manual follow-up, where managers or employees routinely get stuck, and which reports are difficult to produce. That creates a much stronger foundation than simply asking how to make the new system look like the old one. Separate What Works From What Has Simply Become Familiar One of the easiest mistakes to make during implementation is assuming that every existing process should be preserved. Familiarity does not always mean efficiency. A payroll workflow, approval structure, or reporting process may exist simply because that is how the previous system was configured. A useful question to ask is: If we were designing this process today, would we still do it this way? Some processes will absolutely make sense to keep. Others may be creating unnecessary effort because of old system limitations. The goal should not be to change everything. It should be to preserve what works while improving the areas that create friction, confusion, or risk. Clean Up the Data Before It Becomes New-System Data Payroll and HCM systems contain a significant amount of information, including employee data, tax setup, earnings and deductions, departments, locations, job information, permissions, benefits, and timekeeping rules. Over time, some of that information may become outdated, duplicated, or structured in a way that no longer reflects the business. Moving that information into a new system without reviewing it first can preserve those same issues. A thoughtful implementation should include time to validate employee records, review earning and deduction codes, confirm tax setup, evaluate organizational structures, and identify information that should be cleaned up before migration. The objective is not simply to move data successfully. It is to start the new environment with information that is as accurate, organized, and useful as possible. Payroll Should Not Be Evaluated in Isolation Payroll may be the system that processes the paycheck, but the information it relies on comes from many different parts of the business. Hiring, timekeeping, HR, benefits, retirement contributions, employee status changes, and other workforce processes all intersect with payroll. When those areas are managed independently by different vendors or disconnected systems, employers are often left responsible for making everything work together. That can create duplicate entry, manual reconciliation, inconsistent data, and more opportunities for something to fall through the cracks. A better implementation looks at the entire administrative environment, not just the payroll engine. Why the ASO Model Matters This is where an Administrative Services Organization, or ASO, model can create meaningful value for small and mid-sized employers. Traditionally, businesses often purchase payroll, HR, benefits, retirement, and commercial insurance from separate providers. Each provider may do its individual job well, but the employer is still left managing the gaps between them. Those gaps matter because these functions are highly interdependent. A new hire can affect payroll, benefits eligibility, workers’ compensation exposure, retirement participation, and HR compliance. A termination can trigger payroll changes, benefits administration, HR documentation, and additional follow-up. An ASO approach is designed to bring those functions into a more coordinated model. Instead of asking the employer to act as the connector between multiple vendors, the goal is to create greater alignment across the services that support the workforce. At Simco, that means looking at HCM technology, HR advisory, employee benefits, commercial insurance, and retirement advisory as part of one broader business environment. The value is not simply access to more services. It is creating a more connected administrative structure with fewer handoffs, clearer ownership, and better visibility. Build Around the Employee Lifecycle, Not Just the Payroll Run A well-designed HCM environment should support more than the moment payroll is processed. It should help manage the full employee lifecycle, from onboarding and timekeeping through compensation, benefits, HR administration, retirement, and offboarding. Looking at implementation through that lens often reveals opportunities that would otherwise be missed. Onboarding may still be manual. Managers may submit changes through email. Benefit information may need to be entered in multiple places. Employee data may not flow consistently between systems. These may not seem like payroll problems, but they directly affect how efficiently payroll and HR administration operate. That is why implementation conversations should include more than pay frequency and tax setup. They should also examine how employees enter the organization, how managers interact with the system, how changes are communicated, and where administrative work tends to pile up. Leave Enough Time to Build It Correctly A thoughtful assessment takes time, which is why employers should avoid waiting until the last minute to begin a payroll or HCM transition. There is a significant difference between getting a system live and building a system well. A well-planned implementation creates room to evaluate processes, validate data, configure the system, test workflows, train users, and correct issues before employees depend on it. For employers considering a January transition, beginning the conversation in the fall can provide valuable runway and allow for more deliberate decisions before year-end pressures increase. Why Simco Starts With the Blueprint At Simco, we believe implementation should begin with understanding the business, not simply collecting files. Our Simco Blueprint assessment is designed to look at how an employer is operating today before the new environment is built. We review current processes, identify what is working, uncover areas of friction, and look for opportunities to improve how the organization uses its payroll and HCM technology. That assessment also considers how payroll interacts with HR, benefits, commercial insurance, and retirement. The objective is to make sure the system supports the business as a whole rather than solving one problem while creating another. A successful transition should leave an employer with more than a new provider. It should create a stronger foundation for how the business manages its people and administrative responsibilities. A New System Should Be an Opportunity to Work Better Changing payroll or HCM providers is a significant project, but it can also be an opportunity to improve processes that may have been creating frustration for years. The key is resisting the temptation to simply recreate the old environment. Before moving data, employers should understand their current processes. Before configuring workflows, they should decide whether those workflows still make sense. Before going live, they should make sure the different pieces of their administrative environment are working together effectively. A new system should not just be a different place to do the same work. It should help make the work easier. If your organization is considering a payroll or HCM change, Simco can help you evaluate your current environment, identify opportunities for improvement, and understand what a thoughtful transition could look like. Ready to take a closer look at your current setup? Talk with the Simco team .

Thinking About a January Payroll Switch? 4 Things Employers Should Know Now

October 8, 2026
January is one of the most natural times for an employer to move to a new payroll or HCM provider. A new calendar year creates a clean transition point for payroll records, reporting, employee communication and internal processes. But a January go-live does not mean the work should begin in January. For employers considering a change, the most important part of the transition often happens months earlier. A successful implementation requires time to understand the current environment, make decisions about what should change, validate employee and payroll data, configure the new system, test it and prepare everyone who will use it. If a January payroll change is on your radar, here are four things worth knowing now. 1. A January switch should usually start well before January One of the biggest misconceptions about changing payroll providers is that the transition begins when the new system goes live. In reality, that is the end of the implementation process. Before the first payroll can run, there are a number of decisions and setup items that may need attention, including employee records, earnings and deductions, tax information, pay schedules, timekeeping rules, direct deposit information, security permissions, reporting requirements, integrations and other company-specific workflows. The complexity will vary from employer to employer, which is why there is no single implementation timeline that fits every organization. But if your goal is to be live at the beginning of the year, October and early November are a much better time to begin the conversation than December. Starting earlier gives both the employer and the new provider room to work carefully instead of trying to force a major system change through the busiest part of year-end. 2. Do not automatically recreate everything you have today Changing payroll providers is an opportunity to fix problems, not transfer them. It can be tempting to approach implementation by simply copying the setup in the current system into the new one. That may seem like the fastest path, but it can also carry old inefficiencies, outdated processes and bad data directly into the new platform. Before building anything, employers should take a closer look at questions such as: Which payroll processes create the most manual work? Are employees or managers struggling with any part of the system? Are there recurring corrections or data issues? Are you maintaining information in spreadsheets because the current system does not handle it well? Are timekeeping, HR, benefits and payroll working together effectively? Are there reports your team needs but struggles to produce? Have your workforce, policies or business processes changed since the system was originally implemented? A provider change should create a better operating environment, not simply give the same process a new login screen. This assessment stage is one of the reasons beginning early matters. 3. Data accuracy becomes especially important at year-end A payroll transition involves more than moving names and pay rates. Employee information, year-to-date wages, taxes, deductions and other payroll records may all play a role in making sure the old year closes correctly and the new year begins accurately. Year-end also brings important employer reporting responsibilities. Employers remain responsible for ensuring payroll tax filings and Forms W-2 are accurate and filed on time even when they use a third-party payroll provider ( IRS ). That makes data review an important part of any year-end implementation. Employers should expect to spend time verifying items such as: Employee names, addresses and Social Security numbers Federal, state and local tax setup Year-to-date payroll totals Earnings and deduction codes Benefit deductions Retirement contributions Garnishments and other recurring deductions Direct deposit information Company tax information and filing setup There may also be special year-end items such as bonuses, fringe benefits or other adjustments that need to be reflected correctly. The goal is not simply to import data. It is to make sure the information going into the new system is accurate and that responsibility for year-end versus new-year reporting is clearly understood. 4. The right implementation should include testing, training and a clear owner Technology is only one part of a payroll conversion. Someone also needs to coordinate the process. A good implementation should establish clear responsibilities, deadlines and points of contact so the employer is not left trying to manage multiple moving pieces on their own. Before going live, employers should understand: Who is overseeing the implementation? There should be someone responsible for keeping the project moving and helping coordinate questions, decisions and outstanding items. How will the system be tested? Payroll calculations, deductions, taxes, time data and other important configurations should be reviewed before the first live payroll. How will managers and employees be prepared? If employees will use a new portal, mobile app, timekeeping process or enrollment experience, communication and training should be part of the transition. What support will be available after go-live? Implementation should not end the moment the first payroll processes. Employers should know who they will contact when questions arise afterward. A well-managed transition gives an employer time to catch issues before they become payroll-day emergencies. January can be a good time to change if you give yourself enough runway For employers who are frustrated with their current provider, January can provide a natural opportunity for a fresh start. However, this decision should not be rushed simply to hit a January 1 date. The better question is: Do we have enough time to evaluate our current process, build the new environment correctly and make the transition confidently? If the answer is yes, starting the conversation now can make the next few months much more manageable. At Simco, we work with employers to look beyond the payroll system itself. We assess how payroll, HR, timekeeping, benefits and the surrounding processes fit together so the new environment is built around how the business actually operates. If you are considering a payroll or HCM change for 2027, now is the time to start mapping out what the transition would involve. A short conversation can help determine what needs to happen, what information you will need and whether a January transition makes sense for your organization. Want to talk through your January timeline? Click here .

How Financial Wellness Supports the Employee Experience

September 21, 2026
For a long time, conversations about employee financial wellbeing started and ended with compensation. Pay people accurately, pay them on time, offer a competitive benefits package, and the employer had largely done its part. Those things are still fundamental. But the way employees experience their finances is much broader than a paycheck arriving every other Friday. A car repair does not wait until payday. A medical bill can arrive unexpectedly. Someone trying to improve their credit may not know where to begin. Another employee may be juggling everyday expenses while trying to save for a home, pay down debt or simply build a little more breathing room into their monthly budget. Employers are not expected to solve those challenges. But increasingly, they are recognizing that they can make useful resources easier to access. That shift is helping financial wellness become a more meaningful part of the overall employee experience. Financial Wellness Is Really About Giving Employees More Options There is no single definition of financial wellness that applies to everyone. For one employee, it may mean learning how to build a budget that actually works for their household. For another, it may mean having access to earned wages when an unexpected expense comes up before payday. Someone else may be focused on improving their credit, understanding financial terminology or finding an easier way to complete an employment or income verification. That is part of what makes this area different from many traditional benefits. Employees are not all trying to solve the same problem at the same time. A strong financial wellness approach does not assume that they are. Instead, it gives employees access to a range of resources and allows them to decide what is useful for their own circumstances. The employer is not stepping into the role of financial adviser. The employer is simply making it easier for employees to find tools, education and support when they need them. That can be a powerful distinction. The Employee Experience Extends Beyond What Happens at Work When organizations think about employee experience, the conversation often centers on things like company culture, managers, career development, recognition and benefits. Those things matter enormously. But employees also bring the realities of everyday life with them when they come to work. Financial concerns are one of those realities. An employee who is worried about an unexpected expense, trying to make sense of debt or unsure where to find reliable financial information may still show up and do their job well. But that does not mean those concerns disappear during the workday. This is where employers have an opportunity to think more broadly about support. The goal is not to remove every source of financial stress. That would be unrealistic. The opportunity is to make certain situations a little easier to navigate by connecting employees with resources they may not otherwise know about or have convenient access to. Sometimes that means education. Sometimes it means greater flexibility. Sometimes it simply means removing friction from an everyday process. Taken together, those small improvements can contribute to an employee experience that feels more thoughtful and supportive. Useful Benefits Are Often the Ones Employees Can Actually Use Employers spend significant time and money building benefits packages, but a benefit only creates value when employees understand it and can realistically access it. That is one reason financial wellness resources are particularly interesting. Many of them are designed around practical, everyday needs rather than something an employee may only use once or twice a year. They can help people answer questions, learn something new, access information or manage an immediate financial need. This creates an opportunity for employers to think beyond simply adding more benefits. Sometimes the better question is: How can we make the resources already available to employees more useful, accessible and relevant to their daily lives? That mindset can be especially valuable for organizations that want to improve the employee experience without adding another complicated program for HR to administer. The Payroll and HCM Experience Is Changing Too Payroll technology has traditionally been viewed as operational infrastructure. It calculates pay, handles taxes, stores employee information and keeps the organization moving. All of that remains essential. But modern HCM platforms increasingly sit at the center of much more of the employee experience. Employees may log into the same system to view a paystub, update personal information, enroll in benefits, request time off or access other workplace resources. Because they are already interacting with that technology, it creates a natural place to connect them with additional tools. That matters. A resource hidden on an intranet page that no one remembers exists has limited value. A resource that is connected to technology employees already use has a much better chance of becoming part of their normal experience. For HR teams, there is another benefit: introducing additional employee resources does not necessarily have to mean introducing another disconnected system, another login or another administrative burden. When tools work within the broader HCM ecosystem, employers can expand what they offer while keeping the experience simpler for everyone involved. Financial Wellness Can Support the Employer, Too The most important reason to offer financial wellness resources is the value they can provide to employees. But there is an employer benefit as well. Organizations are continually looking for meaningful ways to strengthen their employee value proposition. Compensation will always be a major part of that equation, but employees also notice how easy or difficult it is to navigate everyday life at work. Can they find the information they need? Are useful resources clearly communicated? Does the technology make things easier? Does their employer seem to think about the employee experience beyond the minimum requirements? Those details shape how people experience an organization. Financial wellness resources can become one more way for employers to demonstrate that support in a practical way. They can complement existing benefits, help employees get more value from the technology already in place and give HR teams another resource to point employees toward when appropriate. The value is not necessarily in one dramatic program. Often, it is the accumulation of small conveniences and helpful resources that makes an employee experience feel noticeably better. A New Set of Resources for Simco Clients This thinking is part of why we were excited to recently expand the resources available to Simco clients through our partnership with isolved. Through isolved People Cloud™, eligible employees now have access to additional tools from FinFit, ZayZoon and Equifax , each designed to support a different part of the financial wellness and employee experience. FinFit provides financial education and wellness resources that can help employees build knowledge and confidence around everyday financial decisions. ZayZoon offers employees additional financial flexibility, including access to earned wages before the traditional payday when needed. Equifax provides employment and income verification services that can help simplify a process employees may encounter when applying for a loan, renting a home or completing other important financial transactions. Each resource serves a different purpose, and not every employee will need every tool. That is exactly the point. The goal is to create more options and make them easier to access. Making Resources Available Is Only the First Step One of the easiest mistakes employers can make is assuming that introducing a new benefit automatically means employees will use it. Usually, awareness has to come first. Employees need to know what a resource is, why it exists and when they might consider using it. That communication does not have to be complicated. A short reminder in an employee newsletter, a mention during onboarding, a benefits communication or an occasional educational email can go a long way toward keeping useful resources visible. It can also help to communicate these tools in terms employees actually relate to. Instead of simply saying, “We offer a financial wellness program,” explain what that could mean in real life: Need help understanding your budget? There is a resource for that. Want to learn more about credit? There is a resource for that. Need access to part of your earned pay before payday? There may be an option available. Completing an income verification? That process may already be easier than you think. When employees understand the practical purpose behind a resource, it becomes much more meaningful. A Better Employee Experience Is Often Built in Small Ways Supporting employees does not always require launching a major new initiative. Sometimes it means looking at the systems, benefits and resources already surrounding employees and asking whether they could be doing more. Could something be easier to access? Could employees have more flexibility? Could a process require fewer steps? Could a resource help someone feel more informed or confident? Those may seem like small questions, but they are increasingly important ones. Financial wellness is ultimately about giving employees more tools to navigate their own financial lives. Employers do not need to have every answer, and they do not need to solve every challenge. But they can help create an environment where useful resources are easier to find, easier to understand and available when they matter. For Simco, that is what makes these new resources exciting. They are not simply additional features inside a platform. They are another way the technology our clients already use can create a better experience for the people behind every payroll.  Want to learn more about the financial wellness resources now available through Simco and isolved? Contact our team to learn more.

Have a question? Get in touch.