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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June 2, 2025
When school lets out, many working parents face a new set of challenges: piecing together childcare, coordinating summer camps, adjusting work schedules, and simply trying to maintain a sense of balance. For employers, this season presents a valuable opportunity to demonstrate empathy and build stronger connections with your workforce—especially your working parents. By offering the right policies, benefits, and workplace flexibility, your company can help parents manage the summer shuffle—while keeping productivity and morale strong. Here are a few impactful ways to make that happen. 1. Offer Flexible Scheduling Options Summer schedules are rarely predictable, especially for parents with younger children or teens involved in day camps, sports, or part-time jobs. Allowing employees to shift their working hours or compress their workweeks can be a game-changer. Early start and end times, four-day workweeks, or staggered hours give parents the flexibility to handle family logistics without sacrificing their jobs. What you can do: Encourage managers to have open conversations with team members about their summer availability. Promote cross-training so employees can support each other during flexible hours or time off. Formalize a “Summer Flex Hours” program to show company-wide support. This kind of trust-driven flexibility not only improves work-life balance but also boosts engagement and retention. 2. Revisit Your Remote or Hybrid Work Policy For companies that support remote work, summer is an ideal time to offer extra flexibility. Parents may need to be closer to home for child supervision or to avoid time-consuming commutes during camp drop-offs and pickups. Even one or two remote days per week can ease the mental load on parents—helping them stay focused and productive during working hours. And it signals a deeper commitment to employee wellbeing. Ways to implement: Offer a seasonal “summer remote work option” if your company is traditionally office-based. Empower department heads to tailor remote work flexibility to their team’s needs. Reinforce accountability and results-based performance to support this model. Tip: Simco is happy to help you review your remote work policy for both compliance and employee satisfaction! 3. Promote and Educate on Dependent Care Benefits Many organizations offer dependent care support, but employees often forget—or aren’t aware—of what’s available. Summer is a perfect time to highlight programs like: Dependent Care FSAs (tax-free childcare reimbursements) Childcare subsidies or stipends Backup care assistance Employee Assistance Programs (EAPs) with parenting or caregiver resources Tip: Create a simple “Summer Benefits Guide” or a quick email campaign highlighting available benefits. If your team uses a digital portal or app, make sure this information is easily accessible and up to date. 4. Plan Ahead for PTO and Team Coverage Summer means vacations—and for working parents, this might be the only chance they get to spend extended time with their families. That’s why it’s crucial to encourage early vacation planning and transparent communication among teams. Strategies to support summer PTO:  Ask employees to submit summer PTO requests as early as possible. Use shared calendars and collaborative tools to coordinate team coverage. Train back-up team members ahead of time to avoid last-minute stress. Consider adding a floating summer holiday or mental health day to give employees a breather. When employees feel supported in taking time off, they’re more likely to return refreshed and ready to re-engage. 5. Build a Family-Friendly Workplace Culture Supporting working parents isn’t just about policies—it’s about creating a culture of empathy and understanding. That starts with leadership modeling flexibility, and continues with teams who respect boundaries and accommodate personal obligations. Ideas to build culture: Create a parent resource group or Slack channel to exchange ideas and support. Share local summer camp or childcare resources in your company newsletter. Avoid scheduling late afternoon meetings that may interfere with family commitments. Celebrate family milestones or kid-friendly moments in a light-hearted way. These small cultural cues can go a long way in helping working parents feel seen, supported, and valued—especially during a season that’s often more stressful than relaxing. Final Thoughts Supporting working parents through summer break isn’t just the right thing to do—it’s a smart business strategy. Offering flexibility, benefits education, and an understanding culture helps companies retain top talent, foster loyalty, and create a healthier workplace for all. Need Guidance? At Simco, we specialize in helping businesses implement people-first policies and scalable benefit solutions. If you’re looking to enhance your workplace support for parents (or all employees), our specialists are here to guide you! Let’s talk about how we can help your workforce thrive—this summer and beyond.
May 30, 2025
Let’s be honest—mid-year reviews often don’t get the attention they deserve. They sneak up between vacations, project deadlines, and Q3 planning. But when done right, these check-ins can be one of the most valuable tools you have for keeping employees engaged, aligned, and growing. They’re not just about checking a box or filling out a form. Mid-year reviews are a chance to reconnect, recalibrate, and reenergize your team—and they can have a big impact on retention and performance. So, how do you make these conversations count? Let’s break it down. Why Mid-Year Reviews Actually Matter Think of the mid-year review as a strategic pit stop. You’ve made it halfway through the year—now’s the time to assess what’s working, what needs adjusting, and where your people want to grow. And here’s why that matters: Companies that implement regular performance feedback see 14.9% lower turnover rates than those that don’t, according to Gallup Employees who receive consistent feedback perform better and are more engaged overall, according to studies conducted by the Harvard Business Review Employees are far more likely to stay when they know their growth is supported The takeaway? People want feedback. But more importantly, they want useful feedback—along with the tools to take the next step forward. What to Ask: High-Impact Questions Performance reviews should feel like conversations, not interrogations. Open-ended, thoughtful questions help create space for honest dialogue. Below are a few ideas to keep the conversation flowing—and meaningful. Goals & Achievements What’s been your proudest accomplishment this year? What challenges have you worked through—and what did you learn? Are we on track with the goals we set earlier this year? Strengths & Value What are you most confident about in your role? Where do you feel you're making the biggest impact? Growth Opportunities Are there any skills you’re itching to develop? Where could we offer more support or resources? Looking Ahead Where do you see yourself a year from now? What kind of training or experiences would help you get there? This isn’t just about reviewing the past—it’s about setting the tone for the future. Turning Feedback into Development: Exploring the Role of Learning Management Systems Identifying growth opportunities during a performance review is just the first step—real transformation happens when you take action on that feedback. One effective way to support employee development is by leveraging a Learning Management System (LMS) . An LMS provides a structured and scalable way to turn feedback into forward momentum—whether you're preparing someone for a promotion or helping them build confidence in new skills. Key LMS features that support performance development include: Personalized learning paths aligned with individual or team goals Access to broad training libraries, including compliance and skill-building content Tools to track progress and measure learning impact Engaging elements like AI assistance, gamification, and peer learning These tools transform performance feedback into growth, helping businesses create a continuous learning culture. Look No Further At Simco , we support our clients through every stage of the performance management journey — from crafting the right review questions to delivering personalized, scalable learning opportunities. Our integrated HCM technology includes the isolved Learn & Grow Module, which features: 89,000+ courses including SCORM and state-compliant training Custom curriculums for individuals and teams AI-driven search and chatbot support Dashboards, reporting, gamification, and more Final Thoughts: Mid-Year Reviews Are a Strategic Lever Mid-year reviews are more than a checkpoint — they’re a chance to re-engage your team, show appreciation, and chart a clear path forward. When you treat them as an opportunity for dialogue, reflection, and action, the benefits ripple across retention, morale, and performance. Want to make your next round of reviews truly impactful? Let’s talk about how Simco can help streamline your process and empower your people.
May 15, 2025
Each spring, New York State enforces a residential burn ban from March 16 through May 14 to help prevent wildfires. As of yesterday, the ban has officially been lifted , but fire safety should remain top of mind. While the Finger Lakes has seen steady rain this week, the risk of fire can still escalate quickly with a few dry, breezy days. If you’re planning to burn brush, enjoy a backyard fire pit, or take part in spring clean-up, it’s important to do so with caution. Why Does the Burn Ban Exist? The annual burn ban is in place to reduce the threat of wildfires during one of the most vulnerable times of the year. In early spring, before trees and vegetation fully green up, dead grass, leaves, and branches are dry and highly flammable. Combined with seasonal winds and low humidity, even small outdoor fires can spark large, fast-moving wildfires—especially in rural areas. This proactive ban has proven to significantly lower the number of wildfires across the state each year, protecting homes, farmland, and natural habitats. What Homeowners Should Do Now With the ban lifted, it’s a good time to: Review your homeowners insurance to ensure you're protected against fire-related damages. Practice safe outdoor burning , such as keeping fires a safe distance from structures and never leaving them unattended. Consider additional coverage for properties with wooded acreage or high-risk features. At Simco , we’re here to help you navigate risks like these—before they become problems. Whether you need a policy review or simply want to make sure your coverage keeps pace with your lifestyle, we’re just a call or click away .

Have a question? Get in touch.