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

Sign up for our newsletter.

September 2, 2025
Many businesses rely on multiple vendors to manage critical functions such as HR, payroll/HCM, benefits, commercial insurance, and retirement plans. While outsourcing can provide specialized expertise in each area, using separate providers often creates hidden costs that can quietly undermine efficiency, accuracy, and employee satisfaction. Here’s why integration matters, and how a consolidated approach can save time, reduce risk, and improve the employee experience. 1. Increased Administrative Burden When each service is managed by a separate vendor, administrative work multiplies. Employees and HR teams may spend extra hours logging into different systems to process payroll, submit benefits updates, or manage compliance tasks. Reconciling employee information across multiple portals and coordinating communications between vendors creates unnecessary complexity, which can distract your team from strategic priorities. 2. Higher Risk of Errors and Compliance Issues Fragmentation can increase the likelihood of costly mistakes. Payroll errors, mismanaged retirement contributions, and insurance coverage gaps often occur when systems do not communicate effectively. A single misalignment can have a ripple effect: Incorrect payroll deductions Late or missing retirement contributions Gaps in insurance coverage or compliance violations With multiple vendors, the risk of these errors and their consequences rises. 3. Limited Visibility and Reporting When each service lives in its own system, it’s hard to get a complete picture of your workforce. Without centralized reporting, many businesses struggle to: Analyze labor costs or benefits spending accurately Identify compliance gaps or coverage issues Track trends in employee engagement and retention Limited visibility makes it difficult to make informed decisions and optimize operations. 4. Compounded Costs Paying multiple vendors for separate services often results in more than just the sum of their fees. Each system typically comes with its own implementation, training, and subscription costs, which can quickly add up. In addition, internal administrative hours spent managing vendor relationships, reconciling conflicting data, or troubleshooting errors create a hidden expense that is often overlooked. Businesses may also face unexpected costs when trying to integrate or transfer data between disconnected platforms, or when compliance issues arise due to misaligned processes. Over time, these scattered costs compound, reducing overall efficiency and limiting resources that could be better spent on strategic growth initiatives. 5. Frustrated Employees The impact of fragmentation extends to employees. They may face confusion about where to access benefits or payroll information, experience delays in issue resolution, or encounter inconsistent communications. This frustration can lead to disengagement, lower productivity, and higher turnover. Businesses that integrate these functions provide a smoother, more cohesive experience for employees, resulting in higher satisfaction, better engagement, and a stronger workplace culture. Why Integration Matters Integrating HR, payroll/HCM, benefits, commercial insurance, and retirement services with a single partner simplifies operations, reduces errors, improves reporting, and enhances the employee experience. Businesses that consolidate services gain: Streamlined administrative processes and reduced duplication of effort Improved accuracy and compliance through connected systems Enhanced visibility into workforce metrics and financials Cost efficiencies by eliminating overlapping fees and redundant systems A more consistent, positive experience for employees By managing these services in a unified platform, your business can focus on growth instead of juggling multiple systems and vendors. Take the Next Step If your business is managing multiple vendors for HR, payroll, benefits, insurance, and retirement, it’s time to consider a more integrated approach. Streamlining these services with a single, high-touch partner like Simco can save time, reduce risk, and create a better experience for both your team and your employees.
August 25, 2025
As the 2025–26 school year gets underway, many employees are navigating the dual pressures of professional responsibilities and family life. For parents of school-aged children, this can mean adjusting to new routines, handling childcare logistics, and managing the emotional ups and downs that often accompany the start of the year. For employers, this season offers an opportunity to demonstrate support and strengthen employee loyalty. Below are nine strategies businesses can adopt to help their workforce balance work and family demands more effectively. Flexible Work Options Flexibility remains one of the most powerful ways to support working parents. Allowing employees to shift their schedules, such as starting earlier or later, or offering hybrid and remote work options helps parents handle school drop-offs, pickups, and unexpected schedule changes. For example, permitting an employee to work from home two mornings a week may relieve the stress of managing transportation while ensuring business needs are still met. When employees feel trusted to manage both work and family responsibilities, engagement and productivity rise. Back-to-School Support The transition into a new school year often involves extra expenses and planning. Employers can ease this burden by organizing back-to-school supply drives, offering stipends for educational expenses, or sharing curated lists of local resources like tutoring programs or after-school care. Some businesses even host “lunch and learn” sessions on topics such as family budgeting or time management during the school year. These gestures show employees that the company understands their life outside of work and wants to help them succeed in both areas. Prioritize Mental Well-Being Back-to-school season can be stressful for the whole family, with shifting routines, homework expectations, and social adjustments. Employers can proactively support mental health by promoting counseling services, stress management programs, or mindfulness workshops. Offering access to telehealth therapy sessions or creating quiet spaces in the office for breaks can make a tangible difference. Focusing on mental well-being helps employees feel cared for and creates a healthier, more resilient workforce overall. Paid Time Off for School Activities Balancing school commitments with work obligations can be difficult without supportive policies. By providing paid time off specifically for school-related events, such as parent-teacher conferences, school plays, or volunteering opportunities, employers can reduce the guilt or anxiety parents may feel about taking time away from work. Even a few hours of school-activity leave per semester can significantly boost morale and demonstrate the company’s commitment to work-life balance. Childcare Assistance Childcare remains one of the greatest stressors for working parents. Businesses can step in by offering childcare subsidies, backup childcare arrangements for emergencies, or partnerships with local providers to secure discounted rates. Employers with larger workforces may explore on-site childcare facilities or after-school program collaborations. Even simply sharing information about community resources and vetted childcare options can make a big difference for employees struggling to find reliable solutions. Open Communication Encouraging honest, ongoing conversations between managers and employees is essential. Managers should be trained to ask about potential school-year challenges, such as altered availability during drop-off hours or the need to leave for school events, without judgment. Creating a culture where employees feel safe discussing these needs allows managers to find practical solutions, like shifting deadlines or redistributing workloads, that benefit both the employee and the organization. Employee Assistance Programs (EAPs) EAPs are often underutilized, yet they can be invaluable during the school year. These programs typically offer access to counseling, parenting support, financial planning, and more. Employers should not only remind employees that these resources exist but also explain how they can be used during this time of year. For example, highlighting financial counseling services in September, when school-related expenses spike, makes the EAP more relevant and accessible. Family-Friendly Policies Workplace policies should reflect the realities of family life. Review scheduling practices to avoid early morning or late afternoon meetings when parents are often unavailable. Consider policies that allow parents to swap shifts or trade hours with coworkers. Involving employees in creating or revising family-friendly policies ensures the solutions are practical, widely supported, and foster an inclusive culture that values everyone’s needs. Recognition Matters Acknowledging the extra effort parents put in during the school year can have a lasting impact. Recognition doesn’t have to be large-scale, a personal thank-you note, a shout-out during a team meeting, or a small gift card can go a long way toward showing appreciation. Celebrating milestones, like surviving the first week back to school, helps parents feel seen and valued, reinforcing their commitment to the company. The Bottom Line Supporting employees during the school year goes beyond providing benefits; it’s about creating an empathetic, flexible, and responsive workplace culture. By adopting these strategies, businesses not only help their employees manage family responsibilities with confidence but also foster a more engaged, loyal, and productive workforce.
Is Your Business Ready for New York’s Secure Choice Savings Program (SCSP)?
August 22, 2025
Big changes are on the horizon for New York businesses. Soon, many employers will be required to provide retirement savings options through the state’s Secure Choice Savings Program. If your business doesn’t already offer a retirement plan, now is the time to understand the rules, prepare your payroll, and explore whet

Have a question? Get in touch.