Navigating Rising Home and Auto Insurance Costs: Simco Can Help
October 9, 2024
Navigating Rising Home and Auto Insurance Costs: Simco Can Help

The cost of personal insurance—homeowners and auto policies—has seen significant increases in recent years. Between 2021 and 2023, the average annual rate for homeowners insurance jumped by nearly 20%, according to Insurify. Auto insurance premiums, too, have risen by 16.5% in just the last year, based on data from the Bureau of Labor Statistics. With these rising costs, staying with your current insurer without exploring other options could mean you're overpaying.


Here’s what you need to know about why rates are increasing and how you can mitigate those costs.


Why Are Insurance Rates Rising?

Several factors are contributing to the rise in personal insurance rates:


1. Climate Change and Natural Disasters: Extreme weather events, including hurricanes, wildfires, and floods, have caused a surge in claims, leading insurers to raise premiums to cover future risks.


2. Increased Cost of Materials and Labor: Rebuilding or repairing homes and vehicles is more expensive today due to rising costs in construction materials and labor.


3. Higher Medical Costs: Auto insurance premiums are also influenced by the cost of treating injuries after an accident. As healthcare costs continue to rise, so do insurance premiums.


4. Supply Chain Disruptions: Global supply chain issues have made vehicle repairs and replacements more expensive, driving up auto insurance rates.


What You Can Do to Manage These Costs

1. Shop Around Regularly: While many people tend to stick with the same insurer year after year, it’s always a good idea to shop around. Comparing quotes from different providers can help you find better rates or discounts that you may not be aware of. Often, new customers are eligible for introductory offers that can save you money in the short term.


2. Review and Adjust Your Coverage: It’s important to ensure your coverage accurately reflects your current needs. For instance, you may be paying for unnecessary add-ons or more coverage than is required for your vehicle or home. On the flip side, underinsuring can be costly in the event of a claim. A thorough review of your policies can help you strike the right balance.


3. Bundle Your Policies: Many insurance companies offer discounts for bundling multiple policies, such as home and auto insurance. Bundling can be a simple way to reduce your premiums without sacrificing coverage.


4. Take Advantage of Discounts: Insurance companies often provide discounts for things like installing a home security system, having a good driving record, or being a long-time customer. Be sure to ask about available discounts when reviewing your policy.


5. Reach Out to a Specialist (Us!): Navigating the world of insurance can be a daunting task, especially with the rising costs of homeowners and auto policies. That's where having a specialist on your side can make all the difference. At Simco, we’re committed to helping you find the best coverage at the most competitive rates.


How Simco Can Help

Our team works with multiple insurance carriers, allowing us to shop the marketplace for you. This means we can deliver not just the lowest rates but also maintain the coverage you already have or suggest any changes that better suit your needs. Plus, switching is a breeze! We handle the entire process for you, including canceling your old policies—no hassle on your end.


Working with a specialist at Simco means you can also benefit from annual policy reviews. This proactive approach ensures that if you notice a significant increase in your rates, we can quickly explore other options to save you money and guarantee you’re getting the best deal available. You’re never stuck with the same company, and we’re here to help you find the right coverage for your unique situation.


At Simco, we understand the frustration that comes with rising insurance costs, and we're here to support you every step of the way. If you’re looking for guidance or want to explore your options, don’t hesitate to contact us today!

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February 3, 2025
Overview of the New Ruling New York employers are once again required to provide a notice in their employee handbooks about reproductive health rights following a recent ruling from the U.S. Court of Appeals for the Second Circuit. The ruling vacated a previous permanent injunction that had blocked the enforcement of the law, meaning employers must now comply with the New York Reproductive Health Bias Law (Labor Law § 203-e). Reproductive Health Bias Law Requirements The Reproductive Health Bias Law was enacted in November 2019 to ensure employees and their dependents can make reproductive health decisions without facing discrimination in the workplace. The law prohibits employers from taking retaliatory actions against employees regarding their reproductive health decisions and requires employers to keep employees' reproductive health information confidential unless there is prior written consent. Under the law, employers must include a notice in their employee handbooks informing employees of their rights and remedies under the Act. This is an essential update that must be made to comply with the law. Impact of the Second Circuit Ruling Religious organizations had challenged the law, arguing that the notice requirement violated their First Amendment rights. However, the Second Circuit disagreed, ruling that the notice requirement was lawful and similar to other workplace disclosure laws. The court noted that while the policy motivating the law may be controversial, the law itself and the obligation for employers to comply are not in question. Action Required for Employers Even though there is no specific penalty for failing to comply with the notice requirement, employers are encouraged to review and update their employee handbooks in light of the court's ruling to ensure they are compliant with the law. For Simco Clients: For clients who utilize Simco’s employee handbook services, rest assured this requirement is already included, and no additional steps are needed.
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