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Benefits Insights: Home and Auto Insurance | PA Employee Benefits Advisors

If your company offered home and auto insurance as a voluntary benefit, you could provide employees with discounted rates and the ease of payroll deduction to pay premiums. This benefit can be offered with little expense to you while providing great value for your employees.

What Are Home and Auto Insurance Benefits?

Home and auto insurance protects the policyholder from large expenses resulting from loss, damage and injury associated with his or her home, property and automobile. The two types of insurance—homeowners and automobile—are separate products but are frequently bundled, or purchased together, which usually results in a discounted rate.

Most states mandate that anyone who is a licensed motor vehicle driver must purchase auto insurance, and many mortgage lenders require homeowners to have insurance before they can take out a mortgage. Insurance companies and specific plans will differ in what they offer, but there are common categories of coverage.

Homeowners insurance may offer the following:

  • Dwelling coverage—Covers repairing or rebuilding damage to the structure of the house
  • Other structures coverage—Covers other buildings on the property such as a garage or gazebo
  • Personal liability—Covers injury or damage to others and their property if the policyholder is held responsible
  • Contents or personal property coverage—Covers clothes, furniture, electronics and other items in the home if damaged or lost due to a covered cause
  • Loss of use coverage—Covers living expenses in the event of a covered loss (such as temporary housing after a house fire)

Auto insurance may offer the following:

  • Bodily injury and property damage liability coverage—Covers expenses when the policyholder is legally responsible, including damages, medical bills and court costs
  • Uninsured and underinsured motorists coverage—Covers damage or injury caused by another motorist who is not properly insured
  • Medical payments and personal injury protection (PIP) coverage—Covers medical expenses for the policyholder and possibly passengers following a car accident
  • Comprehensive coverage—Covers damage from events such as fire, theft and vandalism
  • Collision coverage—Covers damage after a collision with other vehicles or objects
  • Replacement cost or gap coverage—Covers the replacement value of a severely damaged car rather than the lesser, depreciated value

How Do Home and Auto Insurance Benefits Work?

Unlike most other insurance benefits, home and auto insurance has year-round enrollment, which allows your employees to take advantage of this benefit and sign up whenever the need arises, such as when they acquire a new house or car. The home and auto insurance is typically portable, so employees can be comfortable purchasing insurance through your company because they can keep it even if their employment with you is terminated for any reason.

Home and auto insurance is usually 100 percent employee-paid, so there is no cost to your company to provide the benefit. Offering home and auto insurance as a voluntary benefit gives value to your employees with little effort on your part.

Why Offer Home and Auto Insurance?

Homeowners and auto insurance is relevant to a large percentage of your employees because most states mandate that drivers have auto insurance, and any employee who owns a house should have home insurance. Offering home and auto insurance as a voluntary benefit can help simplify the process of choosing and paying for insurance for your employees. When you provide home and auto insurance as a voluntary benefit, you are usually able to do so at a lower group rate than employees can access on their own. In addition, employees can enjoy the convenience of automatic payroll deductions to pay their premiums.

When you provide a benefit that saves employees money, time and frustration, and contributes to their peace of mind by protecting what’s important to them, you can foster increased employee satisfaction and loyalty.

Contact Webber Advisors today to learn more about offering home and auto insurance as a voluntary benefit.

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Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA / SIPC, to residents of: DC, FL, MD, NJ, NY, OH, PA, SC, TX, CA, CO, GA, and OK. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Webber Advisors and the Leavitt Group are not affiliated with Cambridge. Fixed insurance and benefit services are not offered through Cambridge.

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