Insurance is simply a form of risk management
Insurance covers so many aspects of one’s life that it is difficult to know where to start. The first important thing to understand is that insurance is a form of risk management. In fact, you are transferring risk to a 3rd party, (the insurance company) in exchange for a small monthly payment. This works for you because you safeguard yourself in the event of major loss. It works for the insurance company because they can collect millions of small monthly payments knowing that they will only have to cover a small percentage of policy holders at any given time.
So whether you have car insurance in Barron County, property insurance in Cumberland WI, auto insurance in Danbury WI, business insurance in Osceola WI, liability insurance in Siren WI or home insurance in St Croix Falls, you are transferring your risk to the carrier in exchange for a monthly premium.
Insurance is not about gain. If you want gain you need to invest in the stock market, build a business or go to the casino and hope for the best. Insurance is about not losing everything. An insurance company is not going to pay you more than your loss. But your loss could be huge and without insurance you could face financial ruin. Perhaps type of insurance where there is financial gain for someone is life insurance. But that someone is usually a loved one and that is what you do to help take care of your loved ones when you are no longer around.
There 5 insurance policies everyone should have. Home insurance to protect your biggest investment as well as your contents. Medical insurance to protect your health and possibly your life. Auto insurance to cover your biggest risk factor. Liability insurance in case someone sues you, and chances that someone will is pretty good. Life insurance to protect those you love. Community Insurance can help you get the best insurance solutions for your needs and circumstances.