Why is Insurance Important?

Society Insurance recently had a significant fire loss in Wisconsin. We insured a general contractor who was building a condominium structure that caught on fire. Unfortunately, the fire resulted in the total loss of the condominium building, the loss of construction equipment, and significant damage to the siding of adjacent homes in the area.

Due to the size and scope of the fire, a considerable amount of time and money was spent trying to determine the cause of the fire. Investigators were able to rule out several possibilities, including electrical, as the cause but they were unable to determine the actual cause of the fire.

As a result, those affected have turned to their own insurance companies for payment of their damages. Like most losses, without someone’s negligence or fault to blame for the damages, you look to your own insurance policy for coverage. This can obviously be upsetting for a homeowner that now has damage to their siding and a large deductible to pay before repairs can be made.

But think how troubling this would be without insurance. Insurance allows people and businesses to recover from these types of large losses.

Because of insurance, the debris will be removed, the contractor’s equipment will be replaced, the condominium will be rebuilt, and the homeowners will have their homes repaired. Yes, there will still be some loss of time, money and pain but not as significant as it could have been without the benefit of insurance.

Are you properly protected? Contact your local independent insurance agent to learn more about the best coverage for you and your business.

-Brad Korkow

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