Overview
What is Wisconsin Insurance Plan?
The Wisconsin Insurance Plan, based in South Milwaukee, Wisconsin, serves as the state's fair plan or residual property insurer. Established by local legislation, its primary mission is to offer fundamental property insurance coverage for certain properties that have been rejected by other insurers due to various reasons. By providing this essential service, the Wisconsin Insurance Plan helps ensure that property owners are protected, even when traditional insurance providers decline coverage. The organization employs a dedicated workforce of six individuals, demonstrating its commitment to supporting the community's property insurance needs.
Official website here: www.wisinsplan.com
Is Wisconsin Insurance Plan legitimate?
Wisconsin Insurance Plan is a legitimate nonprofit organization registered as a 501(c)(6) entity. Wisconsin Insurance Plan submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $157,359
Professional Fundraising Fees: $0
Other Salaries and Wages: $225,550
For more financial information, click here
Official website here: www.wisinsplan.com
What is the mission statement of Wisconsin Insurance Plan?
The Wisconsin Insurance Plan serves as Wisconsin's Fair Plan or Residual Property Insurer, a role established by state legislation. Its primary mission is to extend basic property insurance coverage to certain properties that have been rejected by other insurance providers due to various reasons. The plan aims to ensure that property owners do not remain unprotected, thus contributing to the overall stability of the insurance market in the state. The Wisconsin Insurance Plan operates within the legal framework, providing a safety net for property owners who may otherwise struggle to obtain insurance coverage.
Official website here: www.wisinsplan.com
What is the revenue of Wisconsin Insurance Plan?
Wisconsin Insurance Plan's revenue in 2023 was $7,656,859.
Official website here: www.wisinsplan.com
Who are the executives of Wisconsin Insurance Plan and what are their salaries?
The average compensation at Wisconsin Insurance Plan during 2023 was $76,582. There are 5 employees and 10 volunteers at Wisconsin Insurance Plan.
Here are 11 key members and their salaries:
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- Compensation: $126,000
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- Other: $31,359
Official website here: www.wisinsplan.com
Where can I find the form 990 for Wisconsin Insurance Plan?
Wisconsin Insurance Plan's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.wisinsplan.com
Learn more at the official website: www.wisinsplan.com
Mission Statement of Wisconsin Insurance Plan
Wisconsin Insurance Plan, as a state-created entity, serves as Wisconsin's Fair Plan or Residual Property Insurer. Its primary mission is to extend basic property insurance coverage to specific properties that have been rejected by other insurance providers. This mission is crucial in ensuring that homeowners and property owners in such situations do not remain unprotected against potential property damage or loss. The plan operates under the guidance of state statutes, demonstrating its commitment to upholding the welfare of its state's residents in this crucial aspect.
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Impact
October, 2024
The Wisconsin Insurance Plan acts as a crucial safety net for property owners in Wisconsin who have been unable to secure coverage through traditional insurance providers. By serving as the state’s fair plan or residual property insurer, it specifically addresses the needs of individuals and businesses whose properties have been deemed too high-risk for coverage elsewhere. This initiative ensures that these properties can obtain basic insurance coverage, thereby facilitating their protection and stability.
The impact of the Wisconsin Insurance Plan is significant. It helps prevent property owners from facing potential financial ruin due to uninsurable property risks, allowing them to secure loans, obtain financing, and maintain their assets. In essence, it plays a vital role in promoting a more inclusive insurance market, fostering community resilience by ensuring that all property owners have access to necessary coverage regardless of their risk factors. Therefore, the Wisconsin Insurance Plan contributes to the greater stability of the housing market and enhances the economic well-being of the state as a whole.
This information is meant to be a general summary of Wisconsin Insurance Plan. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $28,206
- Program Service Revenue: $2,517,349
- Gross Receipts: $7,656,859
Assets and Liabilities:
- Total Assets: $1,768,609
- Total Liabilities: $1,624,472
- Net Assets: $144,137
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS EARNED
Revenue
$2,517,349
Organization Details
Founding Year
1968
Principal Officer
Kate Cartagena
Website
www.wisinsplan.comNTEE Category
Code: Y20 - Mutual benefit
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