As Houston area school districts face funding challenges, many are juggling sharp increases in disaster insurance premiums with limited carrier options.
, many are juggling sharp increases in disaster insurance premiums with limited carrier options.
“ the only one that has bid our last two bids,” Rice said. “There are not a lot of carriers out there that are covering school districts at the current time.”, commercial property premiums increased more in the first quarter than they have in more than 20 years. Inflation and natural catastrophe risk were the main drivers of the first-quarter premium increase in commercial property. Supply chain issues are increasing repair costs as well.
“In order to provide adequate coverage limits, the district’s property insurance is comprised of 20 different insurance companies, each covering various percentages of coverage limits,” said Cy-Fair ISD Chief Financial Officer Karen Smith. Established in January 1974, the fund has evolved to include auto, cybersecurity, liability, property, unemployment compensation, violent act and workers’ compensation.
“Because we are just outside the hurricane zone, our premiums are probably half of the other districts,” Rice said.
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