City of Vernon exploring property insurance options
Vernon city staff are investigating options for property insurance coverage.
A report to Vernon City Council stated staff were looking to find a policy that provides adequate coverage at a low premium.
“Over the past two years, premiums have increased at a rate higher than inflation even when excluding the building enhancements/additions that were completed during that period,” the report from Terry Martens, Manager of Financial Planning and Reporting, stated.
“The total premium for 2024 was approximately $631,000. lnsured values for City-owned buildings have been adjusted each year by an across the-board inflationary factor. There is concern that these values are becoming increasingly inaccurate, thus causing higher risk of insufficient coverage.”