The City of Carroll has seen a decrease in the amount they will pay in Fiscal Year 2019 (FY19) for insurance premiums, particularly property, liability and worker’s compensation insurance. The new fiscal year began Sunday, July 1, and premium renewals due on that day were down approximately $16,700 in total from the previous year. Terry Axman, with Mid-Iowa Insurance, presented the new policies and says the city’s liability insurance was down by about $3,800, their property insurance premiums went down nearly $5,700 and their worker’s compensation renewal dropped by around $3,200. The liability decreased due to lower operating expenses while an increase in building values for the city led to more credits and lower property rates. Finally, the city’s history of low numbers and severity of employee-based claims has resulted in the favorable rating and lower worker’s compensation premiums due. The total cost of just over $242,600 falls below the amount budgeted for FY19 of $276,000.
