Property insurance premiums for Caroll County at the start of 2024 are increasing by nearly $100,000. During their meeting on Monday, the board of supervisors received the renewal rates from the Iowa Communities Assurance Pool (ICAP). The county’s premiums jumped nearly 30 percent from the current year’s rates, climbing from $338,122 in 2023 to $437,251 in 2024. While the rate hike is substantial, not all of the increase comes solely from ICAP raising premiums. The county’s overall exposure increased by nearly $5 million, with an additional $1 million in vehicles added to the county’s policy and the value of county property jumping by almost $4 million to $43 million. The supervisors accepted the ICAP insurance renewal report and will incorporate the figures into their Fiscal Year (FY) 2025 budget preparations. The board will need to approve an FY24 budget amendment, as the coverage plan runs on a calendar year rather than the fiscal year.
