Alvin ISD trustees have approved a lower property insurance rate, resulting in a cost reduction of nearly $430,000 compared to the previous fiscal year. The new rate is attributed to a 5.5% decrease in the property insurance rate, according to district documents.
Details of the Rate Reduction
The district’s total insured values, or TIV, is over $2.14 billion, which is a decrease from last year’s TIV of over $2.16 billion. The rate adjustment and enhanced benefits are due to a “softening global reinsurance market and increased carrier capacity in coastal regions.” Additionally, the district was able to lower the named storm deductible to 3%, down from 5% in the previous fiscal year.
Original reporting: Community Impact — Houston — read the source article.
