Insurance costs spike more than $300K for Des Moines and Polk County

Insurance premiums paid by Des Moines and Polk County governments will increase by at least 18% in the next fiscal year — which starts Friday— according to records reviewed by Axios this week.

Why it matters: It's your money.

• Rising costs can influence future tax rates or government services.

• It's also the second consecutive year of double-digit insurance hikes for both governments.

By the numbers: Des Moines' insurance will cost almost $2.1 million, an increase of more than $324,000 compared to the current fiscal year, according to a renewal approved this week by the City Council.

• Polk's will increase by 30%, or about $425,000, county spokesperson Jon Cahill told Axios.

State of play: Property insurance is the biggest driver of the increases for both governments.

• Meanwhile, DSM continues to review cyber insurance plans but anticipates the costs will double to around $140,000.
• Polk County has opted against cyber insurance out of concern that it increases risks of getting hacked.

The big picture: Insurance costs are rising for about everyone, USA Today reports.

• Natural disasters and inflationary factors are largely to blame.