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.
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