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District insurance premiums rise after building reappraisal; board approves higher property and casualty coverage
Summary
Following a district building reappraisal that increased insured values, the board approved a roughly $87,600 increase to property and casualty premiums, raising the annual premium from $332,202 to $419,786.
The Richland County Community School District 1 board approved a renewal of property and casualty insurance that increases the district’s annual premium to $419,786 from $332,202, a rise of $87,584 (about 26.4%).
District staff told the board an appraisal conducted after the district changed insurance companies found the district was substantially undervalued for building and contents coverage — staff cited an added $26 million to the district’s blanket limit and statement of values. Staff also noted an increase in workers’ compensation premiums due to several recent claims and said the district will work with its carrier and consultants to analyze causes of repeated claims and pursue education and prevention measures.
A board member asked whether the district was really undervalued by that amount; staff cited nearby examples where insufficient insured value left a district with inadequate replacement coverage after storm damage. The board then approved the recommended insurance renewal in a recorded roll‑call vote.
