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Finance committee recommends property‑insurance renewal after appraisal finds buildings underinsured
City of Mayville — committee meetings (Public Safety / Public Works / Finance) · October 28, 2025
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.
Summary
An appraisal completed in June 2025 showed the city's property replacement values were understated; correcting the valuations is responsible for a 20.6% premium increase. The committee recommended renewing coverage; staff said the additional cost was built into the budget.
Finance staff told the committee that market appraisals completed in June 2025 identified significant underinsurance across city‑owned buildings and property. The corrected replacement values substantially increased the insured…
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