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Sarasota schools recommend boosting property insurance limit to $100 million as premiums fall
Summary
District staff told the school board on April 7 that a softened insurance market offers two renewal options: keep a $75 million layer (15% premium decrease) or expand to a $100 million fully insured layer (6% decrease). Superintendent Connor said he will present a recommendation to increase limits to $100 million.
Superintendent Mark Connor said the district will recommend increasing its property insurance program from a $75 million limit to a $100 million fully insured layer after staff reported a softer 2026 market.
The district’s risk management team, led by Lynn Peterson, and benefits consultant Ashley Remodca told the board that market capacity improvements and a calm hurricane outlook are producing composite rate reductions estimated between 12% and 20 percent for 2026. Two renewal options were presented: retain the expiring $75 million program with a projected 15% premium reduction (about $4.48 million total premium, ~$775,000 savings), or purchase a $100 million layer showing a 6% reduction (about $4.9 million premium, ~$293,000 savings).
The recommendation to pursue the larger $100 million layer rests on a judgment that the softened market makes it economical to buy additional coverage now. Peterson told the board many carriers in the market are offering capacity and that most deductible terms would remain the same under either option; the district’s current all‑other‑perils deductible is $100,000 and the named windstorm deductible remains 5 percent.
Staff also recommended keeping the $100 million layer fully insured rather than taking top‑level self‑insurance, which they said can complicate FEMA recovery. They highlighted that the property program also includes equipment breakdown, a terrorism policy and flood policies; Woodland currently carries flood coverage for 10 buildings at roughly $23,000 annually and staff proposed adding modest, low‑deductible flood policies at several other locations that recently landed in flood zones (Riverview, Pine View, Sarasota High).
Superintendent Connor told the board he supports increasing limits while market rates are favorable and said he would bring the formal recommendation to the board for a vote. No formal roll call or motion was recorded at the workshop; staff noted Gallagher brokers were available to answer technical questions and that they would provide details on carriers and program structure to accompany a formal recommendation.
The next procedural step is for district staff to present the formal renewal recommendation and carrier documents to the board for action at a future meeting.
