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Claremore approves OMAG property insurance renewal as premium rises to $417,577
Summary
City staff and an insurance broker told the council Claremore’s OMAG renewal carries a 19.5¢ TIV rate and a $417,577 premium (up from $386,874), with a $10,000 property deductible chosen to reduce cost; council approved the renewal.
Council heard a presentation from the city’s insurance representative explaining the annual property insurance renewal with the Oklahoma Municipal Assurance Group (OMAG). The representative said Claremore’s portfolio includes 144 insured properties with a combined insured value of about $214.5 million and that building‑age profiles and fleet assets influence terms.
The renewal rate offered by OMAG was 19.5 cents per $100 of total insured value (TIV), which the presenter described as a competitive rate in the current market. The renewal premium for the city was $417,577, up from $386,874 the prior year; staff attributed the increase to added insured property values and a 4% inflation allowance in building values.
Staff explained they selected a $10,000 property deductible (up from a $5,000 threshold available previously) because the higher deductible produced a meaningful premium reduction. The representative noted Claremore’s favorable claims profile compared with peers and said OMAG was offering terms that were competitive and sustainable for the city’s portfolio.
Council voted to approve the renewal by roll call. The insurance representative said staff will continue to evaluate building condition assessments and other risk‑management steps ahead of next year’s renewal.
What happens next: the city will finalize the renewal with OMAG and continue periodic property evaluations and discussions with carriers ahead of the next renewal cycle.
