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Milford council reviews FY2027 insurance renewal and discusses raising property deductible
Summary
At the June 22 meeting the council heard an FY2027 insurance renewal presentation from MHR and ICAP and discussed raising the city property deductible from $500 to $1,000 or $2,500; City Administrator LeAnn Reinsbach will review the budget and may call a special finance meeting to consider the change.
At its June 22 meeting the Milford City Council heard a presentation from Russ Beckendorf of MHR and Megan Hirst of ICAP on the city’s Fiscal Year 2027 insurance renewal and discussed possible changes to the property deductible.
Beckendorf and Hirst outlined the renewal package and options for the city’s property coverage. Council members focused on whether to raise the property deductible from the current $500 to either $1,000 or $2,500 to reduce premium costs. City Administrator/Clerk LeAnn Reinsbach said she would review the city’s budget to determine whether an increased deductible was feasible within current appropriations and projected balances.
Reinsbach told council that if the budget review supports a change she would call a special Finance Committee meeting to evaluate the options and make a recommendation to the full council. No formal change to the deductible or a vote on the insurance package was taken at the June 22 meeting.
The discussion leaves the matter as a staff follow-up item: a budget review by Reinsbach and a potential Finance Committee meeting before any contract change is finalized.
