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Edgerton renews corporate insurance; council approves $115,500.59 not-to-exceed premium
Summary
An insurance broker told the council property values rose about 6% and premiums roughly 8%; the council approved renewal of the corporate insurance policy for April 1, 2025'March 31, 2026, not to exceed $115,500.59.
The Edgerton City Council voted March 13 to renew the city's corporate insurance policy for the 2025-26 year, approving a not-to-exceed premium of $115,500.59.
Kevin O'Brien of Reilly Insurance, the city's broker, told the council that overall property values had increased about 6 percent and premiums roughly 8 percent, which he said amounted to an effective increase of about $1,500 compared with the prior year. He also said the city's auto-insurance portion rose largely because a 2014 truck was replaced with a new 2024 unit, and that the market now offers more cyber insurance options with lower premiums but varying deductibles.
"Homeowners are probably seeing pretty significant increases in home insurance costs especially in wind/hail deductibles," O'Brien said, and he explained reinsurance and regional risk factors. He noted last year's cyber policy had a $5,000 deductible with one carrier, while current quotes list a $2,500 deductible as available with other carriers.
Councilmember Ron Conus moved to approve the policy, Councilmember Deb Lebakken seconded, and the motion carried on a 3-0 vote.
The council did not amend coverages during the meeting; staff will proceed with the policy as presented and complete the renewal under the approved not-to-exceed amount.
