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Hot Topic: Property Insurance Premiums 2023

By kanicho4

Update: 2023 Property Insurance Premium

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Property Premiums 2023

IRM will send Property Premiums out in the next few weeks, you all should have them by mid-September. They will be sent out to the Major Division/College Finance Leads. Apologies for the delays, there has been some turnover in our office and with the Department of Insurance. Once you have your division’s allocation of premium in an Excel sheet you will have two weeks to review, and request any changes.

Here are some refreshers for everyone:

  • Building value increase 5%
  • Rate increase 10%
  • This means an overall premium increase of 12% – 14%
  • The increase is a result of catastrophic losses, inflation, and a hardening insurance market
  • Premiums will be based on percentage of building allocation that were updated in FMI earlier this year
    • ( Ex: If your department is allocated 98% of a building, then you will have 98% of the premium)

All Risk coverage has a deductible of $5,000 and includes all perils that are not excluded, i.e., Fire (includes lightning), Windstorm, Hail, Explosion, Vandalism and Malicious Mischief (V&MM), Theft, Water, Transit, etc. Some items excluded are normal wear and tear and mechanical breakdown.

Moving forward, you will get an email to update your square footage allocation and property insurance information. If we do not receive a response by the deadline then we will move forward with last year’s numbers. Please reach out to IRM when you purchase new equipment or buildings to ensure proper insurance coverage. If you have any questions, feel free to reach out to our office.