Alvin ISD’s board of trustees approved nearly $5.9 million for property insurance for the fiscal year 2025-26 during their June 10 meeting. Key details include:
- The property insurance represents a decrease of about $220,000 compared to FY 2024-25
- The district’s total insured values (TIV) will increase by $278 million to $2.2 billion
- The international insurance firm Arthur J. Gallagher Insurance will be used for FY 2025-26, continuing from the previous year
- The policy includes coverage for windstorm, equipment breakdown, and active shooter incidents
The reduction in cost is attributed to a 16% decrease in the property insurance rate, from $0.32 to $0.27 per $100 valuation of TIV. The district’s TIV is rising to better align with current market replacement costs.
Notable Enhancements to the 2025-26 Property Insurance
The new policy includes several significant enhancements:
- Flood limits increased to $5 million for moderate hazard areas and $2.5 million for special flood hazard areas
- Storm deductible lowered from $250,000 to $100,000
- “All other wind and hail” deductible reduced from 5% (or $250,000) to 3% (or $100,000)
- Flood deductible decreased to $100,000, depending on the area
While the total premium costs may fluctuate based on changes to the district’s TIV, the $0.27 rate is firm for the 2025-2026 policy year.
