Bay District School Board renews property insurance for upcoming school year
Hurricane Michael has changed the way some people look at their property insurance.
The Bay District School Board has had to look at its insurance too.
During Tuesday afternoon's special-called school board meeting, members voted to renew its property insurance for the upcoming school year.
After a couple of split votes, the board approved a $150 million blanket policy and $100 million wind coverage plan.
"We have one pot of money and the pot of money that we're using to pay for insurance is the same pot of money we use to repair the roof or put in new flooring or sheetrock. So the more you spend on insurance, the less you can spend on repairs," Jim Loyed, manager of Financial Services of Bay District Schools, said.
In a memorandum, the board could choose from three options proposed by the district's risk manager. The risk manager also said the property insurance market was greatly impacted by the losses we suffered from Hurricane Michael.