Town appraisal values jump about 40%; insurance premium impact to be determined in January

Chair reported that recent appraisals raised the town's insured property coverage to approximately $9,200,000 from about $5,900,000, an increase the chair described as "give or take a 40% increase in the value of properties that have been under insured." The town's current insurance renewal window runs September through August, so any immediate increase in coverage would affect premiums for the remainder of the policy period.

The chair said the town will request an estimate from its insurer to determine what the incremental premium would be for the remaining eight months of the policy year and will report that figure at the January meeting. A resident asked whether the reservoir building was included; the chair replied it was not and said inclusion would add about $900,000 to coverage.