File photo of Smiths Falls CAO Malcom Morris
Smiths Falls Council got a preview of their insurance rates for 2025 and while the Town is facing an increase, CAO Malcom Morris reported staff had budgeted for a much higher jump.
The Town is now facing an increase in premiums of between 10% and 12%.
One of the contributing factors was a multimillion dollar payout for the fire at the former water treatment plant.
Matthew White, the Town’s insurance broker noted that the past year set precedents in payouts due to extreme climate events.
That was after the record wind storm of May 2022 which caused much damage in our area. Matthew put it into perspective.
Matthew was optimistic however, but hopes that the Town doesn’t have a major claim between now and the March 31 renewal date.