Margate CFO Lisa McLaughlin: Employee health insurance rates… get ready for a substantial increase of over 20%.
Why the price hike? According to McLaughlin, it’s all due to mounting health insurance claims that Margate employees are submitting.
The majority of (health insurance) carriers have declined to quote on us because of our loss ratio. Margate public employees are taking out more than they’re putting in.
Margate CFO Lisa McLaughlin
Audio clips from Oct. 6, 2022 Margate Commission meeting:
Margate Chief Financial Officer, Lisa McLaughlin: We’re over 100% with our loss ratio. As it stands right now, remaining in the state health benefits.
Editors Note: Margate’s Commissioner of Finance, Maury Blumberg, did not comment on the news.
City Solicitor Abbott Talks Crazy Margate Flood Insurance Rates:
Recent hurricane damage in Florida is going to impact us in many ways. FEMA flood insurance was more than $20 billion in the hole before this IAN storm.
Abbott: In a few years, I think you won’t be able to afford a home that’s below required flood elevation. $5,000 for flood insurance? That’s not casualty, that’s not fire or liability. That’s just flood insurance.
Margate Solicitor John Scott Abbott: Good idea to create a 3 member panel that reviews all building, zoning and floodplain permits.
Margate Floodplains. Home Upgrades. 50% Rule. Elevate or Tear Down. Rebuild Higher.
Construction official Jim Galantino says Margate permitted 15 demolitions since the Sept 15 deadline. A record. Usually that number is about 8, 9 or 10 at most.
Galantino: More people just tearing down and rebuilding. 8 homes in town being lifted right now. They understand the 50% rule. They know they’re not getting permits to do any work unless they elevate their structure.
Insurers/banks want a more accurate value of a property. In the past, number was based on assessed value. Today it’s based on appraised value.