Among the chief reasons Manatee residents aren't seeing their property taxes lowered next year is the county's expensive property insurance dilemma.

Florida home and business owners, who are paying double premiums for half the coverage, have it tough. But Manatee County and other governments across the state are taking similar hits when it comes to property insurance.

In 2006, the county's $1.8 million premium covered $175 million in assets. In 2007, the county is faced with paying between $4 million and $5 million in premiums to cover between $20 million and $30 million in total value. In other words, the county's insurance could cost 250 percent more than last year for less than one-fifth the coverage.

Other local governments are seeing a similar reality. Manatee County School Board is paying $3.8 million for the same coverage that was $1.8 million last year. The city of Bradenton's property insurance premium has grown 150 percent over last year.

"It hasn't set well with us," Commissioner Ron Getman said of the county's hemorrhaging insurance costs. "The board's discussions have been centered around how can we do this in a fiscally responsible manner without losing FEMA reimbursement potential."

Though nothing is set in stone, the Federal Emergency Management Agency historically has reimbursed local governments for both their wind deductible and for damages above their coverage amount, according to Michael Scholl, the vice president of underwriting for Public Risk Underwriters, a member of Manatee's insurance brokerage team. However, to receive FEMA aid, the government must prove it had a reasonable amount of coverage before a disaster.

"This is the tightest property market that Florida has probably ever seen," Scholl said. "Premiums are up, limits are down, deductibles are up and terms have worsened."

Another member of Manatee's brokerage team recently told the board that wind insurance costs have gone up a "mind-boggling" 300 percent over the past year. And those costs don't cover nearly what they did one year ago.

The county is considering self-insurance with a possible $50 million bond over 10 years. Conceivably, $5 million could be set aside each year, and in the event of a disaster the account would cover damage to Manatee buildings. However, officials aren't yet sure whether self-insuring will guarantee that FEMA will cover damage in excess of the county's insurance.

Scholl predicted that next year insurance companies will offer between 10 and 20 percent more capacity coverage, barring a major catastrophe in Florida. But insurance rates aren't likely to come down anytime soon.

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