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ICE Mortgage Monitor: Property Insurance Costs Rose at a Record Rate in 2024 Prompting Homeowners to Shop for Better Rates, Accept Higher Deductibles

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ICE's March 2025 Mortgage Monitor Report reveals significant increases in property insurance costs for mortgaged single-family homes. The average annual premium rose by a record $276 (+14%) to $2,290 in 2024, culminating in a five-year increase of $872 (+61%).

Key regional variations show Seattle and Salt Lake City experiencing the highest percentage increases (+22% each), while Dallas (+$606) and Houston (+$515) saw the largest dollar amount increases. Florida's premiums, despite rising less than half the national average percentage-wise, remain among the country's highest.

Notable trends include a record 11.4% of borrowers switching insurance carriers in 2024, up from 9.4% in 2023. Miami led with nearly 25% of mortgage holders switching providers. New borrowers are adopting higher deductibles, averaging 19% ($390) more than typical mortgage holders, while securing 12% ($284) lower annual premiums than the market average.

Il Rapporto Mortgage Monitor di ICE di marzo 2025 rivela un significativo aumento dei costi delle assicurazioni immobiliari per le case unifamiliari ipotecate. Il premio medio annuale è aumentato di un record di $276 (+14%) raggiungendo i $2,290 nel 2024, culminando in un incremento di cinque anni di $872 (+61%).

Le principali variazioni regionali mostrano che Seattle e Salt Lake City hanno registrato i più alti aumenti percentuali (+22% ciascuna), mentre Dallas (+$606) e Houston (+$515) hanno visto i maggiori aumenti in termini di importo. I premi in Florida, nonostante siano aumentati meno della metà della media nazionale in termini percentuali, rimangono tra i più alti del paese.

Tendenze notevoli includono un record dell'11.4% di mutuatari che cambiano compagnia assicurativa nel 2024, in aumento rispetto al 9.4% del 2023. Miami ha guidato con quasi il 25% dei mutuatari che cambiano fornitore. I nuovi mutuatari stanno adottando franchigie più elevate, in media del 19% ($390) superiori a quelle dei mutuatari tipici, mentre ottengono premi annuali inferiori del 12% ($284) rispetto alla media di mercato.

El Informe Mortgage Monitor de ICE de marzo de 2025 revela aumentos significativos en los costos del seguro de propiedad para casas unifamiliares hipotecadas. La prima anual promedio aumentó un récord de $276 (+14%) alcanzando los $2,290 en 2024, culminando en un aumento de cinco años de $872 (+61%).

Las variaciones regionales clave muestran que Seattle y Salt Lake City experimentaron los mayores aumentos porcentuales (+22% cada una), mientras que Dallas (+$606) y Houston (+$515) vieron los mayores aumentos en términos de cantidad. Las primas de Florida, a pesar de haber aumentado menos de la mitad del promedio nacional en términos porcentuales, siguen siendo de las más altas del país.

Tendencias notables incluyen un récord del 11.4% de prestatarios que cambian de aseguradora en 2024, frente al 9.4% en 2023. Miami lideró con casi el 25% de los titulares de hipotecas cambiando de proveedor. Los nuevos prestatarios están adoptando deducibles más altos, promediando un 19% ($390) más que los titulares de hipotecas típicas, mientras aseguran primas anuales un 12% ($284) más bajas que el promedio del mercado.

ICE의 2025년 3월 모기지 모니터 보고서는 담보가 설정된 단독 주택의 재산 보험 비용이 크게 증가했음을 보여줍니다. 평균 연간 보험료는 기록적으로 $276 (+14%) 증가하여 2024년에는 $2,290에 도달했으며, 5년간 총 $872 (+61%)의 증가를 보였습니다.

주요 지역별 변동을 살펴보면 시애틀과 솔트레이크시티가 각각 +22%로 가장 높은 비율 증가를 기록했으며, 달라스(+$606)와 휴스턴(+$515)은 가장 큰 금액 증가를 보였습니다. 플로리다의 보험료는 전국 평균 비율의 절반도 안 되는 상승률을 보였지만 여전히 미국에서 가장 높은 수준을 유지하고 있습니다.

주목할 만한 경향으로는 2024년에 보험사를 변경한 대출자의 비율이 기록적인 11.4%로 증가했으며, 이는 2023년의 9.4%에서 상승한 수치입니다. 마이애미는 거의 25%의 모기지 보유자가 공급자를 변경한 것으로 나타났습니다. 신규 대출자는 평균 19%($390) 더 높은 공제액을 선택하고 있으며, 시장 평균보다 12%($284) 낮은 연간 보험료를 확보하고 있습니다.

Le Rapport Mortgage Monitor d'ICE de mars 2025 révèle des augmentations significatives des coûts d'assurance immobilière pour les maisons unifamiliales hypothéquées. La prime annuelle moyenne a augmenté de $276 (+14%) pour atteindre $2,290 en 2024, culminant à une augmentation de cinq ans de $872 (+61%).

Les variations régionales clés montrent que Seattle et Salt Lake City ont connu les plus fortes augmentations en pourcentage (+22% chacune), tandis que Dallas (+$606) et Houston (+$515) ont enregistré les plus fortes augmentations en montant. Les primes de la Floride, bien qu'ayant augmenté de moins de la moitié de la moyenne nationale en pourcentage, restent parmi les plus élevées du pays.

Parmi les tendances notables, on note un record de 11,4% des emprunteurs changeant d'assureur en 2024, contre 9,4% en 2023. Miami a été en tête avec près de 25% des emprunteurs hypothécaires changeant de fournisseur. Les nouveaux emprunteurs adoptent des franchises plus élevées, en moyenne 19% ($390) plus élevées que celles des emprunteurs typiques, tout en obtenant des primes annuelles 12% ($284) inférieures à la moyenne du marché.

ICEs Hypothekenmonitor-Bericht vom März 2025 zeigt erhebliche Kostensteigerungen bei der Immobilienversicherung für hypothekarisch gesicherte Einfamilienhäuser. Die durchschnittliche Jahresprämie stieg um einen Rekord von $276 (+14%) auf $2,290 im Jahr 2024, was zu einem fünfjährigen Anstieg von $872 (+61%) führte.

Wichtige regionale Unterschiede zeigen, dass Seattle und Salt Lake City die höchsten prozentualen Zuwächse (+22% jeweils) verzeichneten, während Dallas (+$606) und Houston (+$515) die größten absoluten Zuwächse aufwiesen. Die Prämien in Florida sind, obwohl sie prozentual weniger als die Hälfte des nationalen Durchschnitts gestiegen sind, weiterhin unter den höchsten im Land.

Bemerkenswerte Trends sind ein Rekord von 11,4% der Kreditnehmer, die die Versicherungsgesellschaft wechseln im Jahr 2024, ein Anstieg von 9,4% im Jahr 2023. Miami führte mit fast 25% der Hypothekenschuldner, die den Anbieter wechselten. Neue Kreditnehmer nehmen höhere Selbstbehalte in Anspruch, die im Durchschnitt 19% ($390) über dem typischer Hypothekenschuldner liegen, während sie 12% ($284) niedrigere jährliche Prämien als der Marktaverage sichern.

Positive
  • New borrowers achieving 12% lower premiums through higher deductibles
  • Borrowers in Jacksonville, Dallas, San Antonio and Denver saved 10%+ by switching carriers
Negative
  • Record 14% increase in average annual property insurance premiums
  • 61% surge in insurance premiums over past 5 years (+$872)
  • Significant premium increases in major markets (Dallas +$606, Houston +$515)
  • California borrowers switching providers paid 15%+ more than those who stayed
  • The average annual property insurance premium among mortgaged single-family homes rose by a record +$276 (+14%) to $2,290 in 2024, capping a five-year rise of +$872 (+61%)
  • Seattle (+22%), Salt Lake City (+22%) and Los Angeles (+20%) saw the largest percentage increases in 2024, while the largest increases by dollar amount were in Dallas (+$606) and Houston ($515)
  • Property insurance premiums in Florida increased by less than half the national average on a percentage basis, but rates there remain among the highest in the country
  • A record 11.4% of borrowers switched carriers in 2024, up 2 percentage points from 2023, likely due to a combination of rising nonrenewal activity and borrowers shopping for lower premiums
  • Homeowners are opting for higher deductibles in exchange for premium savings, with new borrowers having 19% ($390) higher deductibles and 12% ($284) lower premiums than the market at large

ATLANTA & NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today released its March 2025 ICE Mortgage Monitor Report, based on the company’s robust mortgage, real estate and public records datasets. This month’s Mortgage Monitor analyzes the latest trends shaping the housing market in early 2025, with a special emphasis on rising insurance costs and the ways borrowers are adapting to protect what, for many, may be their most valuable asset.

Property insurance costs for mortgaged single-family homes rose by a record $276 (+14%) to $2,290 in 2024 with average premiums now up 61% over the past 5 years. Seattle (+22%), Salt Lake City (+22%) and Los Angeles (+20%) saw the largest percentage increases in 2024, while the largest increases by dollar amount were in Dallas (+$606) and Houston ($515). Premiums in Florida increased by less than half the national average on a percentage basis, but rates there remain among the highest in the country.

“While it’s no surprise that insurance costs are rising, we’re beginning to see emerging trends in terms of how homeowners are responding to the higher cost environment,” said Andy Walden, Head of Mortgage and Housing Market Research for Intercontinental Exchange. “We’re seeing increases in both the share of borrowers switching policies and borrowers taking on higher deductibles as a way to combat rising premiums.”

“ICE loan-level data shows that a record 11.4% of borrowers switched insurance providers in 2024, up from 9.4% in 2023 and less than 8% historically,” Walden added. “While this has undoubtedly been driven by rising non-renewal rates, it may also be a sign of borrowers switching providers in search of lower premiums.”

Markets with the highest insurance costs, which have also been the focal point of non-renewal activity in recent years, unsurprisingly have the highest percentage of borrowers switching providers. Nearly a quarter of mortgage holders in Miami, for example, switched insurance providers in 2024, the highest share of any major market, followed by New Orleans and Orlando (both 23%).

“The average borrower switching policies in Miami paid slightly more, but in most markets with higher-than-average turnover, borrowers who switched are paying less than those that stayed put,” Walden said. “For example, in Jacksonville, Dallas, San Antonio and Denver, homeowners who switched paid at least 10% less, on average than borrowers who remained with their old carrier.”

“California, where insurers have been reducing their footprint due to strict regulations and rising wildfire risk, stands out as a notable exception,” Walden said. “Borrowers who switched providers in San Diego, Sacramento, San Francisco, Los Angeles and San Jose all paid at least 15% more, on average, than those who stayed put.”

Separate research from the ICE Climate team suggests borrowers taking out mortgages in recent years may also be taking on higher deductibles to help offset rising premiums. Homeowners who took out mortgages in 2024, for example, had a 19% ($390) higher deductible than the average single-family mortgage holder. That same group had 12% ($284) lower annual insurance premiums than the market at large.

“As borrowers become more interested in shopping for the best insurance rates, there is an emerging opportunity for lenders and servicers to meet this need with embedded insurance comparison tools both at the front end of the pipeline and for people with existing mortgages,” Walden said. “ICE’s integrations with insurance providers in both our origination and servicing platforms have been aimed at exactly this opportunity as part of our continuing goal of making home finance as simple and transparent as possible.”

Further information on this and other topics can be found in this month’s Mortgage Monitor.

About Mortgage Monitor

ICE manages the nation’s leading repository of loan-level residential mortgage data and performance information covering the majority of the overall market, including tens of millions of loans across the spectrum of credit products and more than 160 million historical records. The combined insight of the ICE Home Price Index and Collateral Analytics’ home price and real estate data provides one of the most complete, accurate and timely measures of home prices available, covering 95% of U.S. residential properties down to the zip code level. In addition, the company maintains one of the most robust public property records databases available, covering 99.9% of the U.S. population and households from more than 3,100 counties.

ICE’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor Report. To review the full report, visit: https://mortgagetech.ice.com/resources/data-reports

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

Source: Intercontinental Exchange

Category: Mortgage Technology

ICE-CORP

ICE Media Contact

Brad Kuhn

brad.kuhn@ice.com

+1 (904) 248-6341

ICE Investor Contact:

Katia Gonzalez

katia.gonzalez@ice.com

+1 (678) 981-3882

Source: Intercontinental Exchange

FAQ

How much did property insurance premiums increase for mortgaged homes in 2024 according to ICE?

Property insurance premiums increased by $276 (+14%) to $2,290 in 2024, marking a record annual increase.

Which US cities experienced the highest percentage increases in property insurance costs in 2024?

Seattle and Salt Lake City saw the highest percentage increases at 22% each, followed by Los Angeles at 20%.

What percentage of borrowers switched insurance carriers in 2024 according to ICE's report?

A record 11.4% of borrowers switched insurance carriers in 2024, up from 9.4% in 2023.

How are new borrowers managing rising insurance costs according to ICE's data?

New borrowers are choosing 19% ($390) higher deductibles while securing 12% ($284) lower premiums than the market average.

Which cities had the largest dollar amount increases in property insurance premiums?

Dallas (+$606) and Houston (+$515) experienced the largest dollar amount increases in property insurance premiums.
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