Intercontinental Exchange reported that the average annual property insurance premium for mortgaged single-family homes rose by $276 (14%) to $2,290 in 2024, marking a 61% increase over five years. Seattle, Salt Lake City, and Los Angeles saw the highest percentage increases at 22% and 20%, while Dallas and Houston had the largest dollar increases at $606 and $515.

Florida’s insurance costs rose at less than half the national average but remain among the highest in the country. A record 11.4% of borrowers switched insurance providers in 2024, up from 9.4% in 2023, likely due to rising non-renewals and cost-cutting efforts. Miami, New Orleans, and Orlando had the highest switch rates at 24% and 23%.

Many homeowners are opting for higher deductibles to reduce premium costs. Borrowers taking out mortgages in 2024 had 19% higher deductibles ($390 more) and 12% lower annual premiums ($284 less) compared to the market average.

ICE’s data suggests an increasing opportunity for lenders and servicers to offer integrated insurance comparison tools to help homeowners navigate rising costs. The full report is available on ICE Mortgage Tech’s website.