According to the latest ICE Mortgage Monitor, property insurance costs rose at a record rate in 2024 prompting homeowners to shop for better rates and accept higher deductibles. They report that the 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%). In addition, a record 11.4% of borrowers switched carriers in 2024.
“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…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…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.” Said Andy Walden, Head of Mortgage and Housing Market Research for Intercontinental Exchange
Click here to read the full report at ICE Mortgage Technology (formerly Black Knight).
