by Calculated Risk on 10/07/2024 11:42:00 AM
Today, in the Real Estate Newsletter: ICE Mortgage Monitor: Insurance Costs “Spike”, Especially in Florida
Brief excerpt:
The largest insurance increases are in Florida (for obvious reasons – stay safe this week with Hurricane Milton).
• While monthly principal, interest, and property tax obligations are up an average 15-17% since the beginning of 2020, the average monthly property insurance payment is up a whopping 52% over that same period
• In New Orleans, as well as Florida markets such as Deltona, Jacksonville and Cape Coral, monthly property insurance payments increased more than 80%
• Premiums also surged in areas with rising home values, including Utah; Boise, Idaho; and Midwest/Eastern Slope markets like Omaha, Denver and Colorado Springs, which have faced increased risks from tornados and hail damage
“Annual price growth slowed to +3.0%”
There is much more in the newsletter.
