How much of Tampa Bay's mortgage bill is consumed by home insurance
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Insurance eats up more of a homeowner's housing bill in Tampa Bay than almost anywhere else in the nation, data shows.
Why it matters: Steep insurance costs have dragged down our housing market, with demand plummeting, houses on the market longer and fewer people moving here.
Zoom in: Home insurance made up 14.9% of the average mortgage payment here in December, per ICE Mortgage Monitor, a data provider for the industry.
- Only New Orleans, Miami and Oklahoma City had higher shares.
- The analysis looks at single-family homes with mortgages that have taxes and insurance escrowed.
By the numbers: Our average payment ballooned from $192 a month to $300 over the past decade.
- The national average jumped from $106 to $191.
Context: A decade ago, insurance made up over 15% of the average payment in Tampa Bay. But it dipped through the mid-2010s.
- More frequent natural disasters, plus rising costs to rebuild homes afterward, have hiked insurance costs, says Andy Walden, ICE's head of mortgage and housing market research.
- Helene and Milton wrought an estimated $5 billion in damage for Hillsborough and Pinellas counties.
Zoom out: Florida homeowners had the highest average annual home insurance bill last year at $14,140. As a result, 1 in 5 homeowners in the state have opted to forgo coverage altogether.
What's next: Insurify, which helps people compare quotes from multiple providers, projects home insurance premiums will climb in every state by the end of 2025 — with Florida expected to see a 9% increase.