The insurance cost built into the typical U.S. mortgage payment is nearly 80% higher than it was at the start of 2020, according to the September 2026 ICE Mortgage Monitor. Intercontinental Exchange said Sept. 10 that the average single-family mortgage holder now pays a record $209 a month for property insurance, or 9.6% of the average payment. The figure covers homeowners insurance collected with the mortgage, not private mortgage insurance, a separate charge tied to small down payments.
Six Years of Rising Premiums in One Number
ICE’s September Mortgage Monitor release puts the change since early 2020 at nearly 80%. Measured against the current $209 average, that implies the insurance portion of a typical payment was somewhere around $115 to $120 a month when the pandemic began. The increase came on top of higher home prices, higher property taxes in many areas and, for new buyers, much higher mortgage rates than those available in 2020 and 2021.
The run-up was steepest in 2024. ICE reported that annual growth in property insurance costs peaked at 15.1% at the end of that year, when insurers were repricing risk after years of heavy losses from storms, wildfires and hail. Growth has since cooled to 11.4% at the start of 2026 and 8.7% in the latest annual reading, with a quarterly gain of just 1.8% in the second quarter, the smallest since ICE began tracking the measure.
The figures come from ICE’s loan-level mortgage performance data, which the company says covers the majority of the U.S. mortgage market, combined with its public property records covering more than 3,100 counties. Because the measure is built from mortgage data, it tracks the insurance costs carried by homeowners who still have a loan, not the costs of owners who have paid off their homes.
A slower rate of increase is not a decline. Costs are still climbing, just less quickly, and each year’s increase builds on a higher base.
Inside the kit: The 5 kinds of property-tax relief, the circuit-breaker credit that includes renters, help with heating, cooling and home repairs, and an application log and renewal calendar for older homeowners whose insurance has already climbed since 2020. Open The Senior Property Tax & Home-Cost Relief Kit.
Property Insurance Is Not Private Mortgage Insurance
The phrase “mortgage insurance” can refer to two very different costs, and the distinction matters for anyone trying to cut a monthly bill. The cost ICE measures is property insurance, the homeowners policy that pays for covered damage to the house. Lenders usually require it, and servicers typically collect it through escrow along with property taxes.
Private mortgage insurance is something else. The Consumer Financial Protection Bureau describes private mortgage insurance as coverage a borrower may be required to buy on a conventional loan with a down payment of less than 20% of the purchase price. It protects the lender, not the homeowner, if the borrower stops paying. Many older homeowners who bought years ago have enough equity that private mortgage insurance no longer applies to them. Property insurance, by contrast, stays with the home for as long as the owner has a mortgage, and most owners keep it after the loan is paid off.
That means the nearly 80% increase ICE reports reaches long-time owners as well as recent buyers. A retiree with a small remaining loan balance can still see the monthly payment rise when an insurance renewal comes in higher, because the escrow portion is recalculated even when the loan terms stay the same.
Where the Increases Have Been Largest
The burden varies widely by region. ICE found property insurance consumes 24.3% of the average mortgage payment in New Orleans, compared with 4.3% in San Jose. Miami and New Orleans remain the two most expensive insurance markets in the country, although both posted some of the smallest annual increases in the latest data.
The fastest recent growth has shifted to other places. Greenville, South Carolina, saw costs rise 15.8% over the past year. Honolulu followed at 14.7% and Minneapolis at 13.1%, while Sacramento and San Diego each rose roughly 12%. ICE tied many of the fastest increases to markets affected by recent hurricanes, wildfires and hail.
The drivers are changing too. Over the past year, higher coverage limits, up 5.5%, accounted for about two-thirds of the increase, while the price per $1,000 of coverage rose 3%. That reverses the pattern of 2024, when repricing by insurers drove most of the growth. In practical terms, more of today’s increase reflects the rising cost of rebuilding a home rather than insurers charging more for the same protection.
What Switching Carriers Has Saved
ICE’s data also point to a way some homeowners have pushed back. Borrowers who moved from one private carrier to another over the past year lowered their insurance payments by a record 6.6% on average, the largest savings since ICE started tracking the figure in 2013. Homeowners who stayed with their existing carrier saw a 10.4% increase. The gap worked out to about $440 a year.
“Borrowers who shopped around saw real savings,” said Andy Walden, ICE’s head of mortgage and housing market research. “Those who switched carriers cut their premiums by a record 6.6%, while also securing lower deductibles and more coverage than those who stayed put.” ICE reported that switchers’ deductibles fell 1.4% and their coverage limits rose 7.3%.
For older Americans on fixed incomes, the numbers suggest a renewal notice is worth reviewing rather than simply paying. Comparing quotes with equal or better coverage, checking the deductible, and reading the servicer’s annual escrow analysis can show whether a rising payment reflects a higher premium, a property-tax change or an escrow shortage. The full report, with market-level detail, is available on the ICE Mortgage Technology data reports page.
An Insurance Bill Up Sharply Since 2020 Rarely Rises Alone
Homeowners who have absorbed six years of higher premiums often face higher property-tax bills and utility costs at the same time. Relief for those other costs exists for many older owners, but it is spread across separate programs that each require an application.
The Senior Property Tax & Home-Cost Relief Kit includes the 5 kinds of property-tax relief, the circuit-breaker credit that includes renters, and an application log and renewal calendar for tracking each program’s deadline.
Find the relief that sits alongside the insurance bill in The Senior Property Tax & Home-Cost Relief Kit.
This article was prepared with AI assistance and reviewed against the linked official sources.
