How much of Tampa Bay's mortgage bill is consumed by home insurance
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.
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