Shopping around for a new home insurance provider saved homeowners about $440 a year, according to Intercontinental Exchange (ICE). Those who switched saw premiums drop 6.6% on average, while those who stayed put saw increases of 10.4%. Premium growth is also slowing, so there’s good news for anyone budgeting for a move in Northeast Florida.
If you’re buying or selling in St. Johns County, you already know insurance is part of the monthly math, whether you’re in St. Augustine, Ponte Vedra, or Palencia. ICE reports that home insurance now makes up 9.6% of the average monthly mortgage payment. Here is what the latest data says and how you can keep that number in check.
Premiums Are Rising More Slowly
The past two years show a clear cooling trend:
- In mid-2024, premiums rose 4.3% in a single quarter.
- By the second quarter of this year, that growth slowed to 1.8%.
- That’s the smallest quarterly increase in almost three years.
As Andy Walden, Head of Mortgage and Housing Market Research at ICE, explains:
“Property insurance has been a fast-growing component of the monthly mortgage payment, but this quarter’s data shows the pace of increase is finally slowing.”
Your premium will likely still go up over time, but it may not climb as quickly as it did a couple of years ago. For buyers, that makes monthly budgeting a little easier to predict.
Shopping Around Can Pay Off
This is where you have a say in what you pay. ICE found that homeowners who shopped around and switched companies saw their premiums fall 6.6% on average. Those who stayed with their current company saw a 10.4% increase.
That gap works out to about $440 a year in savings for the people who switched, and they didn’t give up coverage to get it:
- Deductibles dipped 1.4%.
- Coverage limits rose 7.3%.
This study looked at current homeowners, but the same idea applies to first-time buyers and sellers who are moving on to their next home:
- Get multiple quotes before you choose a provider.
- Review your policy every year when it comes up for renewal.
- Ask about coverage limits and deductibles, not just the price.
You aren’t locked into the first quote you receive.
The Home You Choose Can Help, Too
The home itself affects what you pay. According to John Burns Research and Consulting (JBREC), newly built homes are 10% to 15% less expensive to insure than older ones nationally.
A newly built home won’t be the right fit for every buyer. But if you’re open to one, it may be another way to keep monthly insurance costs down. If you’re selling, it also helps to know what buyers are weighing when they compare your home with newer construction.
Frequently Asked Questions
How much can I save by switching home insurance companies?
ICE found that homeowners who switched saved about $440 a year on average, with premiums falling 6.6%. Your results will depend on your home and your coverage, so compare several quotes.
Are newer homes cheaper to insure?
Nationally, JBREC reports that newly built homes cost 10% to 15% less to insure than older ones. Ask an insurance agent for quotes on specific homes you’re considering in St. Johns County.
How often should I shop for home insurance?
Review your policy each year when it comes up for renewal. That gives you the chance to compare options and avoid paying more than you need to.
Bottom Line
Home insurance is a bigger part of the monthly payment than it used to be, but premium increases are slowing, and you have ways to manage the cost. Compare a few options before you buy, revisit your policy each year, and lean on trusted local professionals as you plan your next move.
If you are considering buying or selling in Northeast Florida, contact Danielle Fraser, P.A. | Berkshire Hathaway HomeServices Florida Network Realty.
Call or text 904-907-4559 , email danielle@