Property insurance Makes Up 7% of Housing Costs in Big U.S. metros

Homeowners in the 50 largest U.S. metros now spend an average of 7% of their monthly housing costs insuring their homes. That means around $146 of the typical $2,077.58 monthly housing bill is dedicated to property insurance. But in some metros, according to the latest ValuePenguin by LendingTree study, the burden is far greater. Miami tops the list for high costs: 13.1% of monthly housing costs go towards property insurance here. Oklahoma City (13.0%) and Tampa (11.6%) follow close behind. At the other end, San Jose homeowners spend just 3.5% — half of the average of 50 largest metros. San Francisco (4.3%) and Los Angeles (4.6%) homeowners follow. High insurance costs may explain why Miami has the most uninsured homes (20.8%), followed by Tampa (18.1%) and Birmingham, Ala. (17.3%). At 8.3%, Portland has the lowest rate of uninsured homes. Denver trails at 8.9%, while Seattle and Chicago tie for third at 9.4%. You can view our full report here: https://www.valuepenguin.com/property-insurance-costs-study "Severe weather and inflation have made homeowners insurance less affordable at a time when families need it more than ever to protect their biggest investment. This is putting strains on household budgets in many parts of the country", says Rob Bhatt, ValuePenguin home insurance expert.