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On average, homeowners insurance in Philadelphia costs around $1,452 yearly. It is higher than Pennsylvania’s average rate of $934 and lower than the national average.
When it comes to buying homes, the city offers affordability. The Philadelphia home insurance costs aren’t higher too. The city boasts lovely four-season weather every year. However, winter storms and hurricanes can cause damage to your home. So, Philadelphia homeowners should have enough home insurance to protect them from extreme weather conditions.
Don’t worry. We’ve got you covered in finding the best homeowners insurance in Philadelphia!
Key Takeaways
- Philadelphia home insurance costs $1,452 yearly on average.
- Insurers offer premiums starting at around $966 annually.
- To protect your home completely, try buying flood insurance too.
Home insurance coverage options in Philadelphia
You’ll get some standard coverage when you buy home insurance. Other than that, you can buy these coverages additionally.
- Flood insurance: Standard home insurance policies don’t cover flood-related damage. So, you must buy flood insurance via a private insurer or National Flood Insurance Program to protect your home.
- Guaranteed replacement cost: Some insurance policies only offer actual cash value (ACV), which means you get reimbursed for the depreciated value of your home’s structure. If you buy this coverage, your policy will cover rebuilding your house at replacement cost.
- Jewelry endorsement: Home insurance only covers costly items like watches, fine jewelry, and collectibles. Most Philadelphia insurers will provide you the option of including specific coverage for these items under a scheduled personal property endorsement. It ensures you are reimbursed for the exact value if you are a victim of theft or burglary.
The cheapest home insurance companies in Philadelphia
As a homeowner, you’ll seek the cheapest homeowners insurance in Philadelphia. For that, you must get quotes from all insurance companies, compare, and buy one. With an average annual rate of $966, Farmers offer the lowest-priced home insurance in Philadelphia.
| Insurer | Average annual rate |
|---|---|
| Farmers | $966 |
| Allstate | $1,076 |
| USAA | $1,222 |
| Chubb | $1,387 |
| Erie | $1,433 |
| State Farm | $1,952 |
| Travelers | $1,964 |
| Nationwide | $2,271 |
Philadelphia homeowners insurance prices by coverage level
The level of coverage you choose impacts the home insurance premiums you pay. Homeowners in Philadelphia with dwelling coverage up to $100,000 pay an average of $945 annually. Whereas those with coverage up to $400,000 pay around $1,921 annually.
| Dwelling coverage cost | Average annual rate |
|---|---|
| $100,000 | $601 |
| $200,000 | $945 |
| $250,000 | $1,228 |
| $400,000 | $1,921 |
Philadelphia home insurance rates by ZIP code
The area where you live also impacts the cost of homeowners insurance in Philadelphia. Factors like the volume of claims in your neighboring area, crime rate, etc., can influence the rates. We found the cheapest home insurance in the 19118 ZIP code (Chestnut Hill) with Allstate.
| ZIP Code | Insurer | Average annual rate |
|---|---|---|
| 19102 | Allstate | $1,041 |
| 19103 | Allstate | $972 |
| 19104 | Allstate | $930 |
| 19106 | Allstate | $826 |
| 19107 | Allstate | $826 |
| 19109 | Allstate | $909 |
| 19110 | Allstate | $909 |
| 19111 | Allstate | $951 |
| 19112 | USAA | $1,048 |
| 19113 | Allstate | $932 |
| 19114 | Allstate | $1,056 |
| 19115 | Allstate | $958 |
| 19116 | Allstate | $989 |
| 19118 | Allstate | $798 |
| 19119 | Allstate | $1,052 |
| 19120 | Allstate | $988 |
| 19121 | Allstate | $972 |
| 19122 | Allstate | $909 |
| 19123 | Allstate | $826 |
| 19124 | Allstate | $991 |
| 19125 | Allstate | $909 |
| 19126 | Allstate | $991 |
| 19127 | Allstate | $1,048 |
| 19128 | Allstate | $1,057 |
| 19129 | Allstate | $1,019 |
| 19130 | Allstate | $1,074 |
| 19131 | Allstate | $1,107 |
| 19132 | Allstate | $1,012 |
| 19133 | Allstate | $826 |
| 19134 | Allstate | $909 |
| 19135 | Allstate | $947 |
| 19136 | Allstate | $1,057 |
| 19137 | Allstate | $945 |
| 19138 | USAA | $1,110 |
| 19139 | USAA | $1,122 |
| 19140 | Allstate | $1,032 |
| 19141 | Allstate | $1,125 |
| 19142 | USAA | $1,122 |
| 19143 | Allstate | $1,078 |
| 19144 | Allstate | $1,094 |
| 19145 | USAA | $1,121 |
| 19146 | USAA | $1,121 |
| 19147 | Allstate | $996 |
| 19148 | USAA | $1,121 |
| 19149 | Allstate | $947 |
| 19150 | Allstate | $1,071 |
| 19151 | USAA | $1,095 |
| 19152 | Allstate | $970 |
| 19153 | Allstate | $932 |
| 19154 | Allstate | $1,045 |
| 19190 | Allstate | $1,045 |
Affordable home insurance areas in Philadelphia
The 19113 ZIP Code (Tinicum Township) has the cheapest home insurance rates in Philadelphia, with an average annual premium of $1,664.
| ZIP Code | Average annual rate |
|---|---|
| 19113 | $1,664 |
| 19118 | $1,844 |
| 19115 | $1,860 |
| 19116 | $1,884 |
| 19130 | $1,895 |
Expensive home insurance areas in Philadelphia
The 19141 ZIP code (Ogontz) has the highest average home insurance rate in Philadelphia, with an average annual rate of $2,179.
| ZIP Code | Average annual rate |
|---|---|
| 19141 | $2,179 |
| 19190 | $2,154 |
| 19138 | $2,153 |
| 19142 | $2,152 |
| 19140 | $2,129 |
Cheapest home insurance companies in Philadelphia for newly constructed homes
New homes are cheaper to insure than older homes. It is because new homes use modern construction materials, which are also damage-resistant. So, insurers think homeowners with new homes are less likely to file a claim. With an average annual rate of $782, Farmers offer the lowest-priced homeowners insurance in Philadelphia for new homes.
| Insurer | Average annual rate |
|---|---|
| Farmers | $782 |
| Allstate | $817 |
| USAA | $824 |
| Erie | $965 |
| Chubb | $1,137 |
| Travelers | $1,355 |
| State Farm | $1,467 |
| Nationwide | $2,045 |
Cheapest home insurance companies in Philadelphia if you have a lot of personal property
Home insurance in Philadelphia protects your home and any personal belongings you keep within. If you want to cover additional property, you must pay a higher premium for your insurance. With an average annual rate of $998, Farmers offer the lowest-priced homeowners insurance in Philadelphia for more personal property coverage.
| Insurer | Average annual rate |
|---|---|
| Farmers | $998 |
| Allstate | $1,095 |
| USAA | $1,271 |
| Chubb | $1,787 |
| Erie | $1,862 |
| State Farm | $1,988 |
| Travelers | $2,033 |
| Nationwide | $2,538 |
Cheapest home insurance companies in Philadelphia for high deductibles
The deductible is the sum you should pay before your insurer covers your claim. Your deductible mostly determines the rate you pay for Philadelphia home insurance. The larger your deductible, the lesser your annual home insurance rate will be. With an average annual rate of $800, Farmers offer the lowest-priced homeowners insurance in Philadelphia for high deductibles.
| Insurer | Average annual rate |
|---|---|
| Farmers | $800 |
| Allstate | $906 |
| USAA | $1,003 |
| Chubb | $1,146 |
| Erie | $1,264 |
| Travelers | $1,671 |
| State Farm | $1,752 |
| Nationwide | $2,031 |
Home insurance companies in Philadelphia for dog owners
If you own a dog your insurer considers an ‘aggressive breed,’ you may have to pay more for home insurance. Some insurers charge higher rates for particular breeds and may even refuse coverage if you own one. Allstate provides the lowest home insurance rates in Philadelphia for a home with an aggressive dog breed, with an average rate of $1,007 annually.
| Insurer | Average annual rate |
|---|---|
| Allstate | $1,007 |
| Erie | $1,409 |
| State Farm | $1,478 |
| Nationwide | $2,612 |
| Travelers | $6,745 |
Home insurance companies in Philadelphia for pool owners
Suppose you have a pool in your home. In that case, you may pay premiums because some insurers consider swimming pools a liability risk. Allstate provides the lowest home insurance rates for Philadelphia homes with a swimming pool, with an average rate of $1,007 annually.
| Insurer | Average annual rate |
|---|---|
| Allstate | $1,007 |
| State Farm | $1,478 |
| Erie | $1,613 |
| Nationwide | $2,612 |
| Travelers | $7,418 |
Home and auto insurance bundling in Philadelphia
Consider buying your home and car insurance policies from the same insurer to save money on your overall premiums. So bundling your homeowners and auto insurance might save you substantial costs on your monthly premiums.
| Insurer | Average annual rate with bundling |
|---|---|
| State Farm | $1,226 |
| Country | $1,298 |
| American Family | $1,383 |
| Farmers | $1,465 |
Cheapest home insurance companies in Philadelphia if you have poor credit
When calculating homeowners insurance rates in Philadelphia, insurers use credit score as one of the factors. Homeowners with poor credit histories are more prone to file claims. So they pay more for homeowners insurance. With an average annual rate of $2,271, Nationwide offers the lowest-priced homeowners insurance in Philadelphia for homeowners with bad credit.
| Insurer | Average annual rate |
|---|---|
| Nationwide | $2,271 |
| USAA | $3,632 |
| Erie | $3,645 |
| State Farm | $4,378 |
| Travelers | $4,891 |
| Chubb | $5,153 |
| Farmers | $6,570 |
| Allstate | $8,508 |
Home insurance discounts in Philadelphia
Using the discounts that your insurers offer is one way by which you can reduce the Philadelphia home insurance rates. These are some discounts that insurers offer in Philadelphia.
- Home upgrades: While new homes may qualify for discounts based on age, an older home may also qualify for discounts if you upgrade systems like plumbing, furnace, or electrical.
- Claims-free: Many homeowners have no claim history. Some insurers may discount you if you have a history of not filing claims.
- Home security: Installing a professional or smart home security system can reduce the likelihood of theft and loss. Some insurers may provide you with a discount if you can reduce your theft risk.
- Bundling or multi-policy: Purchasing a home and auto insurance policy from the same insurer may result in large discounts for both policies.
Getting online homeowners insurance quotes in Philadelphia
You must submit the following info when requesting a home insurance quote online.
- The replacement cost of your home: It denotes the cost of replacing your home. Insurers use this to calculate your dwelling coverage limits. You should consult a construction professional to assess the replacement cost.
- The value of your personal property: Your insurer will determine your personal property coverage limits based on the worth of your belongings.
- Information about your house: It includes the construction date, area, and whether or not it has any safety equipment installed.
- Personal information: To get a quote, you must provide your address, the number of occupants, your insurance history, and any other relevant information.
How to buy homeowners insurance in Philadelphia
You must get the best coverage when buying home insurance. Here are some tips you must follow when buying homeowners insurance in Philadelphia.
- Reach out to a licensed Way agent: Our skilled agents can assist you in getting reasonable quotes from leading insurers at no cost. They will also help you determine how much coverage you require to guarantee that your home gets complete protection from perils.
- Decide between flood or hurricane coverage: Although rare, the city’s closeness to the East Coast makes it susceptible to extreme weather like hurricanes and nor’easters. Speak with our agent about buying additional home coverage or separate flood insurance.
- Fix the deductible: A greater deductible means you will pay less for your policy. But you must pay from your wallet for each claim you make. Our agent can help you in selecting a deductible that fits your budget.
- Compare quotes from a Way agent: Once you’ve determined your coverage requirements, limits, and deductibles, our agent will send you quotes from major insurers so you can compare all the quotes.
- Sign the policy and pay your initial premium: We will handle all the paperwork. You only need to sign the documents and pay the initial premium. Our agents will even cancel your previous insurance if it hasn’t yet expired.
Bottomline
The Philadelphia homeowners insurance rates are higher when compared to the state average. But comparing the quotes from all insurers can get you a policy at an even better rate. Using your insurer’s discounts is the best way to reduce the rates further. As the city may experience flooding, you must ensure buying flood insurance too.
FAQs
How much is homeowners insurance in Philadelphia?
On average, homeowners insurance in Philadelphia costs $1,452 annually.
How much is average home insurance in PA?
PA home insurance costs $934 yearly.
What is the cheapest homeowners insurance company in Philadelphia?
With a yearly average rate of $966, Farmers is the cheapest homeowners insurance company in Philadelphia.
How much is home insurance a month in Pennsylvania?
Philadelphia home insurance costs $121 monthly.
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