Philadelphia, PA Homeowners Insurance

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How to find cheap home insurance in Philadelphia

 

One of the most important aspects of homeownership is home insurance. Along with your personal belongings, homeowners insurance covers your dwelling against many different perils, including fire, wind damage, vandalism, and theft. Incidents like this occur regularly. When paired with the high cost of repairing or rebuilding a home, purchasing a robust homeowners policy can seem like a great idea.

What you pay for homeowners insurance depends on many factors. This can include the overall value of your house, the value of your personal belongings, and the materials that were used when building your home. Your home's location can also impact how much you pay, as some locations are more prone to destructive hazards. If your area is at risk of being affected by hail, strong winds, fire, frozen pipes, or volcanic activity, then your premiums could be substantially higher than average. Discover more information about what your homeowners insurance policy covers.

Finding affordable home insurance in Philadelphia starts with shopping around and comparing policies. Check out the below summary of average Philadelphia homeowners insurance rates to ensure you start your search with as much background info as possible. It's important to remember that the cost of your homeowners insurance is often based on the coverage limits you choose as well as a variety of other factors.

 
Philadelphia, Pennsylvania, homeowners insurance — table of contents:
  1. Rates by insurance company
  2. Rates by coverage level
  3. Rates by ZIP code
  4. Rates by deductible level
  5. Insurance bundle discounts
 

 

Homeowners insurance in Philadelphia by insurance company

What you pay for homeowners insurance in Philadelphia will depend on the insurance company you get your policy through. The most inexpensive home insurance in Philadelphia comes from Penn National Insurance, which offers average annual rates of just $992 per year. This is more favorable than the city’s average homeowners premium of $1,372.

Below you'll find a list of the cheapest homeowners insurance companies in Philadelphia, Pennsylvania to help you start your search.

 
AFFORDABLE HOMEOWNERS INSURANCE COMPANIES IN PHILADELPHIA
CompanyAverage Annual Rate
Penn National Insurance$992
Allstate$1,100
USAA$1,140
Encompass$1,171
Safeco$1,282
 

 

Average homeowners insurance prices in Philadelphia by coverage amount

Your chosen level of homeowners coverage impacts the insurance premiums you pay . Homeowners in Philadelphia who carry $200K in dwelling coverage pay an average of $933 per year, while those with coverage up to $400K pay around $1,909 per year.

 
HOMEOWNERS INSURANCE RATES IN PHILADELPHIA — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$100K Dwelling$589
$200K Dwelling$933
$250K Dwelling$1,216
$400K Dwelling$1,909
 

 

Philadelphia homeowners insurance rates by ZIP code

Not every area of Philadelphia has equal home insurance costs. The number of claims filed in your local area can be a factor in determining the price of your policy. Put simply, where you live could have a huge impact on what you pay for homeowners insurance.

The cheapest home insurance rates in Philadelphia are available in 19113. In 19113, the typical home insurance policy costs $1,136 per year — $236 less than the citywide average in Philadelphia. Find the best places to live in Philadelphia for cheap home insurance by looking at the following table.

 
AFFORDABLE ZIP CODES FOR HOMEOWNERS INSURANCE IN PHILADELPHIA
ZIP CodeAverage Annual Home Insurance Rate
19113$1,136
19118$1,345
19106$1,345

Some parts of Philadelphia, however, are prone to home insurance rates that are higher on average. Such areas might face a higher risk of perils such as severe weather and fires. Similarly, they may also have a higher amount of crimes such as burglary or vandalism. An average annual rate of $1,431 makes 19138 the most expensive ZIP code in Philadelphia for home insurance.

 
EXPENSIVE AREAS FOR HOMEOWNERS INSURANCE IN PHILADELPHIA
ZIP CodeAverage Annual Home Insurance Rate
19138$1,431
19141$1,427
19154$1,422
 

 

Homeowners insurance deductibles in Philadelphia

Homeowners have numerous choices to make when buying a homeowners policy, including how high or low to set their deductible. The deductible is the total dollar amount that the insured must contribute toward a covered loss. Where you set your deductible can play a large part in how much you pay for insurance.

When thinking about your deductible, a good rule of thumb is that the lower your deductible, the higher your premiums. Therefore, if you need your home insurance rates to be lower, it pays to increase your deductible. It's worth calling out that your deductible should only be as high as you can reasonably pay in the event of a loss.

Below you'll find some typical deductibles offered on most home policies along with corresponding average insurance rates.

 
HOME INSURANCE COSTS BY DEDUCTIBLE TIER IN PHILADELPHIA
Deductible LevelAverage Annual Home Insurance Rate
$500$1,337
$1,000$1,216
$1,500$1,138
$2,000$1,047
$5,000$878
 

 

Looking for a money-saving tip for insurance in Philadelphia? Try bundling

If you’re seeking ways to save on your overall insurance costs, consider purchasing your home and auto policies from the same insurance company. Bundling your homeowners and auto insurance can save you a substantial sum each month on your auto insurance bill. Bundling policies in Philadelphia could, in fact, lead to average annual savings of 13%.

 
CHEAPEST CAR INSURANCE WITH HOME BUNDLE IN PHILADELPHIA
CompanyAvg. Annual Auto Insurance Rate (With Bundle)
GEICO$1,132
State Farm$1,214
Country$1,286
American Family$1,371
Farmers$1,453
 

Bundling your homeowners and auto policies can be a great way to save some money on insurance.

 

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Kristine Lee LinkedIn

Kristine is a licensed insurance agent and one of The Zebra’s in-house content strategists. With a background in copywriting, she covers the ins and outs of the home and car insurance industries. She has contributed to numerous publications focused on the nuances of insurance, including BestCompany.com.