Best & Cheapest Homeowners Insurance in Philadelphia, PA April, 2024

Allstate offers the cheapest homeowners insurance to homeowners in Philadelphia, with an average annual quote of $1,164.

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Updated: 18 April 2024
Written by
Bob Phillips
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In our comprehensive review of homeowners insurance providers in Philadelphia, PA, Allstate emerges as the most budget-friendly option, with average annual rates of $1,164. However, keep in mind that the best insurer for you may vary based on your unique circumstances and requirements.

For instance, if your credit score has taken a hit, Nationwide stands out as the most economical choice with an average annual premium of $2,268. In contrast, if your home is on the older side, State Farm rises to the top with its competitive rates of $1,424 per year, and comprehensive coverage.

On the other hand, if you’re the proud owner of a newly constructed home, USAA offers the most cost-effective solution at $830 per year. And for those who’ve had a history of claims, State Farm provides an affordable and understanding solution at $1,684 per annum.

Last, if you possess a wealth of personal property that needs protection, Allstate again proves to be your best bet, offering extensive coverage at a reasonable $1,096 per year.

Our in-depth analysis at Insuranceopedia is designed to guide you toward the perfect fit for your homeowners insurance needs. By comparing customer ratings, analyzing personal experiences, and presenting comparison charts, we will provide you with all the information necessary to make an informed decision.

How much is homeowners insurance in Philadelphia, PA?

Allstate offers the most affordable rate for homeowners insurance in Philadelphia at $1,164 annually.

As you can see below, rates in Philadelphia are lower than the National average. However, they are higher than the Pennsylvania State average rate.

Area Average Monthly Rate
National $1,820
Pennsylvania $1,368
Philadelphia $1,546

It’s important to understand that rates are not a one-size-fits-all matter. They can fluctuate significantly based on a myriad of factors.

Cheapest Homeowners Insurance in Philadelphia, PA

Our Methodology

To find the cheapest home insurance rates in Philadelphia, we analyzed findings from numerous home insurance review sites, some of which analyzed rates from public filings obtained by Quadrant Information Services. We’ve used an average of those rates for this review, but each company’s rates change frequently and will vary based on your situation. Also factored into the overall rating is my subjective opinion based on fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

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Quotes Analyzed

15+

Years Of Industry Experience

21

Brands Reviewed

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Research Hours

Cheapest homeowners insurance in Philadelphia, PA

Allstate emerges as the cheapest overall option for homeowners insurance in Philadelphia, PA, with an average annual rate of $1,164.

Company Annual Premium
Allstate $1,164
USAA $1,204
Chubb $1,360
State Farm $1,949
Nationwide $2,270

The cost of your policy is influenced by many factors, including location, home value, and your claims history. Allstate offers a balanced blend of affordability and comprehensive coverage.

Cheapest Homeowners Insurance If You Have Poor Credit

If your credit score is poor, Nationwide provides the most affordable solution, with an average annual rate of $2,268.

Insurance Company Average Annual Premium
Nationwide $2,268
State Farm $2,693
Progressive $3,341
Allstate $4,020
Chubb $5,074

Your credit score can significantly impact your insurance rates as it’s a key factor insurers consider when calculating risk. Nationwide understands that everyone deserves fair coverage, regardless of their financial past.

Cheapest Homeowners Insurance In Philadelphia If You Have an Older Home

For those with older homes, State Farm offers the cheapest rates, averaging $1,424 per year.

Insurance Company Average Annual Premium
State Farm $1,424
Erie $1,476
Farmers $1,762
Penn National $1,730
Chubb $1,926

Older homes often come with unique risks and maintenance issues, which can drive up insurance costs. State Farm offers competitive rates and comprehensive coverage tailored to meet the needs of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

If you’re the proud owner of a newly constructed home, USAA offers the most cost-effective solution, with an average annual rate of $830.

Insurance Company Average Annual Premium
USAA $830
Chubb $1,132
Nationwide $2,041
Travelers $1,356
State Farm $1,449

New constructions often require different coverage compared to older homes, and USAA excels in providing affordable policies tailored to these specific needs.

Cheapest Home Insurance In Philadelphia for a History of Claims

For homeowners with a history of claims, State Farm provides an affordable solution, with an average annual rate of $1,684.

Insurance Company Average Annual Premium
State farm $1,684
Farmers $3,086
Allstate $1,936
Erie $3,115
Chubb $3,407

A history of claims can raise red flags for insurers, often leading to higher premiums. However, State Farm believes in second chances and offers reasonable rates for those with past claims.

Cheapest Home Insurance Rates for Lots of Personal Property

If you have a wealth of personal property, Allstate offers the cheapest rates, with an average annual rate of $1,096.

Insurance Company Average Annual Premium
State Farm $1,096
Chubb $1,762
State Farm $1,979
Travelers $2,018
Nationwide $2,532

The more personal property you have, the higher your coverage needs, which can increase premiums. State Farm provides extensive coverage at reasonable rates, ensuring all your belongings are adequately protected.

Best Homeowners Insurance Companies in Philadelphia, PA

Choosing the right homeowners insurance is not just a necessity; it’s a strategic decision. With a rich history, Philadelphia homes are as unique as its residents. Therefore, finding an insurance provider that offers comprehensive coverage at competitive rates becomes paramount.

To make your decision-making process easier, we’ve compiled a list of the top homeowners insurance companies in Philadelphia, PA. These companies have been assessed based on their annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Take a look at our comparison chart below and find the perfect fit for your home insurance needs.

Company Annual Premium
Allstate $1,164
USAA $1,204
Chubb $1,360
Erie $1,412
Penn National $1,697
Farmers $1,804
State Farm $1,949
Nationwide $2,270

Average Home Insurance Rates by Zip Codes

The cost of homeowners insurance in Philadelphia, PA can vary significantly based on the zip code. Below are tables showcasing rates for different zip codes in Philadelphia, along with the five cheapest and most expensive zip codes in the area for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
19124 $1,684
19143 $1,695
19149 $1,641
19144 $1,717
19140 $1,725
19134 $1,687

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
19113 $1,353
19118 $1,529
19110 $1,592
19107 $1,594
19115 $1,608

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
19138 $1,748
19142 $1,746
19140 $1,729
19145 $1,711
19148 $1,706

Average Home Insurance Rates in Philadelphia, PA by Deductible Amount

The deductible amount chosen for a homeowners insurance policy significantly affects the premium rates in Philadelphia, PA. Here’s how the average home insurance rates fluctuate with insurers for different deductible amounts:

Deductible Average annual cost
$500 $1,557
$1,000 $1,258
$1,500 $1,147
$2,000 $1,036
$5,000 $897

Average Home Insurance Rates in Philadelphia, PA By Coverage Amount

One of the key components that influences your premium is the dwelling coverage amount. This is the maximum amount your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.

Let’s take a closer look at a comparison chart that outlines the average annual homeowners insurance premiums for different dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$100,000 $673
$200,000 $1,220
$300,000 $1,674
$400,000 $2,132
$500,000 $2,692

Average Home Insurance Rates in Philadelphia, PA by Company

Here’s a comparison table showcasing annual premiums from some of the top providers in Philadelphia:

Company Annual Premium
USAA $1,204
Allstate $1,164
Erie $1,412
Penn National $1,697
Chubb $1,360
Farmers $1,804
State Farm $1,949
Nationwide $2,270

How Much is Homeowners Insurance for Other Cities in Pennsylvania?

The following is a  detailed comparison chart that showcases the cheapest companies and their annual premiums across various cities in Pennsylvania.

City Annual Premium
Allentown $644
Lancaster $670
Lansdowne $1,014
Gettysburg $653

Getting Online Homeowners Insurance Quotes in Pennsylvania

With informative sites like Insuranceopedia, finding the best coverage for your unique needs is just a few clicks away. By providing quick online quotes from a variety of top-rated insurers, Insuranceopedia helps you to compare rates at a glance.

Just input your details and let us do the hard work, presenting you with a range of options tailored to your requirements. This way, you can confidently choose a policy that offers the highest value, balancing cost with comprehensive coverage.

FAQs

Who has the cheapest home insurance in Philadelphia, PA?

The cheapest home insurance in Philadelphia, Pennsylvania, is provided by Allstate, with an annual premium of $1,164.

 

What is the average cost of home insurance in Philadelphia, PA?

The average cost of homeowners insurance in Philadelphia, Pennsylvania, is approximately $1,546 per year.

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