The Cheapest and Best Homeowners Insurance in Lancaster
The Cheapest Home Insurance Companies in Lancaster
The cost of homeowners insurance is an important factor for Lancaster homeowners to consider when picking a policy, because many companies offer the same core coverage at varying prices.
MoneyGeek gathered quotes to find the cheapest homeowners insurance companies in different states and cities. The cheapest insurance companies in Lancaster for home insurance with $250,000 in dwelling coverage are:
- Allstate: $558 per year
- Farmers: $611 per year
Yearly premiums, however, will be much higher if you own an expensive home. The cheapest homeowners insurers offering $2 million in dwelling coverage are:
- Allstate: $1,940 per year
- Travelers: $4,781 per year
You can see how prices change by choosing different dwelling coverage limits.
The Cheapest Home Insurance in Lancaster, Ranked
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All homeowners insurance policies in Lancaster with initial baseline dwelling coverage of $250,000 have a personal property limit of $100,000. All policies with dwelling coverage of $2 million have personal property limits of $800,000. Both policies offer $100,000 in liability coverage.
You can also look up home insurance in Pennsylvania if you live in another city.
The Average Cost of Homeowners Insurance in Lancaster for 2022
The average cost of home insurance in Lancaster is $778 per year or around $65 per month. This is much cheaper than the state average of $1,348, as well as the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Lancaster
In addition to price, there are other factors to consider when selecting a home insurance policy. These include your dwelling coverage amount, personal property coverage amount, credit score and many other factors. You can compare homeowners insurance quotes in your state through MoneyGeek’s home insurance calculator.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Lancaster
The company’s customer service record and financial stability are other important points to review when choosing a home insurer. Filing a claim can be stressful. Your requests will be processed more quickly and fairly by an insurance provider with a record for excellent customer service.
Based on MoneyGeek’s study, the best homeowners insurance companies in Lancaster are:
- Best Overall: Allstate
- Runner Up: Farmers
MoneyGeek ranked home insurance companies in Lancaster based on affordability, user satisfaction and financial stability.
In Lancaster, the best homeowners insurance company is Allstate, which ranks high in affordability, customer service and financial stability. The company offers discounts for customers who remain claim-free and an optional coverage that ensures your rates won’t increase, even if you file a claim.
Allstate reduces your deductible by $100 every year you stay claim-free, up to $500. It also offers discounts to claim-free customers who are switching from another insurer. Although home insurance doesn’t cover damage caused by flooding, Allstate helps its customers buy flood insurance through the National Flood Insurance Program.Read MoneyGeek's Allstate home Insurance Review
The average cost of a home insurance policy from Farmers is $611 per year. This company is the second best option in the city, with high customer service and financial stability ratings. The company’s declining deductible program reduces your deductible by $50 each year.
After five claim-free years, Farmers customers aren’t penalized with higher rates if they need to file a claim. The company’s eco-rebuild coverage offers homeowners $25,000 to replace damaged materials with energy-efficient alternatives.Read MoneyGeek's Farmers home Insurance Review
Cheapest Home Insurance Companies in Lancaster for Newly Constructed Homes
In Lancaster, it is less expensive to insure a newly constructed home than it is to insure an older property. Buildings made of modern materials are more resistant to damage and meet current building codes. As a result, homeowners are less likely to need to file a claim. Insurers can also more readily replace modern materials.
Newly constructed homes cost an average of $594 per year to insure, compared to an average of $778 per year for a home built in 2000.
The cheapest insurance companies in Lancaster for those with new homes, with $250,000 in dwelling coverage are:
- Allstate: $430 per year.
- Erie: $467 per year
The Cheapest Home Insurance in Lancaster for New Homes, Ranked
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Cheapest Home Insurance Companies in Lancaster if You Have a Lot of Personal Property
Home insurance also covers damage to personal property in your home. Those who want to cover more personal property will have to pay more for home insurance. In Lancaster, it costs an average of $594 to get personal property coverage of $100,000 with our standard policy, compared to an average of $862 for $250,000 in personal property coverage limits.
The cheapest insurance companies in Lancaster for those with personal property coverage limits of $250,000 are:
- Allstate: $570 per year
- Erie: $631 per year
Cheap Companies in Lancaster for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Lancaster for High Deductibles
You can choose to pay a lower amount each year by selecting a higher deductible. However, this almost always means you will pay more out-of-pocket costs whenever you file a claim.
A policy with a $2,000 deductible costs an average of $671, compared to an average of $778 for a $1,000 deductible.
The cheapest insurance companies in Lancaster for policies with $2,000 deductibles are:
- Allstate: $478 per year
- Farmers: $507 per year
The Cheapest Companies in Lancaster for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Lancaster if You Have Poor Credit
Insurance companies look at a homeowner’s credit standing when determining rates. Homeowners who have poor credit scores pay significantly higher home insurance premiums than those with good credit.
In Lancaster, a policy costs an average of $2,468 if you have poor credit, compared to an average of $778 for homeowners with good credit.
The cheapest insurance companies in Lancaster for those with poor credit are:
- Nationwide: $801 per year
- Erie: $1,795 per year
The Cheapest Companies in Lancaster for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Lancaster
You’ll need to gather a lot of information to get an online quote for homeowners insurance in Lancaster.
- The replacement cost of your home: This is the cost of rebuilding your home, not its market value. It will define the limitations of your dwelling coverage. To acquire an estimate of the cost of replacement, you may want to hire a building contractor or consult with a construction professional.
- The value of your personal property: The value of your belongings will determine the appropriate personal property coverage limits for you.
- Personal information: Personal information, such as your address, information about who lives in your home, your insurance history and other details are needed to get quotes.
- Information about your house: You will also need to provide information about your house including when it was built, how big it is and what safety devices are currently installed.
Homeowners Insurance in Lancaster Analysis: Methodology
MoneyGeek analyzed home insurance premiums from eight companies in Lancaster. The data was provided in partnership with Quadrant. Quotes were collected for a home with varying coverage levels to calculate affordability scores.
The base profile was for a home with 2,500 square feet, built in the year 2000 with a dwelling coverage of $250,000, personal property coverage of $100,000 and liability coverage of $100,000. Policies had a $1,000 deductible.
Quotes were also collected for newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.
Customer satisfaction ratings were drawn from J.D. Power surveys.
About Mark Fitzpatrick