The Cheapest and Best Homeowners Insurance in Philadelphia
The Cheapest Home Insurance Companies in Philadelphia
Cost is one of the vital factors to consider while choosing homeowners insurance in Philadelphia since most insurers offer the same standard coverages.
The most affordable homeowners insurance companies in Philadelphia for a dwelling coverage of $250,000 are:
- Farmers: $954 per year
- Allstate: $1,064 per year
The above costs will vary depending on the amount of coverage you purchase. For instance, homeowners looking for a policy for expensive homes with a dwelling coverage limit of $2,000,000 will find that the two cheapest providers in Philadelphia are:
- Allstate: $4,277 per year
- USAA: $6,850 per year (only available to military members and their families)
Homeowners insurance rates in Philadelphia change significantly depending on dwelling coverage limits, and some insurers may be cheaper than others. You can input different limits in the table below to see how the rates will differ for each dwelling coverage option.
The Cheapest Home Insurance in Philadelphia, Ranked
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MoneyGeek’s sample policies for Philadelphia have an initial baseline dwelling limit of $250,000 and a $100,000 personal property limit. For policies with a dwelling coverage limit of $2,000,000, the personal property limit increases to $800,000. However, all policies feature liability coverage of $100,000.
Homeowners who live elsewhere in the state may also compare statewide home insurance quotes in Pennsylvania.
The Average Cost of Homeowners Insurance in Philadelphia for 2022
In Philadelphia, homeowners insurance costs an average of $1,522 per year. That is around $174 more than the state average of $1,348 per year. However, the average homeowners insurance cost in the city is lower than the national average of $2,103 by about $581 per year.
Calculate the Cost of Home Insurance in Philadelphia
Although where you live can have a significant impact on how much you pay for homeowners insurance in Philadelphia, other factors play a key role in determining your exact rates. These include your credit score, the amount of dwelling coverage you purchase and the personal property coverage amount.
By using MoneyGeek's home insurance calculator, homeowners can easily compare quotes across several providers in the city.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Philadelphia
While choosing the best homeowners insurance providers in Philadelphia, you will need to look out for several other factors besides the cost. For instance, you should consider customer experience and financial stability, which determines how quickly your claims will get processed.
According to MoneyGeek’s scores, the best companies in Philadelphia for homeowners insurance are:
- Best Overall: USAA (limited to current and former military members)
- Runner-up: Farmers
MoneyGeek utilized three metrics to rate homeowners insurance carriers in Philadelphia. These are financial stability, user satisfaction and affordability.
USAA provides home-sharing coverage to Philadelphia residents who rent out their homes, which covers the costs that come with being a landlord. They also get lower rates if they have security systems in their homes or do not often file claims. Military members that are still in active service also get coverage for their lost uniforms at no extra cost.
MoneyGeek selected USAA as the best overall for its high marks in terms of affordability, customer satisfaction and financial stability. However, its policies are exclusively offered to military personnel and their families.Read MoneyGeek's USAA home Insurance Review
Farmers Insurance provides policyholders with Eco-Rebuild coverage. With it, you can receive an additional $25,000 for your claim if you decide to rebuild your damaged home using green alternatives. The company also provides Identity Shield coverage that covers the cost of damage caused by identity theft. You also get rewarded for not making claims and pay lower rates should you not file one for five years.
Farmers is the second-best provider of homeowners insurance in Philadelphia and the best for non-military members. All Farmers policies feature a declining deductible, which means that premiums reduce by $50 each year.Read MoneyGeek's Farmers home Insurance Review
Cheapest Home Insurance Companies in Philadelphia for Newly Constructed Homes
It is cheaper to insure a newly constructed home in Philadelphia because it is built with modern materials that are damage-tolerant. That means you are less likely to file a claim. It is also easier for insurance companies to replace modern materials.
On average, homeowners insurance in Philadelphia for newly constructed homes costs $1,160 per year, which is $362 less than the average of $1,522 for homes built in 2000.
According to the study conducted by MoneyGeek, the top providers of cheap homeowners insurance in Philadelphia for residents with $250,000 in dwelling coverage in newly constructed homes are:
- Farmers: $770 per year
- Allstate: $805 per year
The Cheapest Home Insurance in Philadelphia for New Homes, Ranked
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Cheapest Home Insurance Companies in Philadelphia if You Have a Lot of Personal Property
Homeowners insurance in Philadelphia covers any damages to your building, as well as any personal property kept in it. If you wish to cover more property, you will be required to pay more for your policy.
For example, you will pay $1,684 per year on average to get a standard insurance policy with personal property limits of $250,000. Should you go for a policy with $100,000 in personal property limits, you will pay around $1,522.
Based on MoneyGeek’s study, the lowest rates for homeowners with high personal property limits of $250,000 are from:
- Farmers: $986 per year
- Allstate: $1,083 per year
Cheap Companies in Philadelphia for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Philadelphia for High Deductibles
The deductible is what you pay out of pocket before your insurer settles your claim. How much you pay for home insurance in Philadelphia largely depends on your deductible amount. The higher the deductible, the more you pay out of pocket, and the less you pay as an annual homeowners insurance premium.
If you purchase a policy with a deductible of $2,000, for instance, you will pay an average of $1,310 per year. However, if your deductible is $1,000, you will pay an average of $1,522 per year.
Insurance companies with the cheapest homeowners insurance in Philadelphia with a high deductible, on average, are:
- Farmers: $788 per year
- Allstate: $894 per year
The Cheapest Companies in Philadelphia for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Philadelphia if You Have Poor Credit
Insurance companies in Philadelphia consider credit score as one of the factors when calculating their homeowners insurance rates. Typically, policyholders with low credit scores are more likely to file claims. Thus, they pay more for their homeowners insurance.
If you have a bad credit score in Philadelphia, you will pay an average of $4,869 per year for homeowners insurance. On the other hand, you pay about $1,522 if you have a good credit score.
On average, the cheapest insurance companies in the city for homeowners with bad credit scores are:
- Nationwide: $2,259 per year
- USAA: $3,620 per year
The Cheapest Companies in Philadelphia for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Philadelphia
When requesting a homeowners insurance quote online, you will need to provide the following information:
- Home replacement cost - This refers to the cost of rebuilding your home, not its current market value. Insurers use this cost to calculate your dwelling coverage limits. You will need to meet with a construction professional to estimate the replacement cost beforehand.
- Personal property value - Your insurer will use the value of your possessions to calculate your personal property coverage limits.
- Personal information - You will need to provide your home address, how many people live with you, your insurance history and any other vital information before getting your quote.
- Details of your house - These include information about when the house was built, how big it is and if it has any safety devices installed.
Homeowners Insurance in Philadelphia Analysis: Methodology
MoneyGeek analyzed homeowners insurance rates in Philadelphia across eight companies using information obtained in collaboration with Quadrant.
MoneyGeek also calculated affordability scores using a home with varying coverage levels, while we obtained customer satisfaction scores from research carried out by J.D. Power.
The base profile is for a homeowner with a 2,500-square-foot home constructed in 2000. The home has a dwelling coverage limit of $250,000, $100,000 in personal property coverage, liability coverage of $100,000 and a deductible of $1,000.
About Mark Fitzpatrick