Homeowners insurance in Philadelphia, PA

How much is home insurance in Philadelphia, PA?

The average cost of homeowners insurance in Philadelphia varies depending on the coverage level you choose. Homeowners insurance costs $1,640 per year for dwelling coverage of $200,000 and $2,150 for $300,000 of dwelling coverage.

Below are the average annual and monthly Philadelphia home insurance rates for different amounts of dwelling coverage.

Coverage level	Average annual rate	Average monthly rate
$200,000	$1,640	$137
$300,000	$2,150	$179
$400,000	$2,669	$222
$600,000	$3,739	$312
$1,000,000	$5,376	$448

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Note: For the above rates, the deductible amount is $1,000 and liability protection is $100,000.

How do deductibles affect home insurance rates in Philadelphia?

Home insurance rates in Philadelphia vary based on the deductible you choose. If you pick a higher deductible, your monthly insurance premium will be lower, while a lower deductible, means lower premiums because the insurance company will pay more if you file a claim, and the odds of you filing a smaller claim are higher.

The table below lists the home insurance rates by deductible in Philadelphia.

Deductible	Company	Average annual premium	Average monthly premium
$500	Allstate	$1,545	$129
$500	State Farm	$2,186	$182
$500	Farmers	$3,569	$297
$500	Erie Insurance	$3,767	$314
$500	Travelers	$9,870	$823
$2,000	Allstate	$1,479	$123
$2,000	State Farm	$1,769	$147
$2,000	Nationwide	$2,289	$191
$2,000	Farmers	$2,883	$240
$2,000	Erie Insurance	$3,293	$274
$2,000	Travelers	$9,106	$759
$2,500	Allstate	$1,458	$122
$2,500	State Farm	$1,712	$143
$2,500	Nationwide	$2,289	$191
$2,500	Farmers	$2,883	$240
$2,500	Erie Insurance	$3,165	$264
$2,500	Travelers	$8,872	$739
$3,000	Allstate	$1,439	$120
$3,000	State Farm	$1,670	$139
$3,000	Nationwide	$2,227	$186
$3,000	Farmers	$2,868	$239
$3,000	Erie Insurance	$3,077	$256
$3,000	Travelers	$8,763	$730
$4,000	Allstate	$1,371	$114
$4,000	State Farm	$1,616	$135
$4,000	Nationwide	$2,022	$169
$4,000	Farmers	$2,167	$181
$4,000	Erie Insurance	$2,884	$240
$4,000	Travelers	$7,896	$658
$5,000	Allstate	$1,371	$114
$5,000	State Farm	$1,564	$130
$5,000	Nationwide	$2,022	$169
$5,000	Farmers	$2,025	$169
$5,000	Erie Insurance	$2,723	$227
$5,000	Travelers	$7,896	$658
$500	USAA	$2,218	$185
$2,000	USAA	$1,715	$143
$2,500	USAA	$1,715	$143
$3,000	USAA	$1,568	$131
$4,000	USAA	$1,320	$110
$5,000	USAA	$1,320	$110

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Who has the cheapest homeowners insurance in Philadelphia?

According to Insurance.com analysis, Allstate is the most affordable home insurance provider in Philadelphia, with an average yearly cost of $1,453.

Price is a big factor when choosing home insurance, and costs in Philadelphia can vary a lot between companies. While saving money is important, it’s also a good idea to consider each company’s reputation before making a decision.

The table below lists the cheapest home insurance companies in Philadelphia.

Company	Average annual cost
Allstate	$1,453
Travelers	$1,958
State Farm	$1,979
Nationwide	$2,355
Farmers	$2,426
Erie Insurance	$3,441
USAA	$1,876

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How does credit affect homeowners insurance in Philadelphia?

The average home insurance cost for homeowners with an excellent credit score is $1,588; that’s $5,103 less expensive than the average cost of the same insurance for policyholders with a poor credit score. The table below shows the average annual insurance cost for homeowners with different credit levels.

Credit score	Average annual cost
Excellent	$1,588
Fair	$2,883
Good	$2,150
Poor	$6,691

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How can you save on homeowners insurance in Philadelphia?

If you’re looking to save on your homeowners insurance, the best way is comparing quotes from multiple insurers. Homeowners insurance companies offer a variety of different discounts to help you lower insurance costs. Here are a few common ones.

Home and auto bundle discount (multi-policy)

One of the easiest ways to get cheaper home insurance in Philadelphia is the multi-policy discount, also known as bundling. If you purchase your home and auto insurance from the same company, you can save an average of $234 a year.

"It’s not always the better option, but more times than not it is because if you bundle usually, you get a 10-20% discount on both policies," says Josiah Hatch, owner and CEO at Bender Hatch Insurance in Boston.

Loyalty discount

Staying with the same insurance company can earn you a loyalty discount, which could save you around $110 annually on your home insurance in Philadelphia.

Security equipment discounts

Insurance companies offer discounts to homeowners for installing safety and security equipment, like a fire alarm or burglar alarm. If you install a fire alarm at your home, you can get a discount of $106 a year on average from your insurer.