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 $1,980 per year for dwelling coverage of $200,000 and $2,613 for $300,000 of dwelling coverage.

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

Coverage level (Dwelling)Average annual rateAverage monthly rate
$200,000$1,980$165
$300,000$2,613$218
$400,000$3,158$263
$500,000$3,575$298
$600,000$3,793$316

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

Cheapest homeowners insurance companies in Philadelphia

Price is an important consideration when shopping for home insurance, and the cost in Philadelphia varies greatly by company. While rates matter, it’s also important to look at each company’s reputation before you buy.

According to an Insurance.com rate analysis, Allstate is the cheapest home insurance company in Philadelphia, with an average annual rate of $1,294. The following table shows the cheapest home insurance companies in Philadelphia.

Company nameAverage annual cost
Allstate$1,294
State Farm$1,743
USAA$1,853
Farmers$2,552
Nationwide$2,631
Erie Insurance$2,819
Travelers$6,961

Homeowners insurance cost in Philadelphia by credit score

Homeowners with poor credit scores pay more for home insurance every year. Insurance companies in Philadelphia can use credit information as a factor affecting your policy's cost.

The average home insurance cost for homeowners with an excellent credit score is $1,669; that's $4,619 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 scoreAverage annual cost
Excellent$1,669
Fair$3,691
Good$2,613
Poor$6,288

How can you save on homeowners insurance in Philadelphia?

If you're looking to save on your homeowners insurance, the best way is to compare quotes from multiple insurers. Homeowners insurance companies offer various discounts to help you lower insurance costs. Companies offer a few different types of discounts.

Home and auto bundle discount (multi-policy):

One of the easiest ways to get cheaper home insurance in Philadelphia is the multi-policy discount, or bundling. If you purchase your home and auto insurance from the same company, you can save an average of $441 a year.

Loyalty discount:

Staying with the same insurance company can earn you a loyalty discount, saving you around $122 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 $91 a year on average from your insurer.

New home discount:

If you buy new construction, you can get cheaper rates by insuring a newly constructed home; policyholders can get a new home discount of $1,210 a year on average. Make sure you get all the discounts for which you are eligible to trim your Philadelphia homeowners insurance cost.

Methodology

Insurance.com compared homeowners insurance rates in 2022 provided by Quadrant Information Services for around 29,000 cities in all states and Washington D.C for $300,000 in dwelling coverage with a $1,000 deductible and $100,000 liability coverage. The rates were analyzed for almost 34,000 ZIP codes for those with good credit ratings. Content has been updated in 2023.

Compare homeowners insurance rates by city in Pennsylvania

Allentown
$1,355/year
Bethlehem
$1,349/year
Erie
$1,387/year
Harrisburg
$1,335/year
Pittsburgh
$1,331/year
Reading
$1,277/year
Scranton
$1,415/year