Average Homeowners Insurance Cost in Philadelphia, PA

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The average cost of homeowners insurance in Philadelphia is $2,613 per year (for the coverage level of $300,000 for dwelling, $100,000 for liability protection and $1000 deductible), based on Insure.com’s rate data analysis. It’s $196 more than the national average of $2,417.

However, homeowners insurance rates can vary drastically from one home to another. Home insurance rates in Philadelphia depend on a number of factors, including:

Size of your home
Age of your home
Amount of coverage you need
Location
Your credit score

To get the best deal on home insurance, get quotes from multiple insurers to find the right coverage for your needs. Read on to learn about how much homeowners insurance costs per month in Philadelphia, home insurance costs for different dwelling coverage, and which companies offer cheap home insurance in Philadelphia.

Key takeaways

The average cost of homeowners insurance in Philadelphia is $2,613 per year.
Allstate is the cheapest homeowners insurance company in Philadelphia with an average annual premium of $1,294.
If you increase your dwelling coverage from $200,000 to $300,000, you will have to pay $633 more a year for home insurance.

Average homeowners insurance cost in Philadelphia per month

Philadelphia homeowners pay an average of $218 a month, based on our rate analysis. It’s $66 more than the state average of $152 and $17 more than the national average for home insurance across the United States. The price of your homeowners insurance policy in Philadelphia may vary depending on where you live, the value of your home, and the coverage you choose.

How much is homeowners insurance for a $200,000 house in Philadelphia

The average cost of homeowners insurance in Philadelphia, PA is $1,980 annually for the dwelling coverage of $200,000 and the liability protection of $100,000. The amount you pay for home insurance each year depends on many different things. The types of natural disasters that take place in your area affect how much you pay for coverage in your city.

Some areas are more at risk for natural disasters, like floods, hurricanes, or tornadoes. This means that if something happens, the cost of rebuilding would be higher in those areas, leading to higher insurance premiums. Your insurance policy might not cover damage caused by floods or hurricanes. So, if you live in a flood-prone area, consider buying flood insurance coverage.

How much is homeowners insurance for a $300,000 house in Philadelphia

According to a rate analysis by Insure.com, homeowners in Philadelphia pay an average of $2,613 per year for a $300,000 house. These rates are for the coverage limits of $100,000 for liability protection and $1000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, you must pay $633 more yearly for home insurance. It would be best to buy enough insurance to cover the full cost of rebuilding your home.

However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

How much is homeowners insurance in Philadelphia by Company

Among the carriers analyzed, Allstate is the cheapest homeowners insurance company in Philadelphia. Its average annual rate for Philadelphia homeowners is $1,294. State Farm ranks second, and USAA (Note: USAA offers home insurance only to members of the military, veterans and their immediate families.) makes it to the third spot with an average annual home insurance rate of $1,853.

Before choosing a homeowners insurance policy, do some research on the company. Our experts have analyzed all the insurance companies across Philadelphia and prepared a list of the top ten cheapest home insurance providers. Below are the Philadelphia home insurance companies and their average annual premium.

Home Insurance Company	Annual rate
Allstate	$1,294
State Farm	$1,743
USAA	$1,853
Farmers	$2,552
Nationwide	$2,631
Erie Insurance	$2,819
Travelers	$6,961

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Philadelphia for $300,000 dwelling coverage and $100,000 liability coverage with a $1000 deductible. The data presented are those with a good credit tier alignment.