Average homeowners insurance cost in Philadelphia, PA

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In Philadelphia, homeowners pay an average annual rate of $2,742 (for the coverage level of $300,000 for dwelling, $100,000 for liability protection, and $1,000 deductible), according to Insure.com’s rate analysis. It’s $238 more than the national average of $2,504.

Homeowners insurance rates change from one home to another. The home insurance premium in Philadelphia depends on various factors, such as:

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

To ensure you secure the best homeowners insurance policy, compare quotes from multiple insurers, enabling you to find the right coverage that aligns with your specific requirements.

Read this guide to learn how much homeowners insurance costs monthly in Philadelphia, what home insurance costs for different dwelling coverage, and which companies offer cheap home insurance in Philadelphia.

Key takeaways

Homeowners insurance costs $2,742 per year in Philadelphia.
At $1,408 per year, Allstate offers the cheapest homeowners insurance in Philadelphia.
Your home insurance rates increase by $660 more annually if you increase your dwelling coverage from $200,000 to $300,000.

Average homeowners insurance cost in Philadelphia per month

According to our rate analysis, homeowners in Philadelphia pay an average of $229 per month. It’s $72 more than the state average of $157 and $20 more than the national average for home insurance across the United States.

In Philadelphia, the cost of your homeowners insurance policy depends on the value of your home, location, and the coverage options you select.

Average homeowners insurance cost for a $200,000 house in Philadelphia

Homeowners insurance for dwelling coverage of $200,000 and liability protection of $100,000 costs $2,082 per year in Philadelphia, PA. Numerous factors influence your annual home insurance rates, including any natural disaster or event in your locality. For instance, certain regions have a higher risk of natural calamities such as floods, hurricanes, or tornadoes, implying higher expenses for rebuilding in these areas. These increased rebuilding expenses result in increased insurance premiums.

It is important to note that your insurance plan may not cover flood or hurricane damages. So, if you reside in an area prone to flooding, consider buying flood insurance coverage.

Average homeowners insurance cost for a $300,000 house in Philadelphia

Based on a rate analysis conducted by Insure.com, Philadelphia residents pay an average of $2,742 per year to insure a home for coverage limits of $300,000 dwelling, $100,000 liability with a $1,000 deductible. If you plan to increase your dwelling coverage from $200,000 to $300,000, you must pay an additional $660 per year for home insurance.

Buying adequate insurance to cover the entire expense of rebuilding your home is best advisable. However, the amount of dwelling coverage you need may vary depending on your home’s size, amenities, and the cost of living in your area.

Average homeowners insurance cost in Philadelphia by Company

Among the carriers analyzed, Allstate is the cheapest homeowners insurance company in Philadelphia. It’s average annual rate for Philadelphia homeowners is $1,408. State Farm ranks second and Nationwide makes it to the third spot with an average annual home insurance rate of $2,553.

Before choosing a homeowners insurance policy, it is important to do some research on the company. Our experts have analyzed all the insurance companies across Philadelphia and prepared a list of the cheapest home insurance providers. You can find below the Philadelphia home insurance companies and their average annual premium.

Home Insurance Company	Annual rate
Allstate	$1,408
State Farm	$1,770
Nationwide	$2,553
Farmers	$2,769
Erie Insurance	$3,163
Travelers	$7,378
USAA*	$1,933

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 $1,000 deductible. The data presented are those with a good credit tier alignment.