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Homeowners in Philadelphia, PA, pay an average home insurance rate of $708. This is almost half of the national average premium of $1,438. This does not come as a surprise considering the state of Pennsylvania is known for lower home insurance rates with the average being $745. Homeowners in Philadelphia can further reduce their home insurance rates by choosing the cheapest home insurance company.

Below are some of the factors that homeowners have to consider to choose the cheapest home insurance company based on their coverage needs.


Compare Quotes

Home insurance quotes vary from one insurance company to another. Home insurance companies consider various factors, such as coverage requirements, home value, home size, age of the home, home construction materials, and deductibles to determine the home insurance rates. Philadelphia homeowners are suggested to compare multiple quotes before choosing the cheapest option. Philadelphia homeowners should find a balance between their coverage requirements and home insurance rates.

Deductibles Vs. Home Insurance Rates

The cost of home insurance varies widely depending on the deductible that homeowners opt to pay. Paying a high deductible lowers home insurance rates. On the other hand, opting for a low deductible increases home insurance rates. For example, Philadelphia residents pay an average home insurance rate of $700 on a deductible of $500. The average cost of home insurance for deductibles of $2,000 and $2,500 are $541 and $508, respectively. Philadelphia homeowners are advised to choose the company that offers the lowest home insurance quotes for the deductible they opt to pay.

Add-on Policies

Home insurance companies offer additional policies besides the standard home insurance policy. The add-on policies include flood insurance, earthquake insurance, pet insurance, and collectible insurance. The agents of home insurance companies work with homeowners to understand their requirements and customize their policies accordingly. Philadelphia homeowners should go with the service provider that offers the cheapest quotes according to their coverage needs.

Available Discounts

Home insurance companies offer multiple discounts to homeowners based on different criteria. Philadelphia homes constructed using sturdy materials receive considerable amounts of discounts on home insurance. Newly constructed Philadelphia homes can avail of discounts of up to $177 on home insurance rates. Furthermore, homes equipped with enhanced safety features also attract discounts from home insurance companies.

Claims History of Homeowners

Home insurance companies consider the claims history of homeowners to determine home insurance rates. Philadelphia homeowners who have a claim-free history pay lower home insurance rates. The average cost of home insurance for Philadelphia homeowners with a claim-free history is $609. On the other hand, filing claims increases the cost of home insurance. The average home insurance rates for Philadelphia homeowners with 1 and 2 claims are $765 and $800, respectively.