Philadelphia, PA homeowners insurance is roughly $611 to $826, about $50-$68/month. Our in depth research reveals consumers can save as much as $287 by comparing multiple quotes. Enter your zipcode below and click “GO” to get multiple free quotes.
In Philadelphia PA, homeowners pay average home insurance of $708. The cost of home insurance is dependent on a number of factors, including the coverage, deductible, age of your house and the kind of materials you used to build the house. Below is the summary of average home insurance costs available to Philadelphia Homeowners based on the deductible and other variables.
Philadelphia PA, Home Insurance Cost for different deductibles.
Homeowners can choose cheap home insurance rates based on the deductible. It is the easy way to benefit the most and save money. Homeowners can avail of attractive discounts by opting for higher deductibles. Philadelphia homeowners paying a high deductible of $2500 can avail of home insurance for $508.Homeowners receive insurance for $541 and $596, respectively, on deductibles $2000 and $1500.
The average cost of house insurance is directly proportional to the age of the home. Newly constructed Philadelphia homes can avail lower insurance of $531 since newly built homes have a lesser threat to damage. As a result, home insurance companies offer substantial discounts to newly constructed homes. On the other hand, older homes attract higher insurance rates, since they are more prone to damage. As a result, Philadelphia homes older than 40 and 50 years receive an additional cost of $726 and $735, respectively.
The house's construction type is considered an integral factor in determining the cost of home insurance by insurance companies. The more resistant your house is to damage, the less is the average insurance cost.For example, if the house is built with a fire-resistive, homeowners in Philadelphia can avail of the insurance for an average cost of $827. Insurance companies in Philadelphia offer home insurance for $673 for homes built with Masonry and Brick. Homes constructed with superior and hail resistant roofs attract a higher amount $644 and $687 respectively.
Apart from all these factors, homeowners can avail cheap home insurance costs from insurance companies based on the security features and senior citizens residing in the households.
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.
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.
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.
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.
Determining the best homeowners insurance companies in Philadelphia, PA, goes beyond the home insurance rates provided to homeowners. A home insurance company is rated based on its financial strength, customer satisfaction, market share, and problem-free claim experiences.
State Farm received a financial strength rating of A++ (superior) from A.M. Best and a rating of AA (very strong) from S&P Global. Even though home security discounts of State Farm are not available in the state of Pennsylvania, it still manages to occupy the largest market share in Pennsylvania’s home insurance market with a 10% share.
Liberty Mutual has a financial strength rating of A (excellent) from A.M. Best, which means the insurance company is capable of handling all potential claims of current policyholders. Liberty Mutual also received a rating of A (strong) from S&P Global. According to a recent NAIC report, Liberty Mutual has a 5.20% market share in the state of Pennsylvania.
Farmers received a financial strength rating of A+ (superior) from A.M. Best and a rating of A (strong) from S&P Global. Farmers has a 24/7 claims support service and Mobiles Claim Center buses to handle priority claims. Moreover, if homeowners go five or more years without filing a claim, Farmers waives off surcharges on home insurance rates.
Nationwide received a financial strength rating of A+ (superior) from A.M. Best and a rating of A (strong) from S&P Global. Nationwide provides optional coverages such as replacement value coverage, upgraded roof insurance, and umbrella liability insurance, in addition to its standard home insurance policy. Nationwide has a market share of 5.42% in the state of Pennsylvania.
Travelers received a financial strength rating of A (Excellent) from A.M. Best, and AA (very strong) from S&P Global. Travelers provides diverse home insurance coverages like dwelling coverage, structures coverage, personal property coverage, and personal liability coverage. When it comes to market share, Travelers has a 5.13% market share in the state of Pennsylvania.
|Philadelphia, PA Home Value||Total Homes||% of Total||Average Philadelphia, PA Homeowners Insurance|
|Less than $50,000||35,271||12.0%||$122|
|$50,000 to $59,999||11,553||3.0%||$258|
|$60,000 to $69,999||13,297||4.0%||$323|
|$70,000 to $79,999||14,896||5.0%||$373|
|$80,000 to $89,999||17,120||5.0%||$423|
|$90,000 to $99,999||14,400||4.0%||$473|
|$100,000 to $124,999||34,030||11.0%||$552|
|$125,000 to $149,999||23,807||8.0%||$689|
|$150,000 to $174,999||30,914||10.0%||$818|
|$175,000 to $199,999||21,666||7.0%||$940|
|$200,000 to $249,999||37,684||12.0%||$1134|
|$250,000 to $299,999||20,252||6.0%||$1385|
|$300,000 to $399,999||18,863||6.0%||$1759|
|Home Insurance Company Near Philadelphia, PA||Homeowners Insurance Agency Near Philadelphia, PA||Address|
|Travelers||Ecbm Lp||300 CONSHOHOCKEN STATE RD STE 405, WEST CONSHOHOCKEN, PA, 19428|
|Travelers||First Choice Insurance Group||701 CROSS RD, LEDERACH, PA, 19450|
|State Farm||Jim Mckenna||3425 Garrett Rd, Drexel Hill, PA, 19026-2320|
|Nationwide||Raymond L Maniscalco Clu||5700 Kirkwood Hwy STE 103, Wilmington, DE, 19808|
|State Farm||Vincent Gerbasio||1649 Hausman Rd, Allentown, PA, 18104-9257|
|Streets in Philadelphia Area||Homeowners Insurance Cost|
|Inwood Ln, Brush Rd, E Juniata St, Kingsfield Rd, Modena Ter, Hoff St, Casimir St, Greymont St, Widener Pl, Wagner Ave||$760|
|W Seybert St, Chestnut Ln, Saint Albans St, Nicholas St, Walter St, Edison Ave, S 41st St, Marlton Ave, Mallory St, W Berkley St||$713|
|N 37th St, E Salaignac St, Old Townsend Rd, Rubicam St, Cresco Ave, N 68th St, Murdoch Rd, Delaware Expy, W Indiana St, Dorel St||$714|
|Loxley Ct, Scotchbrook Dr, Wendle Ct, Winter St, S 72nd St, Dyre St, Magdalena St, Blaine St, S Bambrey Ter, N 62nd St||$717|
|Lefevre St, S Paxon St, W Roberts Ave, Concordia Pl, E Wister St, W Washington Sq, E Armstrong St, E Columbia Ave, Emerald St, Dondill Pl||$827|
|Kern St, Matthews St, Station Ln, Newland St, Stewart St, Prospect Ave, Megargee St, S Independence Ml E, Evergreen Ave, Cranston Rd||$741|
|N Mole St, Cotton St, S Harmony St, Calpine Rd, 3rd St E, Beverly Rd, Cardiff St, Bartram Ave, Stearly St, E Meade St||$714|
|Pilgrim Ln, W Allens Ln, W Stafford St, Andale St, Authority Ter, Cargill Ln, Oak Lane Ave, Belgreen Ter, Evergreen Pl, Dupont St||$727|
|Gifford St, Bloomfield Ave, Farrell Ct, Deer Run Pl, Maiden St, Cliveden St, Delaware Ave, Hedgerow Ln, W Winona St, Merion Ave||$None|
|Gransback St, Bailey Ter, Centennial Sq E, North St, Erie Ave, Golf Rd, Thomas Ave, Essex Ln, Crabtree St, Forest Pl||$762|
|Place||Savings For Senior Occupied Homes|
|Philadelphia||$107 to $109|
|Place||1 Car Bundle Savings On Insurance||2 Car Bundle Savings On Insurance||3 Car Bundle Savings On Insurance|
|Philadelphia County, Pennsylvania||$107||$143||$215|
|Cheltenham township, Montgomery County, Pennsylvania||$117||$156||$234|
|Pennsauken township, Camden County, New Jersey||$122||$162||$243|
|Place||Home insurance as a % of housing cost for homes with mortgage||Home insurance as a % of housing cost for homes without mortgage|
|Philadelphia Home By Monthly Rent||Total Homes||% of Total||Estimated Monthly Income To Afford Rented House Including Renters Insurance|
|Less than $200||7,574||2.0%||$343|
|$200 to $299||10,256||4.0%||$793|
|$300 to $499||17,694||6.0%||$1243|
|$500 to $749||52,367||20.0%||$1918|
|$750 to $999||76,586||30.0%||$2668|
|$1,000 to $1,499||65,674||25.0%||$3793|
|$1,500 or more||24,290||9.0%||$5443|
|Zip Code||Median Home Value||Median Homeowners Insurance|
|Low Deductible||High Deductible|
|Yearly Philadelphia Homeowner Insurance Premium Example||$600||$400|
|Out of Pocket Expense During Claim||$1,600||$2,600|
|Total Home Insurance Premium for 8 years + Out of Pocket Expense for Claim||$6,400||$5,800|
|Net Savings to Philadelphia Home Owner from High Deductible Plan||$600|
|Scenario||Philadelphia, PA Home Replacement Value MORE than Home Value||Philadelphia, PA Home Replacement Value LESS than Home Value|
|Insurance Premium based on Replacement Value||$1,450||$975|
|Risk Exposure from Under Insuring Coverage||Unnecessary Home Insurance Coverage of $31,000||Risk Exposure from Under Insuring Coverage is $62,500|
|Premium Impact||Insurance cheaper by $325/year||Insurance costlier by $150/year|
|Insurance Company||Liberty Mutual||Farmers Insurance||Chubb Group of Insurance|
|Home Details||2 Beds, 1 Baths||3 Beds, 1 Baths||4 Beds, 2 Baths|
|Deductible||$1000-$2500 Deductible||$500- $1000 Deductible||$500- $1000 Deductible|
|Year Built||Home Value||Roof Type||Sqft||Number of Bedrooms||Deductible||Premium||Premium Months||Siding Type||Smoker/Non Smoker|
|1966||255,000||Composition Roof||3,270||4||$500- $1000 Deductible||200||2||Wood siding||No|
|1946||130,000||Asphalt Shingles Roof||1,220||2||$1000-$2500 Deductible||50||1||Brick siding||No|
|1974||165,000||Slate Shingles Roof||1,640||4||$500 Deductible||440||6||Fiber-Cement Siding||No|
|1952||135,000||Asphalt Shingles Roof||1,770||4||$500 Deductible||690||9||Stone Siding||No|
|1942||275,000||Slate Shingles Roof||2,680||4||$1000-$2500 Deductible||1190||10||Stone Siding||yes|
|1966||170,000||Tile Roof||2,340||3||$2500-$5000 Deductible||220||6||Vinyl siding||No|
|1977||125,000||Slate Shingles Roof||1,300||3||$500 Deductible||380||8||Stone Siding||No|
|1945||105,000||Metal Roof||1,170||2||$2500-$5000 Deductible||280||9||Wood siding||No|
|1943||195,000||Wood Shake Roof||2,350||3||$1000-$2500 Deductible||660||12||Vinyl siding||yes|
|1978||100,000||Membrane Roof||1,340||2||$2500-$5000 Deductible||60||3||Vinyl siding||yes|
|1945||130,000||Membrane Roof||1,260||3||$500 Deductible||90||2||Stone Siding||No|
|1978||120,000||Shingles Roof||1,250||2||$500 Deductible||200||4||Stucco siding||yes|
|1975||205,000||Asphalt Shingles Roof||2,150||4||$1000-$2500 Deductible||60||1||Brick siding||No|
|1968||110,000||Asphalt Shingles Roof||1,380||2||$2500-$5000 Deductible||90||3||Wood siding||No|
|1968||115,000||Slate Shingles Roof||1,240||3||$500 Deductible||370||8||Stucco siding||yes|
|1954||185,000||Metal Roof||2,290||4||$2500-$5000 Deductible||630||9||Vinyl siding||No|
|1977||295,000||Membrane Roof||3,180||4||$1000-$2500 Deductible||240||3||Stone Siding||No|
|1950||180,000||Slate Shingles Roof||1,770||3||$5000 to $10,000 Deductible||250||8||Stone Siding||yes|
|1959||130,000||Wood Shake Roof||1,720||4||$500- $1000 Deductible||590||10||Fiber-Cement Siding||yes|
|1970||180,000||Wood Shake Roof||2,140||3||$500 Deductible||330||6||Stucco siding||No|
|1940||220,000||Composition Roof||2,960||4||$5000 to $10,000 Deductible||210||3||Brick siding||yes|
|1969||145,000||Wood Shake Roof||1,470||2||$2500-$5000 Deductible||220||8||Fiber-Cement Siding||yes|
|1945||190,000||Slate Shingles Roof||2,310||3||$500 Deductible||630||7||Stucco siding||yes|
|1949||300,000||Composition Roof||3,280||4||$1000-$2500 Deductible||950||8||Stone Siding||No|
|1974||100,000||Slate Shingles Roof||960||2||$2500-$5000 Deductible||70||2||Stucco siding||yes|
|1947||165,000||Asphalt Shingles Roof||1,630||4||$500- $1000 Deductible||450||9||Stucco siding||No|
|1941||245,000||Metal Roof||2,450||4||$500- $1000 Deductible||130||2||Vinyl siding||yes|
|1950||165,000||Wood Shake Roof||1,740||2||$1000-$2500 Deductible||340||6||Stone Siding||yes|
|1945||175,000||Wood Shake Roof||1,760||4||$500 Deductible||850||12||Wood siding||No|
|1971||250,000||Membrane Roof||2,650||4||$500- $1000 Deductible||460||5||Vinyl siding||yes|
|1942||120,000||Composition Roof||983||3||$1000-$2500 Deductible||100||3||Stone Siding||yes|