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Philadelphia, PA Homeowners Insurance
The first step towards responsible homeownership is sufficient homeowners insurance. Depending on your unique living situation, including the material your home is made of, how old it is, your neighborhood, and local weather conditions, the price of home insurance policies may vary. They can also vary based on personal preferences, desired coverage levels, and monthly premiums. With so many insurance companies to choose from, how can Philly homeowners know they’ve found the cheapest insurance quote? That’s what Insurify is here for.
Read on for our full guide to protecting your property in the City of Brotherly Love.
Table of contents
Cheapest Home Insurance Companies in Philadelphia
For homeowners in Philadelphia, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Philadelphia. The following are the best insurance rates from carriers that offer homeowners insurance in Philadelphia.
|Cheapest Companies||Quotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
How to Find Cheap Home Insurance in Philadelphia
Likely one of the largest financial investments in your lifetime, protecting your home with homeowners insurance is vitally important. With investment, inevitably, comes risk. However, there are steps homeowners can take to minimize risk and protect their investment. By comparing quotes from multiple home insurance companies with Insurify, you can simultaneously compare quotes based on your personal insurance needs, including personal liability, dwelling coverage, and coverage limits. Shopping around for a homeowners policy instead of settling on the first insurance quote allows you to see all your options before committing.
There are a few tricks homeowners can use to cut costs when it comes to insurance products. The first is bundling. Insurance companies love loyalty, and they’ll often reward that loyalty with discounts if you choose to buy more than one insurance product from them. By bundling your home policy with your auto insurance or life insurance, or adding supplemental products like flood insurance to your home policy with the same company, you may be eligible for bundling discounts. Next time you speak with your insurance agent, inquire about combining your home and car insurance for big discounts.
By carefully selecting coverage options and deductible amounts, policyholders can get the coverage they need without paying for excessive insurance services. Remember, the cheapest policy may not always be the best homeowners insurance option for all policyholders, so don’t cut corners in areas you might regret in the future.
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Cheapest Home Insurance in Philadelphia by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in Philadelphia costs $1,184 annually, and the median home value is $187,772.
That’s a pretty penny. How can you be expected to pay all of these costs (vital as they are) and still provide for you and your family?
|Average Home Cost in Philadelphia The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.||Average Annual Insurance Premium in Philadelphia The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
Average Annual Home Insurance Premium in Philadelphia by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Philadelphia for Home Insurance
Like property costs, home insurance varies in price from neighborhood to neighborhood. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on our annual premiums.
Rates in Philadelphia can be relatively high or low compared to the national average; it all depends on which area you live in.
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems including
- natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Pennsylvania city level guides, check out these below.
Frequently Asked Questions
Why is home insurance so expensive in Philadelphia?
Due to higher crime rates relative to the national average and extreme winter weather, insuring a home in Philly isn’t always cheap. Don’t fret though; living in the 21st century has its perks. Now you can compare quotes from top companies available in your area without even picking up the phone. Know you’re getting the cheapest rate by seeing all your options in one place.
Does USAA insure homes in Philadelphia?
Yes, USAA offers active military, veterans, and their families home insurance coverage in the Philadelphia area. This insurance company often offers some of the most competitive rates in the region, so if you meet their eligibility requirements, consider comparing their rates to other companies using Insurify.
How long does a home insurance claim take in Philadelphia?
Depending on the severity of the incident and subsequent damage that your home may incur, the amount of time it takes to file a homeowners insurance claim in Philly will vary. It can be anywhere from a few days to several weeks. If you’re filing a claim after a large event, like a storm, you may face delays because of the high volume of claims your insurance company is receiving.
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