How much is homeowners insurance in Philadelphia,NY

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In Philadelphia, homeowners pay an average annual rate of $1,569 (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 $935 less 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

The cost of your homeowners insurance policy in Philadelphia can vary based on factors such as your location, the value of your home, and the coverage options you select.
American Family is the cheapest homeowners insurance company in Philadelphia with an average annual premium of $832.
If you increase your dwelling coverage from $200,000 to $300,000, you will pay $405 more, annually for home insurance.

How much is homeowners insurance in Philadelphia per month

Philadelphia homeowners pay an average of $131 a month, based on our rate analysis. It’s $17 less than the state average of $148 and $78 less 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, NY is $1,164 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 or events 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 flood, hurricanes, or tornadoes. This means that if something happens, the cost of rebuilding would be higher in those areas, thereby 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 Insure.com’s rate analysis, homeowners in Philadelphia typically pay an average of $1,569 annually for a home insurance policy with $300,000 in dwelling coverage, $100,000 in liability protection, and a $1,000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, your home insurance rates will rise by $405. It is advisable to purchase enough insurance to cover the entire cost of rebuilding your home. The required amount of dwelling coverage can vary based on factors such as the size of your home, its features, and the cost of living in your area.

How much is homeowners insurance in Philadelphia by company

Among the carriers analyzed, American Family is the most affordable homeowners insurance company in Philadelphia. It’s average annual rate for homeowners in Philadelphia is $832.

NYCM Insurance, ranks second and Nationwide makes it to the third spot with an average annual home insurance rate of $1,048.

Research on the company is essential before selecting a homeowners insurance policy. Insure.com has thoroughly examined all insurance companies operating in Philadelphia and compiled a list of the most affordable home insurance companies.

Below are details of Philadelphia home insurance companies and their average annual premiums.

Home insurance company	Annual rate
American Family	$832
NYCM Insurance	$869
Nationwide	$1,048
State Farm	$1,234
AIG	$1,364
Travelers	$1,417
Heritage Insurance Holdings	$1,520
Chubb Ltd	$1,626
Allstate	$1,850
Farmers	$2,828

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.