Best homeowners insurance in Philadelphia

Your guide to the best homeowners insurance companies in Philadelphia, the cost of coverage by ZIP code, and special considerations for Philadelphia homeowners.

Pat Howard 1600

Pat Howard

Published October 24, 2019

Homeowners insurance is important and lender-required protection for your home, your personal property, and your combined assets in the event your property is damaged or you’re sued because of an accident. If you’re one of the almost 600,000 Greater Philadelphia residents who owns a home, you’ll want to make sure you have a good homeowners insurance policy and that you’re insured with a reputable company.

Philadelphia sees a healthy dose of severe storms along with coastal and flash flooding due to its proximity to the Atlantic coast and the Delaware River. Since homeowners insurance doesn’t cover flooding, homes, particularly in the South Philly area and along the Delaware River, should be protected with flood insurance in addition to a homeowners policy. Philadelphia residents can obtain flood insurance through the NFIP or a private insurance company.

Keep reading for our guide to homeowners insurance in the City of Brotherly Love, and check out our Pennsylvania homeowners insurance guide for more information about insuring your home in the Keystone State.

The best homeowners insurance companies in Philadelphia

Low insurance premiums are certainly an appealing reason to select a particular insurer over another, but it shouldn’t be the only reason. There are a number of other factors you should consider to ensure you’re getting the best deal for the coverage you’re paying for.

When comparing companies, pay special attention to their financial strength, how they handle claims, the number of discounts they offer, and how robust their standard policy offerings are. You may find that State Farm is 25% cheaper than, say, Nationwide, but if your home is in an area at high risk of storm damage or burglary and you find Nationwide’s coverage to be superior, it may be worth going with the slightly pricier policy.

Using quoting data collected from Policygenius users, we determined the cheapest homeowners insurance company in the Philadelphia area is Plymouth Rock with an average annual premium of around $1,400 for $350,000 of coverage. Safeco had the highest rates, with an average annual premium of $2,340 for $340,000 of coverage.

Insurance companyAverage quoted replacement costAverage annual premium
Hippo$350,000$1,960
Metlife$335,000$1,460
Nationwide$435,000$2,050
Plymouth Rock$350,000$1,400
Progressive$400,000$2,000
Safeco$340,000$2,340
Stillwater$330,000$1,660
Travelers$335,000$1,700

Methodology: Average annual premium for each insurance company was calculated using Policygenius quoting data.

Philadelphia homeowners insurance prices by ZIP code

When determining your homeowners insurance premium, companies factor in your coverage amounts, the makeup, build and age of your home, your credit score, and where your home is located.

The cheapest region for homeowners insurance in Philadelphia amongst the areas we researched was the 19147 ZIP code with a $1,135 average annual premium for $270,000 of coverage. The 19113 ZIP code had the highest rates, with a $2,000 average annual premium for $250,000 of coverage.

ZIP codeAverage quoted replacement costAverage annual premium
19113250,000$2,000
19116300,000$1,675
19125400,000$1,675
19130485,000$2,000
19145300,000$1,500
19147270,000$1,135
19151200,000$1,965

Methodology: Average annual premium for each ZIP code was calculated using Policygenius quoting data.

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Philadelphia homeowners insurance rates by coverage amount

Your coverage amounts are directly impacted by how much coverage you have. Your home’s insured value or dwelling coverage amount should be equal to the rebuild cost of the home. If you live in a Frank Lloyd Wright-designed estate, there’s a good chance you’ll need more dwelling coverage than a single-story ranch home.

Here is the average rate for three different coverage levels for a home in Philadelphia.

Coverage amountAverage annual premium
$200,000-300,000$1,657
$300,000-400,000$1,882
$400,000-500,000$2,120

Methodology: Average annual premium for each ZIP code was calculated using Policygenius quoting data.

Special considerations for Philadelphia residents

Homeowners in the Philadelphia area have a lot to consider when setting up their homeowners insurance policy. Being in an urban area, homes in Philadelphia are statistically more likely to be burglarized than homes in less populated regions. Philadelphia is also no stranger to remnants of large coastal storms (Hurricane Sandy, anyone?) and with several rivers running through it—including the Schuylkill, the Delaware, and the Wissahickon—Philly also experiences its share of flooding. Homeowners in the City of Brotherly Love should make sure they’re well-protected with flood insurance.

Storm damage and flooding

Philadelphia and Eastern Pennsylvania at large aren’t areas you typically think of as hazardous places to live. But Philly sees all four seasons and is relatively close to the Atlantic coast—blizzards, remnants from hurricanes, and catastrophic flooding from the multiple rivers that surround the city are all possibilities. If you own a home in the Greater Philadelphia area, consider flood-retrofitting or upgrading your home with impact-resistant roofing materials, windows and doors. Not only is it a good loss prevention measure, but homeowners insurance companies typically reward you with policy discounts.

Property crime

Philadelphia doesn’t stand out as a particularly property crime-infested urban hub—in fact, instances of burglary have decreased by about half over the last decade, from 13,000 in 2008 to just 6,500 in 2018, according to the FBI’s Crime Data Explorer tool. But when you account for all types of property crime (arson, burglary, larceny and motor vehicle theft) Philadelphia’s nearly 3,100 instances of property crime per 100,000 are still quite a bit higher than the national average of around 2,000 offenses per 100,000 people.

The mere makeup and volume of cities make homes more prone to property crime, so be sure you’re paying close attention to the section that reimburses you for personal property loss. That means insuring your stuff at its replacement cost (rather than actual cash value) and paying special attention to the special policy limits on certain items. If you own jewelry, art, furs, vintage instruments, sporting equipment, or rare coins or valuables, keep in mind that they’re typically only covered up to a strict $1,500-$2,000 limit if they’re stolen. Ask your insurer about adding an endorsement to your policy to increase coverage limits for your expensive and cherished items.

Homeowners insurance resources for Philadelphia residents

Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.