If cheap home insurance is one of your goals, comparing costs from multiple companies is the best strategy. We analyzed average rates for large home insurers to help you find the best homeowners insurance in Pennsylvania.
Cheap Home Insurance in Pennsylvania Cost Comparison
| Company | Average annual home insurance cost in Pennsylvania |
|---|---|
|
Penn National
|
$756
|
|
$771
|
|
|
$804
|
|
|
$865
|
|
|
$971
|
|
|
Donegal
|
$998
|
|
$1,231
|
|
|
$1,310
|
|
|
$1,468
|
|
|
$1,616
|
The best way to find a policy at a reasonable cost is to compare home insurance quotes from multiple companies. Home insurance companies assess risk differently, so the price for the same policy can vary significantly among insurers. You won’t know how much you can save without comparison shopping.
But don’t ignore what each company has to offer beyond price. The best home insurance company for you will also offer coverages and discounts that match your homeowner profile.
Pennsylvania Homeowners Insurance Cost Factors
Your ability to buy cheap home insurance in Pennsylvania will depend on several factors, including:
- The cost to rebuild your home
- The age of your home
- The materials your home is made of
- Your personal claims history
- The claims history of your location
- The fire rating of your location
- Your credit
- The amount of coverage and policy limits you choose
- Your deductible amount
What Does Pennsylvania Homeowners Insurance Cover?
A standard homeowners insurance policy is also known as an HO-3. It covers your home for any problem that’s not excluded in the policy. Common exclusions include sinkholes, floods, earthquakes, nuclear hazard, power failure, wear and tear, war, and insect and vermin infestations.
Your personal property is covered for specific “perils” in a standard home insurance policy. Theft, vandalism, fire, tornadoes and explosions are a few examples of problems covered by home insurance.
It’s a good idea to familiarize yourself with how different types of home insurance work to protect you before you decide how much home insurance you need.
A standard home insurance policy can be broken down into these main coverage types:
- Dwelling: This pays to repair or rebuild your home if it’s damaged. It also covers attached structures, like a garage or deck.
- Other structures: This pays to repair or replace structures that are not attached to your house, like a gazebo or shed.
- Personal property: This coverage pays to repair or replace your belongings after a problem like vandalism or fire. Your personal belongings include items like your artwork, clothing, pots and pans, furniture and other types of items.
- Liability: This pays for property damage and injuries you accidentally cause to others. For example, if a guest injures themselves while visiting your home, your liability insurance can pay for a court judgment or settlement against you, and also the cost of a legal defense.
- Medical payments to others: This covers smaller medical claims made by people who do not live in your home, regardless of who was at fault for the injury. For example, if a guest trips on your sidewalk, medical payments coverage could pay for a trip to the emergency room. Coverage amounts are small, such as $1,000.
- Additional living expenses: If you cannot live in your home because of a problem covered by your policy (like a fire), additional living expenses pays for extra costs like hotel bills, takeout meals and other services, such as laundry or pet boarding.
Compare Home Insurance Quotes
1
Lemonade
Excellent
Average
2
Erie
Very good
Low
3
Chubb
OK
Very low
What’s Not Covered by Pennsylvania Homeowners Insurance?
Common exclusions found in a standard homeowners insurance policy include problems such as floods, nuclear hazard, power failure, sinkholes, earthquakes, wear and tear and war.
It’s a good idea to review your policy closely to understand what is excluded from coverage.
Flood Insurance in Pennsylvania
A standard home insurance policy does not cover flood damage. Considering Pennsylvanians can face hundreds of floods per year, you may want to buy flood insurance if your property is at risk.
Financial help from the government after a flood can be limited. It’s a good idea to have your own flood insurance to rely on. Most people who have flood insurance get it through the National Flood Insurance Program (NFIP), a federal program. You can also buy flood insurance through the private market.
FEMA’s Individuals and Households Program (IHP) can provide financial and direct assistance after a major disaster or emergency, if you qualify. This program helps people find housing after a problem directly caused by a disaster that is not covered by insurance or other sources.
Tips for Buying Pennsylvania Homeowners Insurance
Whether you’re about to close on your first home or you’re simply looking for a new insurance company, you want to buy a policy at a reasonable price without sacrificing on coverage. Here are guidelines for both newbies and longtime homeowners alike.
- Estimate your rebuilding costs. Ask your insurance agent or a trusted contractor what the cost would be to rebuild your home with equitable materials and labor costs in your area.
- Add-on coverage for high-value items. Your home insurance policy may have sub-limits on valuable items like jewelry. It’s a good idea to schedule personal property so your pricey possessions are insured for their actual worth.
- Upgrade to replacement cost coverage. If your personal property is damaged, replacement cost coverage pays to replace your damaged items with new items. Actual cash value will only pay the depreciated value.
- But enough liability coverage. In general, you want to have enough liability coverage to protect your assets in case you are sued due to an accident.
- Fill in coverage gaps. If you need extra coverage for problems like sump pump failure and sewer backup, consider buying additional coverage.
- Ask for discounts. Talk with your insurance agent about any discounts you may be eligible for, such as home security discounts or multi-line discounts.
- Research financial ratings. You can check financial strength ratings from companies like Standard & Poor’s and A.M. Best. Some lenders may require that your insurance company has a specified financial rating. Regardless, it’s smart to go with a company that can meet its financial obligations if you ever have to file a claim.
- Get multiple quotes. The price for the same policy can vary significantly among insurance companies. It’s a good idea to get homeowners insurance quotes from multiple insurers.
Methodology
Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with dwelling coverage of $300,000 and liability coverage of $100,000.
