By: Ramu Garuda August, 22, 2019
Pennsylvania’s homeowners pay an average homeowners insurance rate of $913 per annum. Homeowners residing in Oil City pay the lowest homeowners insurance rate at $526 per annum. On the other hand, residents of Langhorne incur the highest average insurance premium at $1,741.
The insurance premium rates are generally lower in larger metropolitan cities because of factors such as lower crime rates, quicker response times for the fire departments, and lower chances of being affected by natural disasters.
As the largest city in Pennsylvania, Philadelphia has a history of tornadoes that have impacted the cost of homes over time. This explains why Philadelphia reports a high insurance cost of $1,358.
Pittsburgh is the second-largest city in Pennsylvania and despite its large size, the city has the second cheapest homeowners insurance in the state. Homeowners pay an average $933 per annum, with Farmers quoting the lowest at $552.
Allentown is one of the fastest-growing cities in Pennsylvania. Homeowners in Allentown pay an average homeowners insurance cost of $671 per annum, which is significantly lower than the state average of $1,227.
In this fourth largest city in Pennsylvania, Nationwide offers the lowest home insurance rate at $535 per annum. The average home insurance rate in Erie is $783 per annum.
Finally, the city of Scranton, or the fifth most populous city in the state, reports an average home insurance rate of $815 per annum. Farmers offer the lowest rate at $788.
According to the Insurance Information Institute (III), the following are some of the major factors affecting home insurance rates:
It is recommended that Pennsylvania homeowners have enough insurance coverage to cover the following costs:
Ramu is a research analyst with over 9 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.