Pennsylvania Homeowners Insurance Guide
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Pennsylvania Homeowners Insurance
Explore Pennsylvania Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Keystone State is almost completely landlocked, except for a small slither of land in the northwest corner of the state which borders Lake Erie. In addition to being home to the 5th largest metropolis in the United States, Pennsylvania also has the Appalachian Mountains piercing through its center. Thus, if the bustling flashing lights of Philadelphia do not draw you in, the scenic beauty of the Appalachians surely will.
Aside from its inherent beauty, given its geographic position, Pennsylvania does not endure many natural disasters. Besides the cold winters, homeowners and renters may have to cope with the remnants of a few tropical storms, and that is all. As a result, a standard homeowners or renters policy often times provides adequate coverage for the typical Pennsylvanian.
What Does Homeowners and Renters Insurance Cover, and How Much Does It Cost?
Pennsylvanians enjoy some of the lowest property insurance rates in the country. Being insulated from natural disasters decreases the potential for catastrophic losses to occur. Resulting in most property owners truly only requiring protection against fire, vandalism, theft, and other perils that a standard homeowners or renters insurance policy would cover.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Pennsylvania | $931 | $158 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
Those property owners that are located near Lake Erie, a formally designated flood zone, or perhaps near a dam, can access flood coverage through the private market, surplus lines, or the National Flood Insurance Program (NFIP). Although flooding is not likely for most Pennsylvanians, a dam could fail, or intense rainfall from the aftermath of a tropical storm could cause a flash flood. In any event, it’s better to be safe than sorry, and have peace of mind.
Which Property Insurance Carrier Should I Choose?
Pennsylvanians have a plethora of choices when it comes to homeowners or renters insurance. Due to its insulated, landlocked nature, the state truly has little to no risk of suffering catastrophic property losses due to natural disasters. As a result, standard policies provide more than enough coverage for the average risk.
Top 5 Home Insurance Carriers in Pennsylvania
| Company | Market Share |
| State Farm | 17.3% |
| Erie Insurance Group | 15.5% |
| Allstate Corp. | 13.0% |
| Liberty Mutual | 8.5% |
| Nationwide Mutual Group | 7.3% |
Source: Insurance Information Institute (2019)
This relatively favorable risk profile for the Keystone State drives homeowners and renters insurance rates down. In addition, there’s quite a bit of competition among carriers for market share, ultimately driving premiums down even further. The top three writers of homeowners insurance in Pennsylvania are separated by about 4 percentage points. Thus, competition for each customer is fierce. Making it crucial for Pennsylvanians to compare coverage packages from several property insurance companies, both national and regional.
Pennsylvanians’ homeowners and renters insurance premiums are among the lowest in the country. In addition, they have a bevy of insurance carriers that are consistently competing to provide them with adequate property coverage. So, if you own property in the Keystone State or are considering purchasing some there, chances are you’ll receive good coverage at great rates!
Pennsylvania Regulating Agencies And References
