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Pennsylvania Homeowners Insurance

Homeowners Insurance in Pennsylvania: Complete Consumer Guide

Are you a homeowner in Pennsylvania or considering purchasing a home in this state? Here are some fun facts about your home state. The first baseball stadium was built in Pittsburgh in 1909. Hershey, Pennsylvania, is considered the chocolate capital of the U.S. The first newspaper was published in Philadelphia in 1784. The first American flag, made by Betsy Ross, was made in Philadelphia, which is home to the cheesesteak sandwich, water ice, soft pretzels and TastyKakes. Steel manufacturing is a big industry in Pittsburgh. Philadelphia used to be the capital of the U.S. The U.S Constitution was written in Pennsylvania and the Declaration of Independence was signed here. Famous Pennsylvanians include Taylor Swift, Kobe Bryant, Will Smith and Tina Fey.

Types of policy for Homeowners Insurance in Pennsylvania

There are eight types of home policies, but we only listed the ones for homeowners and condo-owners. There are different levels of protection you can choose from too if you own a house, HO-3 being the most popular across the country.

HO-1 This insurance form is known as the “basic form.” It covers the 10 most common perils. But you won’t be able to find it everywhere. Some insurance companies do not offer HO-1 forms.

HO-2 This form is called a “broad form” and provides more limited coverage. But it still provides more coverage than a HO-1 basic form.

HO-3 This type of insurance form is the most popular and widely purchased. The HO-3 form provides coverage for named perils and personal property. With a HO-3 form, your insurance company will pay to repair or replace belongings damaged by 16 covered perils. These perils include falling objects, the weight of ice, snow or sleet on your home, water damage, fire, smoke, lightning, windstorm, hail, explosions and vandalism.

HO-6 This type of insurance form is for condominium units. This type of coverage is usually “walls-in” coverage and may protect a condo unit’s walls, ceilings and floors. The HO-6 insurance form also includes coverage for the condo owner’s belongings.

HO-8 This kind of insurance form is for older homes and covers 10 perils. The HO-8 form is paid on an actual cash value, which is the cost of the home items minus depreciation.

What factors affect rates on homeowners insurance in Pennsylvania?

Many factors may affect homeowners insurance rates. Whether or not you bundle will make a big difference, but the most important factor is what your home is made of and how much it will cost to rebuild, which is different from the home’s current value. Your credit score will impact your rate as will crime rates in your neighborhood and more.

Top 5 disasters in the State of Pennsylvania

Pennsylvania federally declared Flood as the most common disaster with 26 counts since 1953, followed by Severe Storms, Hurricane, Snow, and Biological disasters. Here are the top 5 federally declared disasters in the state of Pennsylvania:

Rank

Declaration Title

Disaster Number

1Flood26
2Severe Storms17
3Hurricane8
4Snow5
5Biological2

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Pennsylvania?

The average price of homeowners insurance is $1,003 a year in Pennsylvania. Many factors can change these rates, however.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Pennsylvania a safe state?

2019 Crime in Pennsylvania Crime Number Crime Rate*
Property Crime179,6651,403.4
Burglary23,354182.4
Larceny-Theft143,9211,124.2

*Rate per 100,000 inhabitants

Safest Cities in Pennsylvania by Property Crime*

  • Adams Township, PA has a population of 14,330 with a Property Crime rate of 1.4 per 1k. The city average home value is approximately $488,807.
  • Upper Providence Township, PA has a population of 10,437 with a Property Crime rate of 2 per 1k. The average home value there is about $428,750.
  • Buckingham Township, PA came in third as the safest city in the state of Pennsylvania and has a population of 20,279 with a Property Crime rate of 2.7 per 1k. Its home value averaged at about $542,877.
  • Lower Salford Township, PA has a population of 15,534 with a Property Crime rate of 3.2 per 1k. Its average home value is $371,154.
  • Northampton Township, PA has a population of 39,171 with a Property Crime rate of 3.3 per 1k. The city home value averaged $485,481.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Pennsylvania

Top homeowners insurance companies in Pennsylvania

Lemonade Insurance is relatively new on the scene but is becoming popular in Pennsylvania. With each premium, Lemonade sets aside an amount of money leftover from money not used for claims as a donation to a charity of your choice. You may also be able to get a pretty low rate with Lemonade.

Allstate is always a safe bet for homeowners. They offer more discounts than their competitors, with unique ones like early signing discounts and home buyer discounts, which will really lower your auto insurance rates if you bundle.

Pennsylvania Home Insurance FAQs

Can you change homeowners insurance after closing?

You often have to pay a year’s worth of insurance before closing. Depending on the insurer you, you may get refunded when you switch but may incur a penalty. It’s best to shop around well before closing, and avoid allowing the lender to choose a policy for you.

Does home insurance cover sinkholes in Pennsylvania?

Sinkholes are usually not covered in any state because it’s considered an “earth movement,” which is typically excluded in most policies. Earthquake is another “earth movement” that is only covered with a separate earthquake insurance policy.

How do you change homeowners insurance with an escrow account?

Alert your mortgage servicer so that your escrow funds will pay your policy premiums. Buy a new policy before canceling your old one. You don’t want a lapse in coverage.

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