Pennsylvania Home Insurance

With a significant portion of their wealth invested in their homes and property, Pennsylvania homeowners understand the importance of insuring one’s property against disaster. In order to help consumers make sure they’re getting the best possible rates, The Simple Dollar has compiled a guide to home insurance in Pennsylvania. Read on to learn more about the essential facts, rules, and resources for insuring a house, apartment, or other type of residence in the Keystone State.

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Stats in Your State

Readers will find the information and data listed below useful in determining if they’re getting the best rate on homeowners insurance. The graphs and information make it easy to compare rates with the U.S. average. We’ve also compiled other data to give readers a broad perspective on the housing market in Pennsylvania.

Homeowner Insurance Premiums

Insurance rates among Pennsylvania homeowners rose steadily from 1999 to 2007 from roughly $400 per year to nearly $700 per year, a 175% increase. In the same time period, U.S. average rates increased from less than $500 to more than $800 per year before the housing market bubble caused home sales (and, consequently, insurance rates) to fall in 2008.

Renter Insurance Premiums

Renters insurance rates in Pennsylvania fluctuates throughout the 2000s. Between 2000 and 2005, the average annual cost rose steadily from $136 to $150; however, following the market collapse in 2008, renters rates fell to a decade-low of $123 in 2009.

Existing Home Sales

Along with the rest of the country, Pennsylvania’s housing market climaxed in 2005 with the housing market bubble. From over 250,000 existing homes sold in 2005, those numbers plummeted to roughly 175,000 sales in 2008 and 160,000 in 2010.

Flood Insurance in Region

While neighboring states Delaware and Maryland saw relatively few flood claims, Pennsylvania residents filed more than 11,000 claims totalling roughly $375 million in damages from 2011 to 2012. The effects of Hurricane Sandy can be largely blamed for this relatively high amount; nearby New York and New Jersey recorded a significantly higher number of claims and much more expensive damages due to flooding.

Homes Built

With a rich colonial history dating back nearly four centuries, it’s no wonder that over a quarter of Pennsylvania homes were built prior to 1939. Growth in terms of home construction stayed relatively steady state-wide through the second half of the 20th century and into the 21st century.

Rules in Your State

Below readers will find the specific unfair insurance practices banned in Pennsylvania. These actions are prohibited by law, and consumers have specific rights as outlined in the legislation below.

In 2006 the Unfair Insurance Practices Act was amended to include additional prohibited acts and to address other consumer concerns. As always, contact the Insurance Department of consult with an attorney for further assistance on any insurance-related dispute.

Representatives & Resources in Your State

For readers looking to learn a bit more on how insurance works in Pennsylvania, or to get in touch with your local government for assistance or consumer advocacy, use the resources below.

Pennsylvania Insurance Department
1326 Strawberry Square
Harrisburg, PA 17120
1-877-881-6388
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Contact Information
Consumer Complaint Resource
Homeowners Insurance Guide
The Insurance Department has drawn up an informational guide for consumers to learn more about homeowners insurance in Pennsylvania, from rates to different types of insurance to choosing a good provider.

Federal Emergency Management Administration: Region 3
While Pennsylvania does not face the same level of risk as some other states in terms of major natural disasters, Pennsylvania residents still face risk due to storms, flooding, hail, and other elements of nature. Use the above link to contact the regional FEMA offices for support or assistance in case of a disaster.