Best Condo Insurance In Pennsylvania 2024
The typical annual cost of condo insurance in Pennsylvania is $491, and Nationwide is highly regarded as the top insurer in the state.
We’ve saved shoppers an average of $450 per year on their home insurance.
Condo insurance isn’t legally required in most states, but mortgage lenders typically make it a condition of the loan. This type of insurance protects you from financial losses due to damage, theft, or liability and may include dwelling coverage, depending on your HOA’s master policy.
To ensure comprehensive protection, opt for a policy that addresses a wide range of risks. If you’re unsure how to start, this guide can help you find the top insurance options in Pennsylvania.
Best Condo Insurance Companies In Pennsylvania, 2024
Compare The Best Condo Insurance Companies In Pennsylvania
| Best For | Overall Rating | A.M Best Rating | J.D Power Rating | Get A Quote | |
|---|---|---|---|---|---|
| Nationwide |
Overall |
|
A+ |
816 |
Instant Quote |
| Travelers |
Discounts |
|
A |
794 |
Instant Quote |
| Amica |
Runner-Up |
|
A+ |
849 |
Instant Quote |
| Chubb |
High-Value Condos |
|
A++ |
809 |
Instant Quote |
Best Condo Insurance Companies In Pennsylvania 2024
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅Chubb is the go-to provider for Pennsylvania luxury condo owners, thanks to their outstanding customer service and customized coverage options. Their Masterpiece policy offers extended replacement cost, covering rebuild expenses that go beyond the insured value. With additional features like identity fraud and cyber protection, Chubb is designed for the unique needs of affluent property owners. Their high coverage limits ensure comprehensive protection for upscale condos.
Benefits & Drawbacks
⇅- Gives broader coverage
- Superior client service
- Complaints were scarce. ✓
- Created with luxury residences in mind
- Charges surpass what's normal in the sector.
- Does not hold BBB accreditation. ✘
Best Runner-Up
Key Statistics
Why We Like Them
⇅Amica secures the second spot by offering Pennsylvania condo owners a broad array of coverage choices. Their Platinum Choice policy goes beyond standard coverage, featuring higher limits and extra protection. Amica’s rates are highly competitive, with premiums significantly more affordable than Allstate’s. Bundling condo and auto policies can save policyholders up to 20%. The company is also recognized for its outstanding customer service and satisfaction.
Benefits & Drawbacks
⇅- Various insurance plans available
- Rare customer dissatisfaction
- Strong insurance provider financially. ✓
- Above-average rates.
- The rating from AM Best saw a decline in 2017.
- Dividend policies for condo insurance vary by state. ✘
Best Overall
Key Statistics
Why We Like Them
⇅With flexible and comprehensive coverage options, Nationwide stands out as a top choice in this guide. Their policies protect personal belongings like clothing and furniture and include additional living expense (ALE) coverage to help with temporary relocation costs after covered damage. Customers can personalize their plans further by adding optional endorsements. Nationwide also has a reputation for fair and efficient claims handling, supported by a responsive customer service team committed to satisfaction.
Benefits & Drawbacks
⇅- Competitive pricing
- Wide array of coverage alternatives
- Exceptional client service ✓
- Primarily for upscale condominiums.
- Time-limited discount offers.
- Chance of further outlays ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅If you’re a Pennsylvania condo owner searching for affordable yet comprehensive insurance, consider Travelers Insurance. They offer multiple discounts, including up to 15% savings with their multi-policy discount when bundling condo, auto, or other policies. Bundling saves money and simplifies managing your insurance. Travelers also incentivizes installing safety measures with their protective device discount, promoting risk reduction. Despite offering competitive coverage options, Travelers is known for maintaining some of the lowest rates in the market.
Benefits & Drawbacks
⇅- Economical rates
- Ability to package diverse insurance options
- Superior financial resilience rating ✓
- Limited range
- There's a possibility of a catalog of dogs not allowed. ✘
How Much Is Condo Insurance In Pennsylvania?
In Pennsylvania, the typical cost of condo insurance is $491. State Farm offers the cheapest rates, averaging $294 per year. The following table outlines annual insurance costs for condo owners from some prominent condo insurance providers in the state.
| Insurance Company | Average Annual Rate |
| State Farm | $294 |
| Nationwide | $480 |
| Farmers | $690 |
| Travelers | $990 |
| Erie | $400 |
Average Cost Of Condo Insurance In Pennsylvania – By City
Listed here are the average prices of condo insurance in major Pennsylvania cities.
| City | Average Annual Rate |
| Erie | $665 |
| Harrisburg | $638 |
| Lancaster | $625 |
| Allentown | $655 |
| Bethlehem | $639 |
Condo Insurance Rates In Pennsylvania – By Building Property Limits
Condo insurance varies greatly depending on your needs. The coverage necessary primarily relies on the cost to rebuild your specific condominium. The table below compares average monthly premiums for different coverage limits.
| Building Property Limit | Average Annual Rate |
| $40,000 | $590 |
| $60,000 | $660 |
| $80,000 | $724 |
| $100,000 | $790 |
Don’t make the mistake of only seeking the cheapest insurance rates; prioritize finding a policy that offers a blend of affordability, coverage, financial stability, and top-notch customer service.
Most Expensive ZIP Codes For Condo Insurance In Pennsylvania
The average annual condo insurance rate in Pennsylvania’s 19151 ZIP code is $2,357, making it the most expensive.
| ZIP Code | Average Yearly Premium |
| 19151 | $2,357 |
| 19150 | $2,295 |
| 19145 | $2,300 |
| 19128 | $2,055 |
Cheapest ZIP Codes For Condo Insurance In Pennsylvania
In ZIP code 15684, condo insurance is the most budget-friendly, averaging just $1,320 annually.
| ZIP Code | Average Yearly Premium |
| 15684 | $1,320 |
| 15221 | $1,348 |
| 15214 | $1,332 |
| 15206 | $1,364 |
How Much Condo Insurance Do You Need In Pennsylvania?
In Pennsylvania, the amount of condo insurance needed depends on factors such as your condo’s layout, the value of your personal belongings, and the coverage provided by your condo association’s master insurance policy. Adding loss assessment coverage to your policy can help cover costs for damages or losses in communal condo areas.
How Much Condo Insurance Is Legally Required In Pennsylvania?
In Pennsylvania, condo owners aren’t legally obligated to have insurance, though mortgage lenders or condo associations may require it. Standard liability coverage starts at $100,000 and can go up to $500,000.
How To Find The Best Condo Insurance Company For You
Condo insurance is a valuable investment to protect your property and belongings, offering financial security for you and your family. To simplify choosing a policy:
Assess your coverage needs.
Research and shortlist three suitable insurers online.
Obtain quotes from the selected providers.
Compare their offerings on coverage, price, discounts, and reputation.
Select and purchase a policy that works best for you.
How To Save Money On Pennsylvania Condo Insurance
To find budget-friendly yet comprehensive condo insurance in Pennsylvania, raising your deductible can be a quick way to reduce your premium costs. However, you’ll need to evaluate your finances, as a higher deductible means higher out-of-pocket expenses when you file a claim.
Another way to cut costs is by weatherproofing and burglar-proofing your condo. Adding storm shutters or security systems can reduce both the likelihood of damage and your insurance premium.
How To Get An Online Condo Insurance Quote In Pennsylvania
The best method for securing condo insurance in Pennsylvania is to compare quotes from leading providers. You can use Insuranceopedia to begin the process. To get the most accurate quotes, you’ll need to provide the following information:
- Your name
- The address of your condo
- The year the condo was built
- The exterior wall material
- The total square footage of the condo
- The cost to rebuild the condo
- The estimated value of your personal property
- The number of residents in the condo
- Your claims history
- Any installed safety or security systems
Factors That Impact The Cost Of Your Condo Insurance Policy
Key factors that influence condo insurance premiums in New Jersey include:
- Replacement Value: Condos with higher rebuild costs will have higher insurance rates.
- Location: Living in areas with high crime or natural disaster risks can increase premiums.
- Property Age: Older condos with outdated systems are more costly to insure than newer builds with modern materials.
- Claims History: A history of filing claims often leads to higher premiums, while a clean record may reduce rates.
Our Methodology
In my assessment of the best condo insurance companies in Pennsylvania, I looked into customer satisfaction and financial stability ratings provided by respected agencies such as J.D. Power and AM Best. I also considered consumer feedback and drew on my firsthand experience selling condo insurance as a licensed property and casualty agent in the state.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
FAQs
What Does Condo Insurance Cover In Pennsylvania?
Commonly referred to as an HO-6 policy, condo insurance protects the interior of your condominium and its contents from sudden damage or loss. This includes items like walls, floors, fixtures, and cabinets, as well as personal belongings.
Additionally, condo insurance offers liability coverage and typically includes $1,000 for loss assessment coverage to cover damages affecting communal areas in the condominium complex. Coverage limits can be increased with a policy endorsement
How does condo insurance work?
Condo insurance safeguards condo owners financially, protecting their condominiums and personal property from numerous risks using a variety of coverage options and additional policy enhancements.
