Table of Contents
- How much does renters insurance cost in Philadelphia?
- Average price of renters insurance in Philadelphia
- The cheapest renters insurance in Philadelphia: NJM Insurance
- The best renters insurance in Philadelphia: State Farm
- Other Philadelphia renters insurance providers you should consider
- What else do you need to know about renters insurance in Philadelphia, PA?
- How we gathered our data on renters insurance prices for Philadelphia
How much does renters insurance cost in Philadelphia?
Renters insurance in Philadelphia costs around $21.90 per month on average, which is about $1.90 higher than the national average. It’s also $6.27 more than the state average of $15.63 per month.
Philadelphia’s average reflects a wide range of prices. The highest rates we found for renters insurance in Philadelphia were from Farmers at $31.00 per month, while the lowest offered rates were from NJM insurance at $14.83 per month.
There are multiple reasons why insurance rates are so varied in Philly compared to the rest of the state:
Factors that affect the cost of renters insurance in Philadelphia
- Population size: Philadelphia is the most populous city in the state of Pennsylvania. This impacts insurance rates across the board, since large cities usually have higher rates of property crime and renters insurance covers theft.
- Wear and tear on older buildings: Philly is a culturally rich area with countless historical structures that are older than most buildings in other cities. Pair that with the ice storms that often descend upon the region, and you’ve got a recipe for accidents like frozen and busted pipes. This will impact your renters insurance premiums, especially if you live in an older building.
- Your deductible: Choosing to pay a lower deductible for your renters insurance means your provider assumes more risk for covering you. This results in higher monthly payments. On the other hand, you can decrease your monthly payments if you opt to pay a higher deductible.
- Your payment and claims track record: Frequent claims or a spotty payment history can result in higher premiums. That’s because most providers will view you as a higher risk than someone who consistently pays their insurance bill on time and files few claims.
Below, we’ll look at the average price of renters insurance in Philadelphia offered by the area’s most popular insurers.
Average price of renters insurance in Philadelphia
The following table shows the average price of renters insurance in Philadelphia per month and year. It also shows how each insurer’s rates compare to the state average.
|Insurer||Price (monthly)||Price (yearly)||Difference from average|
The cheapest renters insurance in Philadelphia: NJM Insurance
NJM Insurance provides the cheapest renters insurance in Philadelphia, with policies averaging $14.83 per month.
Should you get NJM renters insurance in Philadelphia?
NJM (New Jersey Manufacturers) is the most affordable renters insurance provider in Philadelphia, but does that mean it’s the best option for you? That all depends.
Established in 1913, NJM Insurance has been around for quite a while. So has their reputation for customer service and claims satisfaction.
However, they’re not a national company. NJM only provides renters insurance in Connecticut, New Jersey, Pennsylvania, Ohio, and Maryland. If you aren’t planning to live in Philly forever, you’ll likely need to switch insurers when you move. We discuss their other pros and cons below.
Advantages of NJM renters insurance in Philadelphia
- Plenty of discount options: Not only do they offer the most affordable rates in Philadelphia, but NJM also offers quite a few ways to get discounts on renters insurance. For example, they offer discounts for bundling renters and auto insurance (which just means buying them together). They also give discounts to non-smokers and renters over 65, and offer a “safe home discount” for keeping a smoke alarm or sprinkler system and for owning a portable backup generator.
- Plenty of policy endorsements: NJM has a long list of renters insurance endorsements (or riders) that you can buy to customize your plan. For instance, they offer coverage for identity theft and other crimes like credit card fraud and forgery. They also provide increased coverage options for valuables such as jewelry and electronics that ordinarily might not be fully covered under your policy.
- High customer satisfaction ratings: NJM consistently receives high ratings for its customer service. It has a score of 1.5 out of 5 on the Better Business Bureau‘s website, which — believe it or not — is significantly above average for an insurance company. (Insurers tend to have very low scores.)
Disadvantages of NJM renters insurance in Philly
- Limited locations: As mentioned above, NJM only provides renters insurance in a handful of states. This can be a headache if you need to move out of their covered area – particularly if you’ve bundled your home and auto policies with them.
- No mobile app: NJM doesn’t have a mobile app for managing your policy, unlike many of their competitors. You can still use their website, but the convenience of filing a renters insurance claim from your smartphone or tablet can’t be understated.
Overall, if you want the cheapest rates on renters insurance in Philadelphia, NJM is your best bet. They’re also a strong contender for the best provider if you plan on living in the city permanently. However, you’ll have to switch insurance companies if you ever plan to move outside of NJM’s covered region, which is a big downside for many people.
The best renters insurance in Philadelphia: State Farm
State Farm’s renters insurance rates aren’t as cheap as NJM’s, but they’re still quite reasonable — usually around $19.50 per month. Coupled that with their well-rounded and comprehensive policies, that makes State Farm an excellent choice for renters insurance in the City of Brotherly Love.
Pros of State Farm’s renters insurance in Philadelphia
- Replacement cost coverage: State Farm’s default policies offer replacement cost coverage for lost or stolen items, rather than actual cash value coverage. That’s a handy feature if you live in an area where property crimes are common (as is the case in some of Philly’s neighborhoods).
- Accessible assistance and personalized service: Because State Farm is one of the largest insurance companies in the U.S., it’s easier to get in touch with an agent if you need help filing a claim or making changes to your policy.
- Comprehensive coverage: Philadelphia sees its share of winter storms. Fortunately, State Farm’s renters insurance covers water damage due to frozen pipes, hail, windstorms, damage from the weight of snow, and more. State Farm also offers several useful add-ons to expand your coverage, including a cyber event rider that covers identity theft and digital fraud. Unlike NJM’s rider, it also covers ransomware and cybercrime.
Disadvantages of State Farm’s renters insurance in Philadelphia
- Website navigation: State Farm’s website can be a little finicky. We noticed that it tends to break, especially when you’re trying to file a claim, and the site sometimes times out or accidentally enters invalid info by itself.
- Limited bundling discount options: State Farm offers an auto and renters insurance bundling discount, but that’s it. If you have another type of insurance that you want to bundle (like life insurance or health insurance), you’re out of luck.
Overall, State Farm’s downsides aren’t that severe, and because they operate on a nearly nationwide scale, you can keep your policy if and when you move. We found that State Farm offered the best coverage in Philadelphia for the most reasonable prices.
Other Philadelphia renters insurance providers you should consider
Depending on your unique needs, other insurers in Philadelphia may offer coverage that’s more tailored to you. Here are a few more renters insurance companies in Philly that are particularly suited to:
- Young or first-time renters
- Car owners
Best Philadelphia renters insurance for young or first-time renters: Lemonade
Lemonade is a good choice for younger renters because of its affordability and AI-driven customer service. They’re certainly one of the most tech-forward insurance companies — you can file all of your claims with them through their mobile app. (In fact, you have to, since they don’t let you file claims in person or online.)
Since many young people prefer managing their renters insurance online rather than over the phone, Lemonade is a good choice for them.
Best Philly renters insurance for car owners: Your current provider
As mentioned, most insurance companies offer discounts for buying your renters and auto insurance together. If you already have auto coverage, chances are that sticking with your current insurer for renters insurance is your best bet. When you factor in the discount, bundling your policies often lets you get renters insurance practically for free.
Best Philadelphia renters insurance for collectors: Farmers
Philly is a city full of culture and history. As a result, you’ll find plenty of collectors living there who specialize in antiques and memorabilia.
Farmers insurance is on the pricier side, but they’re our go-to choice for people who need a little extra coverage for hard-to-replace valuables. They offer replacement cost coverage and a wide range of personal property endorsements, and also have a reputation for not fighting their customers over property damage claims.
How to learn more about renters insurance providers in Philadelphia
For more information, have a look at our renters insurance reviews. There you’ll find a breakdown of each company and the pros and cons of their renters insurance, both in Philadelphia and elsewhere.
Read our reviews of:
What else do you need to know about renters insurance in Philadelphia, PA?
Insurance rates and coverage sometimes vary by city. Here are some commonly asked questions about renters insurance in Philly:
Can landlords require renters insurance in Philadelphia?
Yes, landlords can require renters insurance in Philadelphia, as well as in the rest of Pennsylvania. You aren’t legally required to purchase a policy to rent an apartment, and not all landlords require it, but if yours does, you have to get it.
You should also be aware that landlords have the right to evict their tenants for not having renters insurance if it’s listed as a condition on the lease. This can happen if you let your policy lapse or if your insurer cancels it and you fail to get a new one.
Does renters insurance require a credit check in Philadelphia?
Yes, most providers in Philadelphia require a perform a credit check when you apply for renters insurance.
Your credit score will have an impact on how much you pay for renters insurance. It’s legal for insurers to base their prices on your credit history in almost every state, although the following states apply some restrictions to this:
Read our guide on how to get renters insurance with no credit check for more info.
How we gathered our data on renters insurance prices for Philadelphia
We gathered quotes from each major insurance provider in Philly to determine the average price of renters insurance in the city.
Our quotes assumed the following:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based on personal property coverage)
- Deductible: $500
You’ll get slightly different quotes than ours unless you happen to match that profile exactly. Fortunately, renters insurance is generally inexpensive across the board, so no matter your background, your quotes should be pretty reasonable.
Note that our quotes don’t take installation fees or down payments into consideration. For more info on what that means and how to avoid it, take a look at our article on how to get renters insurance without a down payment.
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