The Philadelphia Contributionship was founded in 1752 by our very own Benjamin Franklin. Since founding, they have grown to offer home insurance in five states: PA, NJ, MD, VA, and DE. They offer homeowners, condo, renters, and landlord policies at super competitive rates. But price isn't everything - let's break down how their home insurance offerings compare to the other options you may have.
The Philadelphia Contributionship's policies are based on the ISO standard forms used by most the industry, which makes it easy for you to compare coverages. They offer standard add-ons, such as water back-up, mold coverage, and scheduled jewelry coverage. They also offer the option to add service line coverage to the policy. At a very affordable ~$35/year, it covers the gap in most standard home insurance policies. You see, if a utility line breaks outside your house, but still somewhere on your property (say under the front yard), you are responsible for the repairs and cleanup. Neither the city nor your homeowners policy will cover this cost, unless you have "service line coverage" added to your policy.
The Philadelphia Contributionship tends to be one of the most competitively priced homeowners carriers in their home state of Pennsylvania. Undoubtably, from their 250+ years in business they have a good understanding of risk exposures in the region. But even during their recent expansion into NJ, MD, DE, and VA, their rates remain competitive. They offer discounts if you have a home security system or fire alarm system on the property. Also, if you buy your auto policy through the same insurance agent, they include a bundling discount of around 10%. Some customers with strong credit and no claims history get bumped into a special pricing tier, called Franklin Select. The rates in this tier are often 50% lower than the price of any competing carrier in the market, even with the same amount of coverage.
The Philadelphia Contributionship is rated "A" by AM Best with an initial rating date of June 30, 1922 (yes, the good ol' roaring 20s). It's safe to say they aren't going away anytime soon.
Policyholders can file a claim over the phone 800-269-1409 or via email: firstname.lastname@example.org. In the event of a loss, customers should take photographs, do the minimal amount necessary to prevent further loss, and save any relevant receipts. While The Philadelphia Contributionship has been paying out claims for centuries, it seems with some recent customers, they still need to improve turnaround times.
Where is The Philadelphia Contributionship Available
In summary, The Philadelphia Contributionship is extremely competitive in the states where they operate. Their claims processing can be spotty for some customers, but outside of that, they offer industry-standard coverages on home, condo, dwelling, and renters insurance. It isn't every day we get to review a carrier that is older than our country - great work TPC!
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Disclosure: The Philadelphia Contributionship is one of the many options Young Alfred offers for home insurance. Young Alfred did not receive any compensation or direction from The Philadelphia Contributionship in writing this review.