The double signing will be seen as a bold statement of intent from the club who have won the league title for the last two seasons.
Lowry, 26, most recently had a brief spell with Portadown after moving to a job in London.
Beverland, also 26, has spent his entire career with Coleraine.
He was the side's captain and his departure will be a big blow to Bannsiders boss Oran Kearney.
Crusaders had already completed two other high-profile signings in Ballymena United winger David Cushley and former Linfield captain Michael Gault who has moved to Seaview from Portadown.
Irish Premiership champions Crusaders have signed former Linfield and Derry City midfielder Philip Lowry and Coleraine defender Howard Beverland.