Having a comprehensive insurance policy is an absolute must for any homeowner, but finding the right policy is often easier said than done. Getting covered doesn’t have to be a hassle! With Obrella, you can take the stress out of choosing a home insurance policy. You can connect with our professional insurance experts, who will put their in-depth knowledge of West Virginia home insurance to work for you. They can help you sort through your options from several providers and customize your coverage depending on your needs. You can get it all done in one easy call, from investigating your options to getting your new policy bound.
Homeowners in West Virginia
In West Virginia, the average home insurance premium is $771 annually, which is less than what most Americans pay. Because West Virginia premiums are over $260 less than the national average of $1,034 per year, West Virginia is the 11th most affordable state for home insurance costs.
- Median Home Value: 117,800
- Household Income: 39,552
- % of Income on Home Ownership: 23.40%
The median home value in West Virginia is $98,500, and the average household size is approximately 2.4 people. With a median household income of $41,253, West Virginia homeowners spend just over 23% of their total household income on home ownership. This makes West Virginia the sixth most affordable state when considering how much residents spend on home ownership costs.
As a West Virginia homeowner, you know the value of the investment you made in buying your house. Make sure you’re fully protecting it with the right homeowners insurance coverage. By calling and speaking with an insurance expert, you can have them review your policy and compare it to others to make sure you’re getting the best coverage at the best price.
Calculating Premiums for Home Insurance in West Virginia
There are a number of factors that can influence how much your homeowners insurance will cost. Insurance companies begin calculating an insurance premium based on the size of the home, the year it was built, and building costs in the area.
Premiums are essentially a reflection of the risk that your insurance company assumes by providing coverage for your home, so environmental factors, local crime rates, and your credit score are also taken into account. Therefore, having a home in an area that is prone to flooding or tornadoes, for instance, may make your policy more expensive, as will one in an area with high burglary rates.
You may pay more if you have a swimming pool or guest house, as well, as these types of amenities make your home more valuable, which increases the potential cost of damages. However, you can often receive discounts on your home insurance policy by installing protection devices such as motion-sensor lights, security systems, and surveillance cameras.
West Virginia Homeowners Insurance
Most West Virginia home insurance companies offer a range of coverage options; some of which are defined below:
- HO-1: Limited Coverage
- An HO-1 policy provides protection against any of the first 10 classified disasters: fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. In most states, however, this type of policy is no longer available.
- HO-2: Basic Policy
- A basic policy, HO-2 insures your home in the event of all 16 classified disasters.
- HO-3: Standard, most popular
- The majority of people in West Virginia purchase this type of policy because of its extensive coverage and relatively few exceptions.
- HO-8: Older Home
- As homes age, the cost of repairs to the house may exceed the actual market value of the house. With an HO-8 policy, you’ll receive reimbursements for damage on an actual cash value basis, rather than the full cost of the repairs. Older homes may not qualify for policies that cover the full replacement cost of the home in the event of a total loss.
Standard West Virginia Homeowners Insurance Coverage
Many people assume that their insurance will cover everything. The truth is that you will only be reimbursed if the damages to your home are the result of a situation specifically stated in your insurance policy. So, if you neglect to purchase flood insurance, the insurance company is not obligated to pay for damages to your house that are caused by flooding. Check out the following list of common home insurance coverage terms to learn more about what kind of coverage to expect from your policy:
- Coverage A – Dwelling
- Coverage A deals with damage to the home itself, to any structures attached to the home, and to the home’s plumbing, heating, permanent air-conditioning system, or wiring.
- Coverage B – Other Structures
- Other Structures coverage insures any structures that are not connected to the house, such as tool sheds, guest homes, free-standing garages, and fences.
- Coverage C – Personal Property
- Personal Property coverage reimburses homeowners for the value of possessions, like electronics, furniture, and clothing items that are lost or damaged, even if the damage did not occur on the homeowner’s property—such as items in a storage unit.
- Coverage D – Loss of Use
- With Loss of Use coverage, the homeowner can get reimbursed for living expenses during home repairs.
- Coverage E – Personal Liability
- If a homeowner is sued and found legally responsible for damages or injuries to another person, Personal Liability will cover the homeowner’s financial loss.
- Coverage F – Medical Payments to Others
- Covers medical bills for individuals hurt on a homeowner’s property or by the homeowner’s pet.
West Virginia Insurance Resources
The West Virginia Offices of the Insurance Commissioner ensures that fair, equitable insurance coverage is available to you as a West Virginia resident. The offices monitor, regulate, and license insurance agencies and agents, as well as provide help to consumers with questions about insurance requirements. If you need information related to your home insurance policy, you can contact the offices at 1 (888) 879-9842 or 1 (800) 435-7381. You can visit the offices in person by going to 1124 Smith Street, Rm. 309, Charleston, WV 25301.
Before making any final decisions on your insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?
Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest!
Shopping for home insurance can be intimidating. With all the different options to sort through, it can be difficult to decide on the best policy to keep your home protected. That’s where Obrella can help. With one simple phone call, you can get in touch with an experienced insurance agent who will help answer all of your home insurance questions. They’ll get to know your needs, help you review different policies, and discuss your options with you. They can even take care of binding your policy over the phone! It’s quick, easy, and reliable.