The average cost of home insurance in West Virginia is $1,630 per year for a policy with a $1,000 deductible and $300,000 in dwelling coverage, which is much lower than the national annual average of $2,520.
But the state is experiencing record numbers of tornadoes. They’re traditionally uncommon in West Virginia, but as many as 16 tornadoes have hit the state this year.1 Tornadoes can severely damage homes, even if they’re not very big. Fortunately, home insurance covers most tornado and wind damage.
Before buying a home insurance policy, it’s a good idea to compare home insurance quotes from at least three companies. Here’s what you need to know about finding home coverage in West Virginia.
You have plenty of great insurance companies to choose from for homeowners insurance in West Virginia. But the best options may not always be the cheapest ones. The best homeowners insurance company for your home should have affordable rates, a variety of coverage options, and dependable customer service. It’s not always best to leave the protection of your personal belongings and property to the company with the lowest price.
Check out the insurers below to start your search. Each insurer is the best insurer for a specific category in West Virginia. The average prices below reflect costs for a $300,000 dwelling coverage policy with a $1,000 deductible.
USAA has the cheapest home insurance in West Virginia, with an average rate of $83 per month. But insurance rates in the state can vary widely by insurer since each company determines your policy’s premium differently.
The table below highlights some of the other cheap home insurance companies in West Virginia. The average costs below are for policies with $300,000 in dwelling coverage and a $1,000 deductible.
The average cost of homeowners insurance in West Virginia is $1,630 per year for a $1,000 deductible policy with a dwelling coverage amount of $300,000. Your exact rate depends on your location, how much coverage you need, and the insurance company you choose. The higher your coverage limits, the higher your premiums.
Some other factors that affect your premium include your home’s structure, age, size, local building costs, your chosen deductible, ZIP code, and even your credit history. Older homes are often more expensive to insure since they typically have more issues than newer homes.
Your dwelling coverage amount significantly affects how much you pay for your home insurance policy. Dwelling coverage is the most important part of a home insurance policy, covering property damage after a covered loss, such as a fire. The higher your dwelling coverage amounts, the higher your premium.
Check out the table below to see how much your premium can increase when you pick higher dwelling coverage limits for your house. The average monthly premiums below are for homeowners policies with a $1,000 deductible.
Your home insurance deductible is how much you’ll have to pay out of pocket for damages before your homeowners insurance coverage kicks in. Home insurance deductibles are generally $500–$2,000: The amount you choose will affect your premium. The higher your deductible, the lower your premium, and vice versa.
Check out the table below to see how your premium for a policy with $300,000 in dwelling coverage can change based on your deductible.
You can get cheap homeowners insurance in West Virginia in multiple ways, including:
Compare home insurance quotes. Make sure to compare quotes from multiple insurance companies before buying a policy. This is the best way to save money on home insurance since each insurer weighs rating factors differently.
Apply for discounts. Discounts are an excellent way to save money on your homeowners insurance policy. Many home insurance companies offer a variety of discounts. For example, bundling your home insurance with your auto insurance is a common discount that could save you hundreds. Talk to an agent to learn more about your discount options.
Increase your deductible. Increasing your deductible lowers your monthly premiums, but you’ll pay more out of pocket after a claim. Just ensure you can afford to pay a higher deductible before increasing it.
Improve your credit. Improving your credit is another way of lowering your home insurance premiums, as insurance companies consider your credit history when determining your rate. Better credit indicates a lower likelihood of filing a claim, so you’ll pay lower premiums than homeowners with poor credit.
West Virginia state law doesn’t require homeowners to have home insurance coverage, but it’s always a good idea to purchase it. Home repair and replacement expenses can be extremely expensive without help from an insurance company. If you have to take out a mortgage on your home, your mortgage lender may require you to carry homeowners insurance anyway.
The 80/20 rule is a good guideline to follow for how much home insurance coverage to buy. You should purchase coverage equal to or greater than 80% of your home’s replacement cost. And no matter how much dwelling coverage you buy, you should know exactly what your home insurance policy covers since it doesn’t cover everything.
Owning a home in West Virginia comes with numerous perils that homeowners should be aware of, including, but not limited to:
Securing home insurance is a serious decision. If you still have questions and need help deciding, check out this additional information.
Homeowners insurance in West Virginia costs $1,630 per year with $300,000 in dwelling coverage and a $1,000 deductible. Your premium could be more or less depending on your dwelling coverage amount and deductible.
The state is prone to flash floods, so homeowners in high-risk areas may also want to consider adding flood protection to their policy.
USAA offers the cheapest homeowners insurance in West Virginia, with a monthly premium of $83.
No. West Virginia doesn’t legally require homeowners insurance, but your mortgage lender may require you to have a policy.
Even if you’ve paid off your mortgage, it’s still important to protect your home and property. In the event of a natural disaster, fire, or burglary, home insurance can help cover the cost of repairs or replacement that you otherwise may not be able to afford out of pocket.
An HO-3 policy is the most common type of homeowners insurance. It provides personal property and dwelling coverage for various perils including fires, tornadoes, windstorms, and theft. But it doesn’t cover flooding, so homeowners in high-risk areas will need to purchase a separate flood insurance policy.
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