Standard West Virginia Homeowners Insurance Coverage

Standard homeowners insurance in West Virginia is about $638 per year. A standard home insurance policy is like having several different policies combined into one. These different policies are covered as sections of the primary policy, and include the dwelling, other structures, your personal property and the reimbursement of costs related to loss of use. When you understand these parts, you will have a better idea of how the cost of your premiums is divided up to give you the protection you need.

  1. Dwelling
    The building on the insured property where your family lives is called the dwelling. This is usually the main building on the property, and includes any other buildings which were built permanently attached to the home. For instance, a sunroom or bedroom that was added on after the house was built would still be considered part of the dwelling. Buildings that are only connected via a walkway are not part of the dwelling, but are listed as "other structures."
  2. Other Structures
    Any man made construction that is permanently placed on the insured property but not permanently connected to the dwelling are classified as other structures. These include many types of buildings, even docks, gates, and fences. Unless it is connected to the home or can be removed from the property intact, it is an "other" structure where your insurance is concerned.
  3. Personal Property
    Using a video camera, make a video of everything you own that could be removed from the insured property without causing damage to the item or structures on the property. This includes children's play sets, lawn equipment, sports equipment, tools, clothing, and jewelry, to name only a few types of items. Be sure to list the items stored in cabinets, drawers and closets, and to save your receipts for purchases to further back up any claims you have to file.
  4. Loss of Use
    When something happens that is covered by your insurance prevents you from having the full use of your home or other structures, you can use the loss of use section of your policy to file a claim for the money you have to spend to maintain your expected standard of living. Some examples might include having your laundry done if your washer gets destroyed, dining at restaurants if you cannot use your kitchen, or staying in a rented establishment while your home is being repaired.

Average West Virginia Homeowner Insurance Rates vs. US

Source: USCB

Cheaper West Virginia Home Insurance

Cheaper home insurance begins at home. Making the home more secure is an important way to start, and reducing the risks around the home are a good way to save money over the course of years. Another good way to save money is to take a proactive role in your credit score, because that is how the insurance company measures your personal financial risk.

  • Home Security
    The home burglary rate in West Virginia is 5.80 per 1000 people, but you can reduce the risks and earn insurance discounts by making your home a less likely target. A fence around the property is one way to do that, and having deadbolt locks or burglar bars installed are two others. But the best home security discount comes from having an alarm system put in which is monitored by a professional security company.
  • Reduce Insurance Risks
    Just as a fence around the property reduces the risk of burglary, a fence around your pool or a gate blocking access to your boat dock will reduce the risk of a liability lawsuit and earn you additional insurance savings. The more things you do around the home to make it less of a risk for the insurance company, the more you can expect to save, both now and in the future.
  • Personal Insurance Risk
    Insurance companies offer discounts to people who are loyal policyholders as well as those who reduce the amount of financial risk they pose. Some suggestions for reducing your personal risks include using the same company for multiple insurance policies, keeping the company for a number of consecutive years, and improving your credit score. In fact, your credit score is how the insurance company assesses your personal financial risk, and most companies offer discounts to people with a credit score of 650 or higher.

Home Characteristics Affecting West Virginia Insurance Rates

What you have to pay for home insurance is affected by a number of factors which are based on the home itself and the state you live in. The size of the home will be the largest single factor, but the age and materials used in building the house are also important. Your rates will also be affected by the number and type of natural disasters which are likely to occur in West Virginia. The more perils the home faces, the higher your rates will be, and if it is constructed of wood rather than brick or stone your rates will be higher because wood is prone to things such as natural decay that stone is not affected by.

Local Natural Disasters West Virginia Homeowners Should Consider Protecting Against

It is important that you understand the perils covered in your homeowners policy because most homes face perils that a standard policy excludes from coverage. Once you understand the dangers faced by homes in West Virginia, you can customize your policy to get the extra protection you need to have or even drop coverages for perils that are not a concern for you. For example, all homes should be covered by flood insurance, but houses located in the Midwest probably do not need to be protected from effects of hurricanes.

  • Earthquakes
    Ranked at 42 out of 51, it would be very unusual to experience an earthquake in West Virginia, but the possibility does exist. The best approach is to pick up an earthquake insurance rider for your standard policy, just in case the unexpected happens.
  • Flood
    West Virginia resident file several hundred flood claim in any given year, and flood coverage is not part of a standard homeowner's policy. The best approach to this situation is to add flood insurance by purchasing the coverage, even if you have to go through a high risk insurer or government monitored insurance pool to do so.
  • Hail
    Hail is typically covered under the wind damages portion of a home insurance policy, and unless it has been excluded in your policy there is very little to worry about with this particular peril.
  • Hurricanes
    Hurricanes are an occasional concern in West Virginia, but most of the damages are covered under a standard policy. The exception to that comes from flooding, and flood insurance always has to be purchased separately, usually from high risk insurance companies.
  • Tornadoes
    Tornadoes are a form of wind damage, and are usually covered under a standard homeowner's policy. Make sure that they are not specifically excluded in your policy, and pick up a tornado insurance rider if they are, just to be safe.
  • Wildfires
    West Virginia is one of the states where wildfire can pop up, contributing to the 74,749 national wildfire average each year. However, unless wildfires are excluded in your policy, the coverage is part of the regular fire damages portion of a standard policy.

West Virginia Homeowners Insurance Optional Coverages

Standard home insurance policies need to be enhanced somewhat to provide the most protection. Your personal property coverage is generally not enough to pay for the replacement of everything you own, for instance, but the limits can be increased and probably should be. Similarly, the amount of your bodily injury liability may be enough to pay for injuries, but it may fall short of preventing you from facing the loss of the home if you are sued. An umbrella liability policy is one of the best ways to do that, because it provides extra liability coverage for all of your personal liability policies.

Important Contact Information

West Virginia Department of Insurance
PO Box 50540
Charleston, WV 25305-0540
Phone: (304) 558-3386
Website

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