WEST VIRGINIA STATS
On average, West Virginians are paying $997 every month on homeownership costs. There are 900,000 houses in the Mountain State, 73% of which are occupied by owners.
- Population: 1,805,832
- Average value of homes that’s occupied by owners: $111,600
- Households: 737,671
- Average household income: $44,061
- High school grad or higher, percent of people age 25 years +: 86%
- Average travel time to work: 26 min
The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.
West Virginia is a haven for new homeowners. The real estate market is in a booming stage of late which means excellent returns on your investment property. Besides, the homeowners insurance rates here are some of the lowest in the country. A major reason behind it is surely the lesser risk of natural disasters. However, winter storms and heavy winds are not uncommon in the state. These natural calamities do affect the price of home insurance. Thus, it will be better if you don’t settle with just the first insurer you stumble upon online. According to experts, it always pays to get a comparative study on multiple quotes which can help you find a competitive insurance premium for your home.
West Virginia home insurance average premiums
West Virginia home insurance rates are $275 less compared to the national average. The annual average homeowners insurance rate in WV is $917 and the monthly cost is around $76. On the other hand, the national average is $1,192 and $99 respectively. We were able to calculate the monthly home insurance cost with the annual average provided by Insurance Information Institute (III). III reported that West Virginia was in the 40th position in regards to homeowners insurance rates out of 51 states in 2016 (latest available data). Now, the prices mentioned above are average rates. Your chosen insurer may quote a higher rate. Thus, it will be a smarter thing to study multiple companies to find a relatively affordable rate. Who doesn’t like some extra savings?
Average West Virginia Home Insurance Premiums
|National annual average||$1,192||$1,173||$1,132|
Top 3 home insurance companies in West Virginia by market share
Below you will find reviews on the biggest 3 homeowners insurance companies in West Virginia as per the market share. These reviews will give you a fair idea of the coverage extension, discounts, claims policy, and other important parameters. Additionally, these reviews will also offer some idea of the financial capacity of each of these companies – based on ratings by AM Best and S&P. Then, as the worth of a company is measured by the satisfaction quotient of its customers, there will be JD Power ratings as well.
AM Best is one of the most prestigious credit rating agencies that extend unbiased and independent reports on the capital strength of insurers. S&P ratings are also important as the company falls under one of the 3 big credit rating agencies. JD Power is an eminent marketing services information organization and its Power Circles Rating is a major source of honest and independent consumer ratings.
State Farm is one of the largest and most renowned insurers in the USA. In the West Virginia home insurance market, the company commands a 26 percent market share. The company is famous for excellent claims service and outstanding coverage. It offers insurance for all kinds of homes here, including single-family houses, condos, farm/ranch, and even mobile homes. The standard home insurance policy from the company assures dwelling protection against damages from major disasters. You can also opt for add-on coverage facilities which are available for personal liability protection, home offices as well as identity theft guard.
State Farm has come up with its extremely helpful, 24/7 hotline for claims which will enable you to immediately report your claim in times of utter crisis. The company is widely acknowledged for its prompt response and hassle-free claims redressal process. You can also report your claim via the company’s PocketAgent app. In regards to financial capacity, State Farm has got high-end ratings from both AM Best and S&P. It has earned A++ (Superior) from AM Best and AA (Very Strong capacity) from S&P.
State Farm has also received a decent 3 (About average) out of 5 Power Circles rating from JD Power’s 2018 U.S. Home Insurance Study.
In terms of discounts, State Farm has come up with a decent spread. You will get a variety of discounts for bundling policies, installing home security devices, and upgrading to an impact-resistant roof.
Erie is another sought-after homeowners insurance company in West Virginia. The leading insurer owns a 19 percent share in the WV home insurance market scene. It has received an A+ (Superior) from AM Best which proves the solid capital adequacy of the company. Erie has also earned a 3 (About average) Power Circles Rating from J.D. Power’s 2018 study, which justifies the long line of happy customers the company boasts.
Erie extends home insurance coverage for condos, houses as well as manufactured homes. It also covers renters & landlords. The company is known for premium coverage at lower rates.
Homeowners can choose from 3 levels of home insurance coverage at Erie. The first one is Broadcover which covers all the named damages faced by the policyholder’s personal property. The second one is Extracover which assures comprehensive coverage for buildings. The last one is Ultracover which extends comprehensive coverage for buildings and personal property.
Erie homeowners policy guarantees to take care of the replacement cost needed to rebuild your home in case it has suffered damage from a natural disaster. The company also offers $500 worth of coverage for pets. Then, the base home insurance policy further provides protection against mysterious disappearances. This is something you will hardly find with other insurers.
Nationwide is esteemed when it comes to the West Virginia homeowners insurance sector. The company owns an 11 percent market share in the state home insurance market. It has received A+ (Superior) rating from AM Best and A+ (Strong capacity) from S&P. The company is widely acknowledged by its customers which have helped it to receive a good 3 (About average) out of 5 rating from JD Power.
Nationwide promises high-quality home insurance at affordable rates. You can easily customize the standard insurance coverage here as per your particular needs and budget. It’s to note here the company extends two unique coverage facilities. One is Brand New Belongings insurance coverage. It offers protection for valuables of the latest version. The other one is Better Roof Replacement coverage. It enables homeowners to build an impact-resistant roof to prevent disaster damage in the future.
Another great part about Nationwide is its wide array of discounts. There is 30% off on brand new homes, 15% for installation of home security devices, and 20% off for combining auto & home policies. And an exclusive 5% discount is available for married homeowners!
West Virginia Home Insurance Companies: Market Share and Summary of Ratings
|Rank||Insurer||Market Share %||AM Best||S&P||JD Power|
|8||Farmers and Mechanics||2.8||A||NR||NR|
Source: Insurance Information Institute, AM Best, S&P, JD Power
USDA Section 504 home repair program
The home repair assistance program is available for extremely low-income homeowners whose income is 50% below media income of their area. The program also extends grants to low-income senior citizens who need to remove safety and health hazards at home. Applicants must be the homeowner and occupy the house and is unable to get credit anywhere else. For more information for West Virginia residents, please beside the USDA website.
Insuring your West Virginia home is one of the most important things that you can do to protect your financial and physical well-being. In the event of an emergency, insurance will shield you from financial liability and help you to either quickly restore your home to a good condition or to buy a new house if the damage is irreparable.
Imagine that a tree falls on your house and you are not insured. You would be liable for tens of thousands of dollars worth of damages and your home could be temporarily unsafe to live in. If you didn’t have enough money to pay for the repairs, you would have to take out a loan or leave the house entirely.
Insurance is the best way to avoid this kind of scenario. When you are insured, damage to your home is only a small inconvenience rather than a major catastrophe.
How do homeowners policies work?
You are able to insure your home by paying a monthly premium to the insurance provider of your choice. This premium varies in price depending on the value of your home and the state that you live in.
West Virginia home insurance is quite affordable. In fact, it is significantly lower than the national average. This means you can get a great rate on your insurance while still being covered for the vast majority of possible home emergencies.
The average cost of West Virginia homeowners insurance is $877 in 2014 and $907 in 2015 according to III. This is a great deal compared to the national average of $1,132 (2014) and $1,173 (2015). Your personal premium will vary depending on the cost of your house and the kind of coverage you choose to pay for.
Some forms of homeowners insurance cover the full cost of repairs no matter how extreme the damage is. Other forms of homeowners insurance only cover the market value of your house at the time that it is damaged. Of these two options, the former is much safer than the latter.
How to save on home insurance in WV
Make sure that you shop around and compare prices between all of the insurers that cover your area. You can often find a much better deal than you realize at the start of the process.
Compare all possible plans within each insurer’s portfolio to look for the best deal. However, don’t skimp on coverage too much even if it results in a low premium. You need great coverage to make sure that you will be adequately compensated if your home is damaged.
You can find an affordable homeowners insurance policy in West Virginia. It’s great to know that your home will be safe no matter what happens in the future.
For more assistance, please contact your local state department of insurance:
West Virginia Office of Insurance
- (304) 558-3386
Check out West Virginia’s neighboring states
- Kentucky Home Insurance
- Maryland Home Insurance
- Ohio Home Insurance
- Pennsylvania Home Insurance
- Virginia Home Insurance