Best Home Insurance Rates In West Virginia

Compare Homeowners Insurance In West Virginia

Wednesday, January 16 2019 By Jennifer Cramer

West Virginia is at the heart of the Appalachian Mountains. Coal is one of the largest industries in West Virginia, and was first discovered here in 1742. What’s more, The Mountain State has more caves than any other state, and is one of the most cavernous areas in the entire world. But, its beautiful mountains and rolling hills also lead to a number of homeowners insurance risks.

Average West Virginia Homeowners Insurance Rates

How much is home insurance in West Virginia? West Virginians enjoy much lower homeowners insurance premiums than the national average. The average cost of homeowners insurance in the state of West Virginia is $907. That's far lower than the national average of $1,173. Only 11 states have lower average home insurance rates than West Virginia.

West Virginia (WV) Average Annual Homeowners Insurance Rates

	2013	2014	2015
West Virginia Annual Average	$844	$877	$907
West Virginia Price Per Month	$70	$73	$75
US Annual Average	$1,096	$1,132	$1,173
US Cost Per Month	$91	$94	$98
National Rank	38	38	40
Source: Facts + Statistics: Homeowners insurance

The graph below shows the change in average West Virginia home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, West Virginia homeowners insurance rates increased from $743 in 2011 to $907 in 2015, a jump of $164 dollars, or 22.07 percent.

Choosing a homeowners insurance company in West Virginia should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the cheapest rates is to get a homeowners insurance quotes comparison in West Virginia from multiple companies.

Best West Virginia Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of West Virginia. Out of the 4,409 West Virginia homeowners that used QuoteWizard to request insurance quotes last year, 613 had no home insurance.

Best Homeowners Insurance Companies in West Virginia

The above list shows the most popular home insurers in West Virginia according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

Top West Virginia Home Insurance Company Market Share

Source: Insurance Information Institute

Rank	Company	Financial Rating	Market Share
1	Erie Insurance Group	A+	15.4%
2	Nationwide	A+	13.6%
3	Allstate	A+	9.1%
4	Liberty Mutual	A	5.5%
5	Westfield Group	A	4.3%
6	USAA Insurance	A++	3.9%
7	WV Farmers & Mechanics	B++	2.7%
8	State Auto Insurance	NR	2.6%
9	WV Insurance	A	2.0%

West Virginia Home Insurance Rate Factors

How much does homeowners insurance cost in West Virginia? Insurers look at many factors when calculating your rates. The most important criteria are a mix of personal and regional elements.

Your Personal Rate Factors

Your House

The house itself will, of course, be the starting point insurance companies use to figure out your premium. There are a few home features that are most relevant to your insurance rates:

Your home’s age

House age is a huge factor in what your rate is. Generally speaking, older homes have higher insurance rates. Why? Claims become more common as a house ages. A claim becomes even more likely if the house is ill-kept.

According to the census, over half of the houses in West Virginia (54.2 percent) were built between 1970 and 2009. As far as a house is concerned, that’s not too old. However, 16.2 percent of the houses in WV were built before 1940. These homes are definitely a higher risk, and they will likely come with higher insurance rates.

Roof quality

The state of your roof is a core factor in your home insurance rates. Older or poorly cared for roofs are at risk for severe damage with any storm. In other words, having a shoddy roof makes you more likely to file an expensive claim. Insurers charge higher rates to cover such homes.

For West Virginia’s high levels of precipitation, metal roof tiling is a good investment. Metal roofing sheds rain and snow better than any other roof type. And they’re long-lasting. The lifespan of a metal roof is between 50 and 100 years of age, and most come with at least a 30-year warranty. The downside to a metal roof is that they can be damaged or dented with falling objects, and they’re the most expensive type to replace.

Regardless of your home’s roof type, make sure it’s well maintained and within its lifespan.

Your home’s replacement cost

Replacement cost equals the dollar amount needed to rebuild a home. It’s based on your home’s size, style, materials, and general finish. Your dwelling/structure coverage should equal your replacement cost. And dwelling/structure coverage is a pivotal part of a homeowners policy.

Your home’s market value and its replacement cost are two separate things. The market value of a home is not an accurate sign of what a home would cost in material and labor to replace. And replacement cost doesn’t account for land value. Because of this, it could cost more to replace a $95,000 home in Wheeling than a $188,000 home in Morgantown, for example.

Claims History

It is an unfortunate fact that when you file a homeowners claim, a rate increase will follow. Any claim you make stays on your record for an average of five to seven years. Should you file another claim within that timeframe, expect a huge spike in your premium. You may even find it tough to find a company to cover you after multiple claims. Assess the need to make a claim if your home is damaged. If the dollar amount is less than or around your deductible, it’s probably going to be worth your while to pay out of pocket.

Pets

According to the AVMA, West Virginia has the country’s second highest number of households with pets. If you’re a dog owner in WV, be aware that some insurers deem certain breeds as high risk. These insurance companies may even refuse coverage for owners of these breeds. Be sure to check your policy or talk to an agent.

Credit Score

Your credit score is an important factor in your home insurance rates. Unfortunately, if you have bad credit, you’ll face higher insurance rates. The average credit score in West Virginia is 680, a little below the national average of 682.

West Virginia Rate Factors

Weather

Weather is a regional factor that plays a major part in your rate. If your area has a history of bad weather and natural disasters, insuring your home will cost more than average. According to World Atlas, West Virginia has the 18^th highest natural disaster risk.

West Virginia sees an average of 42.2 inches of rainfall and 36 inches of snow per year. Both numbers are well above national averages. Make sure your gutters are properly cleaned out and unclogged. Snow overload is a significant issue in WV as well. If snowfall on your roof weighs more than what the structure load can handle, it can collapse your roof. Take steps to remove heavy snow from your roof.

Property Crime

A house in an area with high property crime rates will face higher rates. Property crime rates vary from city to city in West Virginia, so the risk isn’t the same across the state. As an example, Beckley has a property crime rate of 65.23 per 1,000 people. Morgantown, on the other hand has a property crime rate of 26.78 per 1,000 people. This means Beckley will likely have higher home insurance rates.

What you can do to reduce insurance rate hikes due to crime is home prevention. Consider installing a home security system. It gives both peace of mind and potentially lower rates.

Types of Home Insurance Policies

• HO-1: The is the minimum policy available. It covers the basic named perils like windstorms, hail, and theft.
• HO-2: Covers exactly what the HO-1 does, but includes more perils such as HVAC, plumbing overflow and appliances.
• HO-3: This the most commonly held policy due to how much it covers. Unless a peril is explicitly excluded, the HO-3s covers it. This policy includes coverage for house structure, attached structures such as decks or garage, liability, and your belongings.
• HO-5: A premium comprehensive policy with fewer exclusions than the HO-3
• HO-6: Coverage for condo liability, interior and belongings in the unit.
• HO-7: This is coverage for mobile and manufactured homes, which aren’t covered under other home policies.
• HO-8: This policy type is for older homes. It provides replacement coverage for houses that would normally be costly to fix due to the age of materials used.

West Virginia Offices of the Insurance Commissioner

Website:

Homepage

Insurance Commissioner:

Allan L. McVey

Insurance Hotline:

(888) 879 – 9842

Office Hours:

Monday - Friday
8:00 am to 5:00 pm

File a Consumer Insurance Complaint

Complaint Page

Sources:

• A.M. Best Insurance Carrier Ratings
• Insurance Information Institute – Home Insurance Market Share in West Virginia
• NAIC--Home Insurance Market Share in West Virginia
• Average Home Insurance Rates in West Virginia
• Average Home Listing Price in West Virginia

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