Insurance companies calculate home insurance costs according to how valuable your property is and how likely it is that something bad will happen to it.
The higher the probability that a damaging event will affect your property, the more expensive your home insurance policy will be. Let’s take a look at how risky West Virginia is compared to the rest of the US.
The good news is that the overall burglary rate in West Virginia is a bit lower than the national average. This has a positive influence on insurance rates in this state.
- Average number of burglaries per 1,000 homes in the US: 3.76
- Average number of burglaries per 1,000 homes in WV: 2.97
Your home insurance can cover your losses if you are the victim of a property crime. Of course, you will still want to reduce your risk of being targeted for a burglary. Many insurance companies offer policy discounts if you have a burglar alarm, deadbolt locks, and other security features installed in your home.
Severe weather events, such as hurricanes and electrical storms, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
West Virginia Weather Risk Factors:
- Number of federally declared disasters since 1953: 73
- Most common causes of disasters in the state: Floods, severe storms, and hurricanes
- Average number of tornados per year in the state: 2.4
- Amount paid in home insurance claims in 2019: $244,752,000
Be aware that flood damage is not covered by homeowners insurance. For that, you will need to supplement your coverage with a flood insurance policy. A local independent insurance agent can help you find and secure an affordable policy.
The size of your home can affect your home insurance rates, since larger houses tend to have more personal property inside them. The estimated cost to rebuild your home will also play a large role in how much your home insurance costs.
- Average home value in the US: $188,900
- Average home value in WV: $130,328
In West Virginia, the average home value is lower than the national average. This is one reason why insurance rates in this state are lower than the national average rate.