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On average, American homeowners pay $1,211 per year for their home insurance coverage. However, in West Virginia, the average annual premium is much lower at $940 a year. This is great news for property owners who are looking for affordable home insurance. Shopping around for the best price can ensure that you are not overpaying for your coverage.
Homeowners insurance is important because hazards like severe weather, accidental fires, and property crimes can result in expensive losses for West Virginia homeowners who are not insured.
Your home insurance policy is designed to cover you against many of the hazards you are likely to face as a property owner in West Virginia. Whether your property has been lost or damaged due to a severe storm, a house fire, or a rash of burglaries, you can gain peace of mind from knowing that a suitable West Virginia homeowners insurance policy can absorb your financial losses.
Let’s look at some of the things your West Virginia homeowners insurance policy can do for you:
We can’t be 100% certain, but in 2019, insurance companies paid out more than $244 million in home insurance claims in the state of West Virginia alone. That's a lot of unfortunate events happening to West Virginia homeowners!
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.
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:
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.
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.
No single insurance company is “best” for everyone. The trick is finding the policy that is best for you.
That is why independent agents obtain and compare customized rates from multiple companies. That way, they can find you the coverage that is most able to meet your coverage and budgetary needs.
Yes! There are currently 109 independent insurance agents in West Virginia who are ready to help.
These experienced agents aren’t tied to a single insurance company, so they can work with several competing providers to find you the best policy at the lowest rate. Contact an independent insurance agent near you to discover how easy shopping for coverage can be.
National average burglary rate 4.69 per 1,000 homes
National average home value $188,900
National average home insurance cost $1,173 year
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