West Virginia Home Insurance

If you own a home in West Virginia, you need to know about the laws, policies and costs of home owners insurance in this state. Home owners insurance is a type of property insurance that covers your home and its contents from various risks, such as fire, theft, vandalism, storm damage and liability. Home owners insurance is not mandatory in West Virginia, but most lenders require it as a condition of your mortgage. Home owners insurance can also protect you from financial losses if someone gets injured on your property and sues you for damages.

The cost of home owners insurance in West Virginia depends on many factors, such as the location, size, age and condition of your home, the amount of coverage you choose, the deductible you pay, the discounts you qualify for and the insurance company you select. According to the National Association of Insurance Commissioners (NAIC), the average annual premium for home owners insurance in West Virginia was $1,015 in 2019, which was lower than the national average of $1,249.

The policies of home owners insurance in West Virginia vary depending on the type and level of coverage you purchase. The most common types of coverage are:

- Dwelling coverage: This covers the structure of your home and any attached structures, such as a garage or a deck. It also covers any built-in appliances, such as a furnace or a water heater. Dwelling coverage pays for the repair or replacement of your home if it is damaged or destroyed by a covered peril.

- Personal property coverage: This covers your personal belongings inside your home, such as furniture, clothing, electronics and jewelry. Personal property coverage pays for the repair or replacement of your belongings if they are damaged or stolen by a covered peril. Some items may have limits or exclusions, such as cash, firearms or collectibles. You may need to purchase additional coverage for these items.

- Liability coverage: This covers your legal responsibility if you or a member of your household causes bodily injury or property damage to someone else on or off your property. Liability coverage pays for the medical expenses, legal fees and settlements of the injured party if they sue you for damages.

- Additional living expenses coverage: This covers your extra costs if you have to temporarily move out of your home due to a covered loss. Additional living expenses coverage pays for your hotel bills, meals, transportation and other necessary expenses until your home is repaired or rebuilt.

Home owners insurance in West Virginia does not cover every risk that may affect your home. Some common exclusions are:

- Flood damage: This is not covered by standard home owners insurance policies. You need to purchase a separate flood insurance policy from the National Flood Insurance Program (NFIP) or a private insurer if you live in a high-risk flood zone or want to protect your home from flood damage.

- Earthquake damage: This is also not covered by standard home owners insurance policies. You need to purchase a separate earthquake insurance policy from a private insurer if you live in an area prone to earthquakes or want to protect your home from earthquake damage.

- Wear and tear: This refers to the gradual deterioration of your home due to age, use or neglect. Wear and tear is not covered by home owners insurance policies. You need to maintain your home regularly and make necessary repairs to prevent further damage.

Home owners insurance in West Virginia is regulated by the West Virginia Offices of the Insurance Commissioner (WVOIC). The WVOIC oversees the licensing and supervision of insurance companies and agents operating in the state. It also enforces the laws and regulations governing home owners insurance policies and practices. If you have any questions or complaints about your home owners insurance policy or claim, you can contact the WVOIC for assistance.

Home owners insurance is an important investment that can protect your home and your finances from unexpected disasters. By understanding the laws, policies and costs of home owners insurance in West Virginia, you can make an informed decision and choose the best coverage for your needs and budget.