West Virginia Home Insurance

West Virginia’s homeowners know the importance of maintaining a good insurance policy to protect their biggest investment and largest asset. Keeping it safe from floods, forest fires, and other natural disasters is key, but simply buying a policy and paying your premiums isn’t the only thing to consider. To help West Virginians make the most out of their home insurance policies and make sure they’re getting the best insurance for their money, The Simple Dollar has drawn together a number of resources and information to educate and inform West Virginia homeowners.

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Stats in Your State

To help you get a handle on what makes the insurance industry tick, we’ve visualized a number of useful statistics and data sets so homeowners can compare how their rates stack up and see the factors that drive homeowners insurance in West Virginia.

Homeowner Insurance Premiums

Throughout the 2000s, West Virginia homeowners paid roughly $100 less per year for home insurance than did the average American homeowner. With relatively few natural disasters threatening the state, West Virginia presents a low-risk market for insurers and a secure place to own a home.

Renter Insurance Premiums

West Virginia’s renters insurance premiums mirrored nationwide increases from 1999 through the mid 2000s; but instead of decreasing like the national average late in the decade, they plateaued at roughly $175 per year. A relatively stable economy and a stable population base contribute to the consistent rates.

Existing Home Sales

Like the U.S. as a whole, West Virginia’s housing market followed a pattern of boom and bust during the mid and late 2000’s. From a record high of 38,000 existing homes sold in 2005, the market tanked in the following years, losing a third of its volume, with 25,500 existing homes sold in 2008.

Flood Insurance in Region

West Virginia homeowners claimed less than $900,000 in flood damages in 2011 and 2012, significantly less than most states in the South Atlantic region. West Virginia’s mountainous terrain makes flooding a rare occurrence for many homeowners, contributing to the low cost of flood insurance and the low volume of overall claims.

Homes Built

West Virginia homes have steadily increased in number in each decade since the 1930s, due in large part to West Virginia’s strong mining industry. The Census Bureau estimates that more than half of West Virginia’s homes have been built following 1970.

Rules in Your State

The West Virginia state legislature has set forth specific guidelines for how insurers must conduct their business, in terms of investments and claims on the ground. Those guidelines can be read at length here (unfair practices) and here (insurance rules).

Representatives & Resources in Your State

Below readers will find links to state agencies who can provide additional information and guidance on all things related to homeowners insurance and disaster preparedness across the state. For consumer advocacy and assistance with difficult insurance issues, contact the Office of the Insurance Commissioner at the links below.

West Virginia Offices of the Insurance Commissioner
PO Box 50540
Charleston, WV 25305-0540
(304) 558-3386
Contact Information
Complaint Form
Consumer Insurance Brochures

Federal Emergency Management Administration: Region 3
Despite West Virginia’s relatively low incidence of natural disasters, FEMA is still an invaluable resource for homeowners when disaster strikes. Visit their site for tips on disaster preparedness and safety in advance, as well.