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CheapRenters InsuranceWest VirginiaThe Best and Cheapest Renters Insurance Companies in West Virginia for 2023: Rankings, Reviews and Rates
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To help you discover which insurers offer the best service at the best price, MoneyGeek ranked the leading renters insurance firms across West Virginia by evaluating customer service, financial strength and affordability.
CheapRenters InsuranceWest VirginiaThe Cheapest Renters Insurance in West Virginia
Cheap Renters Insurance Companies in West Virginia
Many renters like to choose the cheapest policy that offers sufficient coverage. The two most affordable renters insurance firms in West Virginia on average are Allstate and State Farm. An Allstate plan typically costs an average of $103 per year, while State Farm charges $119 annually on average.
The average yearly and monthly premiums of each renters insurance carrier are based on prices acquired from multiple ZIP codes across West Virginia. The costs are for a policy with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
$20,000
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Best Renters Insurance Companies in West Virginia
Allstate provides the best renters insurance in West Virginia, with a score of 96.80 out of 100 on MoneyGeek’s rating system.
MoneyGeek identified the best insurers in the state based on various factors, including customer service scores from J.D. Power, affordability and AM Best’s stability scores.
The best insurers balance affordability and quality, which is essential if you need a company that offers excellent customer service. However, these companies may not always provide the cheapest coverage.
1
Allstate
Score:97
Allstate is the best-rated renters insurance company in West Virginia according to MoneyGeek’s ranking system. The company scored the highest on the affordability score and ranked well in stability. However, it ranked the lowest for customer satisfaction. Allstate offers coverage for damage resulting from floods.
More About Allstate
Allstate offers renters insurance in every state. Customers may purchase four additional coverage options, which is lower than the industry average of seven. Policyholders may also qualify for five types of discounts, which matches the industry average. There is a unique retiree discount offered by the company.
Allstate has a robust online system where customers can request personalized quotes, file claims, make payments and calculate their premiums. They can even file and track their claims using the mobile app.
Read MoneyGeek's Allstate renters Insurance Review2
State Farm
Score:89
State Farm ranked second-best in West Virginia and had the highest financial stability score. The insurer also scored second-highest on customer service. State Farm offers a personal injury umbrella policy to its renters insurance customers.
More About State Farm
State Farm’s renters insurance policies are available in every state. The insurer features three additional coverage options, which is less than the industry average by two. Additionally, the insurer only provides two discounts to eligible participants, including the multi-policy and protective device discounts. This is less than the industry average of five.
State Farm allows you to manage your insurance policy online and through its mobile app. The insurer also provides a flexible payment plan that includes setting up automatic payments and going paperless.
Read MoneyGeek's State Farm renters Insurance Review3
USAA
Score:82
USAA had the highest customer satisfaction and financial stability scores, making it the third-best renters insurance provider in West Virginia. However, USAA only provides policies to military families. Policyholders get flood coverage to protect against damage caused by flooding.
More About USAA
USAA’s renters insurance coverage is available in all states. The insurer offers seven add-on coverages, matching the industry average. However, it only provides four discount opportunities, which is fewer than most other insurers offer. Policyholders can get coverage for their collectibles and earn a discount for being claims-free
The mobile app lets customers manage various insurance services. However, to get a personalized quote online, you will need to undergo screening to verify your eligibility.
Read MoneyGeek's USAA renters Insurance Review4
Nationwide
Score:73
Nationwide is the fourth-best renters insurance company in West Virginia. It scored well in customer satisfaction and stability but ranked lower in affordability. Nationwide provides optional loss assessment coverage to policyholders.
More About Nationwide
Nationwide is only available in 43 states, excluding Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey and New Mexico. However, the company offers more additional coverage options than the industry average, including theft extension, credit card coverage and loss assessment coverage which are not common to other insurers. It does fall a little short in terms of discount options, with four as compared to the average of five across other insurers.
Nationwide allows you to get a personalized quote through their website. The mobile app also lets you manage your policies and file your claims more efficiently.
Read MoneyGeek's Nationwide renters Insurance ReviewMONEYGEEK EXPERT TIP
Renters in West Virginia can save more money in the long run by purchasing the best renters insurance policy. Policies that cost a little more may provide a better customer experience and higher coverage limits than the cheapest option.
Largest Renters Insurance Companies in West Virginia
The largest renters insurance providers are often more stable financially. Getting your policy from these types of insurers can give you the confidence that your claims will be paid out quickly. These insurers also tend to invest more in customer service, giving you a better user experience.
Company | Market Share | |
|---|---|---|
1. | State Farm | 25.4% |
2. | Erie | 18.9% |
3. | Nationwide | 9.7% |
4. | Allstate | 7.7% |
5. | Liberty Mutual | 5.7% |
Average Cost of Renters Insurance in West Virginia
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renters insurance is equal to the average.
The average annual cost of renters insurance in West Virginia is $121 per year, which is $38 less than the national average.
For this research, MoneyGeek used a sample renters policy with $20,000 in personal property coverage, a liability coverage limit of $100,000 and a deductible of $500.
Renters insurance costs in West Virginia vary based on your personal property coverage amounts. Choosing a policy with a higher coverage amount translates to higher costs. MoneyGeek's personal property calculator below can help you compare rates for different personal property limits.
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MONEYGEEK EXPERT TIP
To save costs, MoneyGeek recommends that renters compare quotes across multiple insurers. For example, getting your policy from Allstate, the cheapest in West Virginia, instead of Nationwide, the most expensive insurer, can save you up to $38 per year or $3 per month.
What Factors Impact Renters Insurance Cost in West Virginia
Multiple factors affect your renters insurance premium. Make sure you understand how the following elements of your personal profile can increase or decrease the rates you pay for renters insurance.
Location
Your ZIP code is important because neighborhoods with a higher risk of crime or adverse weather conditions generally have higher premiums.
Coverage Amount
If you wish to buy add-on coverage, you’ll need to pay more for your premiums.
Deductible
The deductible is the fee charged by your insurance provider to process your claim. A plan with a higher deductible will have a lower monthly cost, as your out-of-pocket expenses will be higher if you file a claim.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
ACV plans account for the fact that your goods lose value over time, so they’ll reimburse you depreciated values for your used goods. RCV policies will compensate you for a new product of similar quality and kind. Generally, RCV packages are costlier than ACV, as they offer higher reimbursement for claims.
Credit Score
To qualify for discounts, you should maintain an excellent credit score. If your credit score is bad, you’d probably need to pay a higher premium as your provider may think you’re more likely to file claims.
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Renters Insurance in West Virginia: What You Need to Know
Renters insurance in West Virginia is a low-cost method to safeguard your assets from unexpected disasters like bad weather conditions, fire or burglary.
In West Virginia, renters make up about 25% of the population, and the average rent price is $727 per month. For a standard plan with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly rate is $10, which is 1.39% of the price of rent.
What Renters Insurance Typically Covers in West Virginia
To file a successful claim, it’s essential to know exactly what your policy covers. Most renters insurance plans in West Virginia offer basic coverage for personal property, liability insurance, additional living expenses and medical payments.
In West Virginia, personal property insurance generally covers damages caused by major natural disasters like wildfires, thunderstorms and others.
What Renters Insurance Typically Does Not Cover in West Virginia
It’s smart to arm yourself with information on what your renters insurance policy in West Virginia covers and excludes. With this knowledge, you can find the right coverage and file an accurate claim.
It’s important to be aware that renters insurance in West Virginia generally excludes coverage for some common events and issues, such as the following:
- EventDescription
Flooding
Coverage may include water damage from a broken pipe or main but not flooding due to weather events. If you live in an area prone to flooding, you can get coverage via the National Flood Insurance Program (NFIP).
Earthquake Damage
Your policy will generally not include earthquake damage. You need to purchase additional coverage if you want protection from earthquakes.
Structural Damage
Your landlord needs to get protection for the building’s frame and structure. Your renters insurance does not cover the building itself.
Roommate Property
Your roommates need to get their own protection as their belongings are excluded unless you include them in your policy.
Expensive Items
For high-end items that exceed policy limits (like electronic gadgets or jewelry), you need to get extra coverage.
MONEYGEEK EXPERT TIP
To learn more about renters insurance in West Virginia, what will be included in your policy and any other relevant information you’d like to know, visit the West Virginia Department of Insurance website. This agency provides a variety of information for insurance consumers and answers common questions about insurance in the state.
Renters can contact the agency using the following channels:
- Office Address: West Virginia Lottery Building, 900 Pennsylvania Ave., Charleston, WV 25302
- Consumer Hotline: 1-888-879-9842
- Email Address: OICConsumerServices@wv.gov
- Office Hours: 8:30 a.m. to 4:30 p.m. Monday through Friday, EST
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FAQs About Renters Insurance in West Virginia
MoneyGeek analyzed renters insurance companies in West Virginia to help you secure the best coverage for your needs. Here are some frequently asked questions about renters insurance in the state that you should know.
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Renters Insurance in West Virginia Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from four of the top insurance companies in West Virginia provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across West Virginia. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- USAA. "Renters Insurance - Get a Quote Today." Accessed March 31, 2022.
- West Virginia Offices of the Insurance Commissioner. "Home." Accessed March 31, 2022.