It’s a good idea to invest in renters insurance in West Virginia as you can protect your valuable possessions at a low price. The average rate of renters insurance in the state is $10 per month. To help you discover suitable options at the best price, MoneyGeek ranked the leading renters insurance firms across West Virginia on the main factors of customer service, financial strength and affordability.
The Best and Cheapest Renters Insurance in West Virginia for 2021: Rankings, Reviews and Rates
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.
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Best Renters Insurance Companies in West Virginia
In addition to pricing, most consumers want to know that their provider will support them with effective and timely service in claims processing and compensation.
To locate the best renters insurance companies in West Virginia, MoneyGeek scored firms on the factors of affordability, customer service scores (obtained from J.D. Power and Associates) and financial stability ratings (from AM Best). The research shows that Allstate is the best renters insurance carrier in West Virginia, with a score of 94.6 out of 100.
Each standard Allstate policy includes coverage for additional living expenses. Besides standard coverage, Allstate presents additional features such as increased coverage for business property, identity theft restoration, flood insurance, personal umbrella policy and scheduled personal property. Allstate offers a mobile app that customers can use to manage their accounts and file and track their claims.
Apart from basic coverage, State Farm provides add-ons such as pet medical insurance, personal articles policy, identity restoration, additional liability coverage, additional business property, earthquake damage and incidental business liability. State Farm provides discounts for home security systems, smoke detectors, burglar alarms and bundled policies.
USAA's basic policy covers floods, storms and earthquakes. This provider offers a popular and helpful mobile app. USAA presents discounts for property location, bundled coverage and security measures such as deadbolt locks, smoke detectors, alarm systems and more.
Pros of Nationwide's services include stolen credit card coverage in the basic policy and a personalized, free review for members. Optional coverages include water backup, valuables plus, brand new belongings, earthquake and theft extension. Rebates include claims-free, protective device and multi-policy discounts.
Largest Renters Insurance Companies in West Virginia
Based on market share, the three largest insurance carriers in West Virginia are State Farm (25.36%), Erie (18.91%) and Nationwide (9.74%). These three providers contribute about 54% of the renters insurance plans in the state. Ideally, you should select a large insurer as it is more likely to pay your claims without a hassle.
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Average Cost of Renters Insurance in West Virginia
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The average rate of renters insurance in West Virginia is $121 a year, $38 less than the U.S. annual average of $159. This means a typical renter in the state pays about $10 per month, $3 less than the monthly national average. These prices are for a package that offers personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
To save costs, you should compare renters insurance quotes from several providers. For instance, you can save $39 by choosing the most affordable company, Allstate, over the costliest carrier, Nationwide.
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.
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 important to be aware that renters insurance in West Virginia generally excludes coverage for some common events and issues, such as the following:
- 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.
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.
FAQs About Renters Insurance in West Virginia
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.
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