If you currently live in the Mountain state or are planning to relocate there soon, one of the things you’ll need to consider is the cost of insurance. Although you won’t have issues such as hurricanes and earthquakes to worry about for the most part, there are other elements regarding homeowners insurance West Virginia residents have to consider. For example, because of the mountainous terrain forest fires during the summer and fall are not uncommon. The state also experiences flooding, both slow moving and flash flooding. All of these threats can lead to less than appealing insurance rates. But there are things you can do to lessen your insurance costs and we’ll go over a few of these tips below.
What Are the Cheapest Places in West Virginia?
Although nationwide we pay far less for homeowners insurance, West Virginia residents can still eke out some savings depending on where in the state they reside. The five least expensive insurance rates can be found in these towns:
- Charles Town – $938
- Shepherstown – $953
- Martinsburg – $973
- Lewisburg – $982
- Wheeling – $983
A note regarding Wheeling: Although most of the city of 28,000 enjoys lower insurance premiums, certain parts of the city, namely those in the flood plain, have insurance rates almost twice the amount of other parts. Wheeling Island, a neighborhood which sits in the middle of the Ohio River, is a prime example.
What Are the Most Expensive Places in West Virginia?
On the other hand, you might want to avoid these cities unless you’re ready to pay the highest insurance premiums in the state:
- Logan – $1,848
- Williamson – $1,836
- Madison – $1,602
- Wayne – $1,555
- Ripley – $1,500
So why the disparity between the five highest and lowest insurance rates in the states? One argument could be that several of the five highest cities (Wayne and Ripley) are serviced by volunteer fire departments. Insurers consider a town without an established emergency services staff an insurance risk and therefore adjust premiums upward accordingly. Another issue is a city’s crime rate. Logan has the second highest crime rate in the nation for a town of its size, something that insurers most certainly adjust for.
How To Pick?
Don’t choose a house in a flood plain
The higher the risk of flooding, the more it will cost to insure. You will also most likely have to take out a special flood insurance policy since flood damage isn’t covered by regular homeowners insurance West Virginia residents carry. It’s not cheap and unlike regular insurance, the entire annual premium has to be paid upfront. So, if you want to avoid a chunk of change each year, avoid flood plains. You can find a map of flood plains for the U.S. here.
Pick a house that most likely won’t have claims
This might seem like common sense, but consider this: You find your dream home, but it needs some electrical or plumbing work. Or maybe it needs a new roof. Or maybe you love the giant elm tree in the back yard, so you rationalize that you can get that large branch trimmed later. Then…
there’s an electrical short in the kitchen.
a pipe bursts in the basement
there’s a strong windstorm.
Things that didn’t seem like an emergency at the time, suddenly become huge issues. Whether your kitchen needs a total remodel, your basement is a soggy mess and your HVAC unit is destroyed or you’ve got a big blue tarp where your roof once was, you now have a substantial claim on your insurance and a guaranteed rate hike when everything is over. So to avoid this, either negotiate repairs on your dream home before you buy it, or shave off enough on the selling price so that you can immediately afford to make those repairs.
Maintain your home and get regular insurance checkups
Home maintenance isn’t just about keeping up with the Joneses, it keeps your insurance values in check, too. Making sure your electrical is up to code, your lawn is even and the pavement smooth not only makes your home look and perform as it should, it decreases the chances of insurance claims. You don’t want a neighbor to trip over the uneven pavement of your driveway or on a loose board on your porch steps, that’s just asking for an insurance payout, not to mention a loss of goodwill. Do everything you can to keep your home in tip-top shape and your premiums should stay low. It is also a great idea to have your insurance policy reviewed on an annual basis so you can be sure you are receiving every credit and bonus to help keep the rates as low as possible. And as an added bonus, if West Virginia residents combine insurance policies, such as life or auto insurance with homeowners insurance they can save quite a bit that way, too.
Insuring a home anywhere isn’t exactly a cheap endeavor, but you could do much worse than West Virginia. However, if you keep some of these tips in mind, finding a home in the part of the state that most appeals to you shouldn’t be a problem, and keeping it insured should not be an issue, either.
2 Point Highlight
Home maintenance isn’t just about keeping up with the Joneses, it keep your insurance values in check too.
Although we pay far less for homeowners insurance West Virginia residents can still eke out some savings depending on where in the state they reside.
