Getting a Condo Insurance Quote in West Virginia
Many residents of West Virginia choose the convenience of living in condos. But choosing the right insurance for your condo could be confusing. No need to fret, we have got your back. We will help you find the right policy for your needs at the best price. What influences the price of a yearly condo insurance in West Virginia? We have listed the key factors for you so you can keep them mind as you negotiate the final cost of your condo insurance. Our goal is to make the purchasing process for you as easy as can be.
West Virginia Condo Insurance Statistics at a Glance
Given the numerous factors that affect the price of condo insurance in West Virginia and considering that property values are on the rise, insurance policies can be on the expensive side. As a matter of fact, West Virginia is rated the 10th most expensive state in the country for condo insurance. West Virginia residents pay an average of $131 per month or $1,577 annually in condo insurance premiums. Despite West Virginians spending more on condo insurance, its good to know that market trends show that the rates are becoming more affordable. Overall, most cities in West Virginia have comparable average monthly rates for condo insurance, with Martinsburg, WV shown to be the lowest priced city at $46.50 per month or $558 annually. Huntington, WV, on the other hand, has the highest condo insurance rates in the state at $62.29 per month or $747.50 annually. The rates in condo insurance also differ significantly depending on the insurance company, which is why its important to do a bit of research to find the best condo insurance in West Virginia.
$484
Average Annual Cost of Condo Insurance in West Virginia
The average cost of condo insurance in West Virginia on an annual basis is $484.
$40
Average Monthly Cost of Condo Insurance in West Virginia
The cost of condo insurance in West Virginia is roughly $40 per month.
24%
Percentage of Income on Ownership for Condos in West Virginia
Residents of West Virginia spend an average of 24% of their income on condo ownership.
33 years
Median Age of a Property Which Requires West Virginia Condo Insurance
The average age of a property requiring condo insurance in West Virginia is roughly 33 years.
What Affects the Costs of Your Condo Insurance in West Virginia
There are several variables that cause shifts in condo insurance prices in West Virginia. Insurance companies use these variables to calculate your individual risk and policy requirements and provide you with a precise quote for your condo insurance coverage. But there are many factors beyond your control that could also influence the cost of your condo insurance in West Virginia. These factors include the location of your condo, the age of your condo, and its construction quality. In some cases, you may even be eligible for discounts. But there are also some factors in your control that could harm or benefit the final price of your West Virginia condo insurance cost, such as your credit history, your claims history along with other condo insurance suppliers, your driving record, the sum of personal belongings in your condo, other residents of your condo, and whether you rent or own the condo. To enable you to obtain the best possible quotation for your West Virginia condo insurance, we advise you to be well prepared with this information beforehand.
Average Cost of Condo Insurance in West Virginia by City
The most conventional type of condo insurance in West Virginia is the HO6 insurance plan. Whether you are living the big city life in Charleston or Huntington, or even own a condo in a smaller city like St. Albans, you will probably require H06 insurance for your condo. To give you an idea of how much it will cost to insure your condo, we have done the hard work for you and gathered a complete list of estimated condo insurance quotes for the city of West Virginia. As these averages are based on all insurance prices per individual town or city in West Virginia, the final price of your condo insurance may differ to that quoted below, and will depend on the location of your condo.
| City in West Virginia | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Charleston, WV | $56 | $674 |
| Huntington, WV | $62 | $748 |
| Morgantown, WV | $48 | $574 |
| Parkersburg, WV | $52 | $621 |
| Wheeling, WV | $48 | $580 |
| Weirton, WV | $50 | $595 |
| Fairmont, WV | $50 | $605 |
| Martinsburg, WV | $47 | $558 |
| Beckley, WV | $59 | $710 |
| Clarksburg, WV | $48 | $577 |
| Teays Valley, WV | $56 | $671 |
| South Charleston, WV | $55 | $656 |
| Vienna, WV | $51 | $609 |
| St. Albans, WV | $56 | $673 |
Choosing the Best Condo Insurance Company in West Virginia for Your Needs
Buying your long-term peace of mind means spending time and effort now in finding the best condo insurance provider for your needs. Be diligent in your search for the most extensive condo insurance, do not just settle for the cheapest. Insuring your condo means insuring yourself, your space, and your possessions. The best strategy for finding the most suitable condo insurance provider for your property is comparing different insurance providers in West Virginia. A reliable insurance provider will not force you to make a quick decision or pay for what you do not need. Look for condo insurance companies that benefit their long-term customers with discounts or provide bundle insurance discounts. Make sure that your chosen provider is licensed. You can check the West Virginia Department of Insurance website to find out the licensing status, financial stability, and criticism history of your chosen insurance provider.
The Top Rated Condo Insurance Companies in West Virginia Based off Consumer Ratings
State Farm holds the top place at being the largest condo insurance provider in the United States for more than 50 decades. In West Virginia, a study done by JD Power showed that State Farm scored a 4 out of 5 (higher than the average) in the coverage offerings, billing and payment, customer support and claims. State Farm also obtained a NAIC criticism ratio of 0.2. Like many condo insurance companies in West Virginia, they offer premium discounts on condos that were built or renovated to withstand any natural disasters that may occur in The Mountain State. When considering pure metrics of condo insurance companies in West Virginia independently, Erie has the highest JD Power rating in the state at 5, while Liberty Mutual has the cheapest at 2. Westfield comes in as the condo insurance provider in West Virginia which has the cheapest NAIC criticism ratio at 0.12, while Liberty Mutual has the highest NAIC criticism ratio at 0.53.
| West Virginia Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in West Virginia | 4/5 | 0.2 |
| Erie Ratings for Condo Insurance in West Virginia | 5/5 | 0.18 |
| Nationwide Ratings for Condo Insurance in West Virginia | 2/5 | 0.31 |
| Allstate Ratings for Condo Insurance in West Virginia | 3/5 | 0.31 |
| Liberty Mutual Ratings for Condo Insurance in West Virginia | 2/5 | 0.53 |
| USAA Ratings for Condo Insurance in West Virginia | 5/5 | 0.15 |
| Westfield Ratings for Condo Insurance in West Virginia | N/A | 0.12 |
West Virginia Condo Insurance Requirements
Under the Condominium Ownership Act Uniform, a condo unit resident in West Virginia is permitted to obtain their own personal insurance but is not required to do so. The Act states that if at the time of claim, the condo resident has an insurance policy that covers exactly the same risks as the owner's coverage, then the owner's policy will take precedence and provide the primary insurance. West Virginia law demands condo owners obtain insurance for the entire condominium construction. However, condo unit residents may still need to consider purchasing insurance policies to cover their accountability, their possessions, any condo changes they install, or any event not insured by the owner's coverage.
What's Covered with Your Condo Insurance in West Virginia
While researching condo insurance policies, you will notice that most condo insurance companies in West Virginia will provide standard coverage consisting of construction property policy, personal property policy, liability policy, and loss of use policy. Construction property policy protects you financially from damage to the interior of your condo (walls, floors, tiles) and damage of permanent fixtures caused by a covered event, such as fire. Personal property policy protects your personal belongings, such as clothing, furniture, and electronics, that are lost due to a covered event. With liability policy, you are protected if you are held legally accountable for property damage or injury. Generally, a condo insurance policy in West Virginia covers $100,000 in liability compensation. Loss of use policy will cover your higher living expenses should your condo in West Virginia become uninhabitable due to a covered event, forcing you to move out into a more expensive condo.
| Average Costs of Condo Insurance in West Virginia by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Barbour County, WV | $38 | $453 |
| Berkeley County, WV | $34 | $405 |
| Boone County, WV | $43 | $519 |
| Braxton County, WV | $39 | $464 |
| Brooke County, WV | $35 | $424 |
| Cabell County, WV | $40 | $484 |
| Calhoun County, WV | $40 | $480 |
| Clay County, WV | $39 | $468 |
| Doddridge County, WV | $36 | $431 |
| Fayette County, WV | $40 | $478 |
| Gilmer County, WV | $37 | $444 |
| Grant County, WV | $35 | $425 |
| Greenbrier County, WV | $36 | $427 |
| Hampshire County, WV | $36 | $427 |
| Hancock County, WV | $36 | $438 |
| Hardy County, WV | $36 | $427 |
| Harrison County, WV | $36 | $433 |
| Jackson County, WV | $42 | $501 |
| Jefferson County, WV | $34 | $403 |
| Kanawha County, WV | $39 | $470 |
| Lewis County, WV | $36 | $434 |
| Lincoln County, WV | $45 | $544 |
| Logan County, WV | $49 | $591 |
| Marion County, WV | $36 | $429 |
| Marshall County, WV | $37 | $439 |
| Mason County, WV | $42 | $499 |
| McDowell County, WV | $52 | $628 |
| Mercer County, WV | $44 | $528 |
| Mineral County, WV | $35 | $423 |
| Mingo County, WV | $54 | $647 |
| Monongalia County, WV | $35 | $417 |
| Monroe County, WV | $38 | $458 |
| Morgan County, WV | $35 | $423 |
| Nicholas County, WV | $37 | $444 |
| Ohio County, WV | $35 | $422 |
| Pendleton County, WV | $36 | $427 |
| Pleasants County, WV | $36 | $427 |
| Pocahontas County, WV | $40 | $480 |
| Preston County, WV | $36 | $431 |
| Putnam County, WV | $37 | $449 |
| Raleigh County, WV | $38 | $459 |
| Randolph County, WV | $40 | $485 |
| Ritchie County, WV | $37 | $448 |
| Roane County, WV | $39 | $473 |
| Summers County, WV | $41 | $487 |
| Taylor County, WV | $36 | $436 |
| Tucker County, WV | $38 | $455 |
| Tyler County, WV | $36 | $427 |
| Upshur County, WV | $37 | $447 |
| Wayne County, WV | $46 | $555 |
| Webster County, WV | $39 | $472 |
| Wetzel County, WV | $36 | $426 |
| Wirt County, WV | $40 | $483 |
| Wood County, WV | $39 | $468 |
| Wyoming County, WV | $45 | $538 |
How to Get West Virginia Condo Insurance Discounts
Every insurance provider in West Virginia has their own discount or loyalty program. As you research difference providers, make sure to inquire about discounts that may be available for you and your family. These may include bundled and multi-policy discounts, new client discounts, and loyalty discounts.
| Condo Insurance Deductible | Average West Virginia Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $103 |
| $1,000 | $99 |
| $1,500 | $93 |
| $2,000 | $87 |
| $5,000 | $75 |
Getting the Best West Virginia Condo Insurance Rates
Doing the research is key to finding the best condo insurance policy in West Virginia to fit your savings. Give us a call and we will help you check if any insurance companies can beat what you are paying. You would be surprised! You may also consider asking a friend to consult with their current condo insurance provider and get you a referral discount. You can also save a few dollars a month if you spend a little more on your deductible as the higher the deductible, the lower the cost of your insurance plan. Just make sure your deductible is not too high as in the event of a loss you are responsible for paying any sum up to the deductible. Bundling multiple insurance policies, like a condo insurance and an auto insurance, can also save you some money, so check with your insurance provider if they offer premium discounts on bundles. They may also provide discounts for long-time clients and some of those discounts may save you up to 10% on your premiums. You can also get a lower insurance premium if you focus on keeping your credit rating high, as this is a factor insurance companies consider when providing your condo insurance premium.