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Landlords have to think of many things, such as protecting their properties through landlord insurance. However, that won't cover the tenant's items. They'd need renters insurance for that.
You might wonder what West Virginia renters insurance is and why it's necessary. You'll learn about that in today's article. The West Virginia Insurance Commissioner has put out a pamphlet about renters insurance, as well. You might want to read it or direct tenants to it for more information.
What Is West Virginia Renters Insurance?
People often wonder what renters insurance is and why it's needed.
West Virginia renters insurance protects a tenant's belongings. It often works for things inside and outside the home and can also offer liability protection. What does that mean?
Overall, renters insurance will cover the tenant's things after a disaster or fire damages or destroys them. Likewise, it protects against theft. The liability coverage extends to damages the tenant does to other people's property and also covers medical expenses if someone is injured in the tenant's unit.
Average Cost of Renters Insurance in West Virginia Per Year
The average monthly rate for renters insurance in West Virginia is about $19 per month, which is $225 per year. However, the price tenants pay can be higher or lower depending on many factors. For example, if the tenant has more items, they will need more coverage, which means higher premiums.
How Much Does Arizona's Renters Insurance Cost (Based on Popular Cities)?
According to ValuePenguin, the cheapest renters insurance premiums are found in Bluefield, Parkersburg, and Cross Lanes. Those in Teays Valley will spend more to get coverage.
Here is a look at the numbers for comparison:
- Teays Valley - $250/year
- Pea Ridge - $231/year
- Parkersburg - $222/year
- Morgantown - $223/year
- Huntington - $223/year
- Cross Lanes - $222/year
- Bluefield - $222/year
Is Renters Insurance Required in West Virginia?
Legally, tenants aren't required to buy renters insurance in West Virginia. However, landlords and property managers have the right to mandate it in the lease agreement. It's wise for them to do so because it will protect them and offer everyone peace of mind.
What Does Renters Insurance Cover in West Virginia?
West Virginia is often seen as a great place to live because it doesn't have many natural disasters to contend with. However, flooding can be a big concern, and most renters insurance providers won't cover it automatically. Tenants might have to get a separate policy to deal with floods.
Overall, here are the things renters insurance covers:
Personal Property Coverage
Personal property coverage is great if the tenant's things are damaged, stolen, or lost. The policy will pay for it all based on the coverage limits.
Medical Payments
If someone gets hurt in the tenant's home, the policy will pay for some or all of the medical expenses.
Loss of Use
If the house is uninhabitable after a covered event, the renters insurance policy will cover additional living expenses, such as hotels and food.
Liability Protection
Liability coverage is there to protect tenants from legal fees and lawsuits if a visitor to the home is hurt or has property damaged.
What Does Renters Insurance in West Virginia NOT Cover?
Typically, West Virginia policies include $50,000 for personal property coverage and $300,000 in liability coverage. Most natural disasters won't be covered, including floods, sinkholes, and earthquakes. Likewise, many policies won't protect a roommate's possessions, car damage, and pests.
How to Choose the Right Policy
The first step for choosing a policy is determining how much coverage the tenant needs. Usually, they need to create an inventory and choose coverage limits that will cover everything if it were all destroyed in a disaster.
Available Discounts in West Virginia
Those in West Virginia might want to keep costs low. It's possible to lower the renters insurance premium by using discounts. Each company is different, but here are some common options:
- Multipolicy discounts
- Age discounts
- Advanced quote discount
- Safety discounts for things like sprinkler systems and burglar alarms
How Does a Renters Insurance Policy Protect the Landlord or Property Manager?
A renters insurance policy can protect the property manager and landlord as well as the tenant.
Here's how:
- The landlord isn't required to pay for damages to the tenant's personal property.
- The landlord's liability protection might not extend to injuries inside the tenant's unit.
- Landlords can allow pets because many policies offer pet-related claims.
Top 5 Best Renters Insurance Companies in West Virginia
Tenants will probably focus on the cheapest renters insurance companies in West Virginia. Knowing what they are can help you decide if they've got adequate coverage, as well. Take a look at the top five choices:
1. State Farm Renters Insurance
State Farm offers the best cheap renters insurance in West Virginia. In fact, most people's monthly premiums are about $14 to $16 per month, which is $5 to $7 less than the state average.
Tenants will likely get great customer service from State Farm, as well. However, there aren't many optional coverages. Though it provides the basics and extended liability and identity theft protection, it misses other useful options, such as extra valuables protection and replacement cost coverage.
2. Nationwide Renters Insurance
Tenants who focus more on the protection they get might find that Nationwide is the best renters insurance provider in West Virginia. It costs roughly $20 per month, so it is more expensive.
However, there are many coverage options. For example, it's the only company on the list with water backup coverage and also offers replacement cost and identity theft protection.
There are mixed reviews about customer service for Nationwide. The National Association of Insurance Commissioners does show fewer complaints than similar competitors, but reviews indicate that it's hard to complete the claims process.
3. Amica Renters Insurance
People who want a dependable West Virginia renters insurance company will like Amica. It rarely receives complaints from customers, and most people say it's a great option.
Plus, the rates are pretty affordable at about $19 per month. However, coverage options are seemingly basic. Still, it's enough for most tenants.
4. SURE Renters Insurance
SURE is another great choice. It's backed by Assurant, which means that it finds the best rates based on the companies available. Likewise, West Virginia renters insurance customers claim that it offers excellent support and service when making a claim.
5. United Security Agency for Renters Insurance
United Security Agency is another choice for those in West Virginia. It protects the tenant's things after vandalism, fire/smoke, theft, and water damage from water heaters, furnace/AC, and plumbing issues.
Most people say it's easy to make a claim if needed, and the prices aren't that bad. Still, the tenant should always compare rates.
What Is DoorLoop?
Owning property in West Virginia can be great as a passive source of income. However, you have so many things to keep track of as the landlord. Let DoorLoop help you. The all-inclusive property management software is ideal for all landlords, including those with mixed-use or commercial portfolios.
You can use DoorLoop to:
- Manage your rental portfolio.
- Manage your accounting.
- Manage your maintenance requests online to reduce calls and texts from tenants.
- Collect rent automatically.
- Offer a tenant portal.
- Build your custom, free website to market vacancies online through Trulia and Zillow and let tenants apply online.
You're probably excited to learn more about DoorLoop. Schedule your demo today!
Why Work with DoorLoop
DoorLoop can also help you require tenants in West Virginia to have a renters insurance policy. They can submit companies themselves and apply directly online through the tenant portal or application. Everything is powered by Lemonade or SURE, depending on the state. Learn more about renters insurance through DoorLoop today!
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