West Virginia Landlord Insurance
Get a complete analysis of West Virginia landlord insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Landlord Insurance Rates & Companies in West Virginia
There are numerous opportunities for landlords in West Virginia. Whether you have a summer cottage that you rent out or you own an entire apartment complex, landlord insurance is a must. Without this coverage, you might end up having to pay for the costs to repair your rental properties or for lawsuit expenses from your own savings.
Fortunately, an independent insurance agent in West Virginia can help you find all the landlord insurance you need. Your agent will ensure you get set up with the right policy for the job. First, though, here's a deep dive into West Virginia landlord insurance requirements, costs, coverages, and more.
Best Landlord Insurance Companies in West Virginia
While landlord insurance is available from many different carriers in West Virginia, not all coverage options are created equal. When you're looking for quality coverage and competitive rates, you want to know exactly where to look. That's why we've put together a list of just a few of our recommendations for the best landlord insurance companies in West Virginia for you. Start your coverage journey here.
- REinsure Pro: This insurance company sells landlord insurance and many other types of property insurance. REInsure Pro has an excellent rating from the Better Business Bureau (BBB) and is known for its fast claim responses.
- Progressive: This insurance company sells landlord insurance and many other types of personal insurance and business insurance. Progressive has outstanding financial strength, numerous discounts, and 24/7/365 customer service.
- Encova: This insurance company sells landlord insurance and many other types of personal and business insurance. Encova has great ratings from both AM Best and the BBB and offers 24/7 claims reporting.
A West Virginia independent insurance agent can compare landlord insurance quotes from these top-rated carriers and others who offer coverage in your area.
What Is Landlord Insurance?
Renting out your home or property requires different coverage than just occupying your home. Landlord insurance provides coverage for the structure of your rental property, also known as the dwelling, in case tenants damage or destroy it. These policies also include liability coverage because landlords risk getting sued by tenants or guests for injuries and personal property damage. Overall, landlord insurance is fairly similar to homeowners insurance, but it's not exactly the same.
How Is Landlord Insurance Different from Home Insurance?
Landlord insurance has some components of business insurance in it as well. That's because landlords generate income and profits from their tenants by charging rent, and typical homeowners don't make money from their homes. Landlord insurance includes loss of income coverage in case tenants cannot occupy a rental unit for a while after a fire, break-in, or another covered disaster.
This coverage can reimburse the landlord for the rental income and other expenses during this temporary lapse in business operations. Home insurance doesn't offer this critical protection.
Is Landlord Insurance Required in West Virginia?
No, state law doesn't require landlord insurance in West Virginia. However, many landlords feel most comfortable after they've secured coverage. Without landlord insurance, you could end up having to pay to cover lawsuit expenses on your own.
You might also have to finance the repairs or rebuilding of various rental units if they get damaged, vandalized, or destroyed. These losses could be catastrophic to cover on your own if you lack landlord insurance.
What Landlord Insurance in West Virginia Can Cover
You can create the landlord insurance policy that works best for you by choosing from a long list of coverage options. In West Virginia, you can typically add the following to a landlord insurance policy:
- Liability insurance: This can cover tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Premises medical protection coverage: This covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Dwelling coverage: This can help pay for repairs to your rental property's dwelling and attached structures (e.g., decks and garages) in case fire, smoke, vandalism, windstorms, hail, falling objects, or your tenants damage or destroy your property.
- Other structures coverage: This covers losses related to the damage or destruction of detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
- Loss of income coverage: This can reimburse you for lost rental income and provide a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Optional coverage: Landlords may want to add more coverages to their policy, and some additional options to choose from include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
A West Virginia independent insurance agent can work with you to assemble a landlord insurance policy that makes sense for your specific business operations.
What Landlord Insurance in West Virginia Will Not Cover
West Virginia landlord insurance comes with a certain set of coverage exclusions you must be aware of. Don't expect your policy to cover any of the following hazards or expenses:
- Loss, theft, damage, or destruction of your personal property
- Rental property wear and tear
- Flood or earthquake damage or destruction
- Routine maintenance costs
- Water or sewer backup damage or destruction
- Intentional or malicious acts to third parties
As it's sold, landlord insurance typically doesn't cover these perils and costs. However, endorsements are often available to add to your policy that can provide coverage for incidents like flood and earthquake damage, etc.
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Average Cost of Landlord Insurance in West Virginia
West Virginia has fairly affordable rates for landlord insurance, at an average of $1,213 per year. The cost of your exact policy may vary, however, based on the following criteria and more:
- The age, size, and condition of your rental units
- The number of "attractive nuisances" at your rental units, such as pools
- Your claims history
- The exact location of your rental units
- The number of rental units you own
If you want to save even more money on your West Virginia landlord insurance, ask your agent or your insurer about any discounts you may qualify for.
Popular Questions about West Virginia Landlord Insurance
You're not required by law to have landlord insurance in West Virginia. However, many landlords still decide to get coverage to have protection against expenses related to lawsuits and more.
Yes, West Virginia landlord insurance covers tenant damage to rental unit dwellings. However, don't expect your landlord insurance to cover tenant damage to your personal property.
It costs about $1,213 annually to get landlord insurance in West Virginia. The cost of your coverage may vary, though, depending on the number of rental units you own, their value, and other factors.
We found that REinsure Pro is the best landlord insurance company in West Virginia this year. REInsure Pro offers excellent coverage options and rates and easily earned our top recommendation.
You'll likely want to require your tenants to get renters insurance before allowing them to sign their leases. Landlord insurance isn't designed to cover renters' personal property, and landlords aren't required to offer this coverage in any other way.
In West Virginia, landlord insurance doesn't typically cover expenses related to evicting tenants. Sometimes, you may be able to add an endorsement to your policy to include coverage for eviction costs, though.
West Virginia independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Charleston or wherever you reside.
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