West Virginia Homeowners Insurance Quotes
There are a variety of reasons for West Virginia citizens to consider homeowners insurance. You may also hear this type of coverage referred to as HOI or hazard insurance. If you are shopping around it helps to obtain West Virginia homeowners insurance quotes so you can compare prices and features of different policies from different companies. Sometimes you might find the same policy types vary in cost depending on the insurer. Other things that factor into the price include the replacement value of the home and any additional things that are included on the policy.
As with every type of insurance, there are areas of coverage as well as exclusions, which are things that are not covered. Common exclusions on many homeowners insurance policies include flood damage and termite damage, however in most cases it is possible to add extra coverage to take care of certain exclusions. For example, you can buy flood insurance for your home to supplement your insurance policy. Homeowners insurance is almost always a term policy, which means it covers a particular duration. During the term, the policyholder must make premium payments to the insurance company.
The cost of your premium depends on various factors. As mentioned above, the insurance company you choose has something to do with the price. If there are reasons why your home is less susceptible to damage this may lower the premium cost. Reasons might include things like a home having a sprinkler system, hurricane shutters or other preventative devices installed, or the home being close to the local fire station. These are only examples and the only way to actually find out how much you can expect your policy to cost is to get West Virginia homeowners insurance quotes or submit an official application which will go through the underwriting process before being approved or denied.
The Insurance Services Office, or ISO, is an agency that has been in place since 1971 for the purposes of insurance standardization across the country. The ISO defines seven kinds of homeowners insurance policies that can be obtained. The first is called HO1, the Basic Form Homeowner Policy. This type of policy covers damage from fire, smoke, lightning, volcanoes, wind, hail, theft, vandalism, vehicles, explosions, glass and also includes personal liability coverage. It excludes flood and earthquake damage. As you might imagine this is a common type of homeowners insurance.
HO2 is a policy that covers 17 perils that include the same ones covered by the HO1 policy. It is known as a Broad Form Policy. HO3 is the Special Form Homeowner Policy which excludes earthquake and fire damage but still offers more coverage for homeowners and is often called an all risk policy. If you are interested in renters’ insurance, then you would need HO4. This type of policy covers the personal belongings of renters against the same perils that are covered by HO2 or HO3, depending on the type of renters’ insurance you want. HO5 is the Premier Homeowners Policy, which offers even more comprehensive coverage than the HO3 because it covers damage from any peril not specified as an exclusion. HO6 is a Condominium Policy and HO8 is designed for older homes.
Because this type of insurance can be complex it is wise to speak with an experienced agent who can recommend the right policy for your needs as a homeowner or renter. If you are in the beginning stages of shopping you can get free West Virginia homeowners insurance quotes online. These are only estimates but can be helpful because they provide you with a general idea of how much you can expect to pay.