Home Insurance in Charleston, WV
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Charleston, West Virginia: A Great Place To Call Home
Charleston is a picturesque historic town in the southwest portion of the state. Founded in 1788 and incorporated in 1794, it became the state's capital in 1885. The city emerged at the junction of the Elk and Kanawha rivers, which provided a strategic advantage in the early years. Today, its location is an ideal spot for adventurers.
Approximately 48,000 people call the city home, although population declines have taken a toll on those numbers. If you love the outdoors, history and cultural events, you are sure to find something to enjoy in Charleston. With an average home value of $257,361 and a cost of living index below the national average, it is also an affordable place to call home.
Just over two-thirds of Charleston adults over 25 have a college degree, which is significantly higher than the national average. It also boasts a high per capita income for the state, although the population includes households from a wide range of socio-economic levels.
The Right Home Insurance To Mitigate Local Risks
Standard home insurance in Charleston, WV, usually includes liability insurance, coverage for a main dwelling and additional structures and a limited amount of personal property protection insurance. These provide a basic set of protections for most common occurrences. However, they may be insufficient for specific risks you face in the city.
Risks of Living in Charleston, WV
The rivers that made Charleston's location ideal for settlement also pose risks for today's homeowners. Risk Factor assigned the city an extreme risk designation for flooding, with nearly half of its properties at risk from a flood over the next 30 years. This is a major concern since flood damage is not usually covered by a standard home policy. Purchasing additional flood insurance may be advisable if your home is located in a high-risk area or FEMA-designated flood zone.
The analysis also concludes that roughly 81% of Charleston properties have at least some risk from wildfire damage in the next 30 years. This type of damage is typically covered under home insurance in Charleston, WV.
Another risk that residents need to be aware of is the city's high crime rate. Best Places notes that the property crime index in Charleston is 95, which is more than three times the state average. Its overall crime rate also ranks among the highest of similarly sized cities in West Virginia.
Factors Impacting Home Insurance Costs
Location is just one of the many factors that impact how much you pay for home insurance in Charleston, WV. Some, such as your age, you cannot control. However, you do have control over others, including your credit score, claims history and the size, age and location of your home. It is important to understand how each of these affects your premium.
Charleston homeowners with good credit can expect to pay about $1,135 per year for home insurance. That figure is slightly lower than the state average and significantly lower than the national average.
Home insurance is a valuable tool that protects your home and finances. Working with VIU by HUB allows you to consider multiple quotes from different providers. This allows you to compare coverage levels and premiums so you can choose a policy that fits your needs.
This information is intended for general informational purposes only and is not intended to constitute legal advice.