West Virginia Insurance Coverage

West Virginia Auto Insurance Coverage

The State of West Virginia requires all vehicles registered and operated in the state to have liability insurance. Before a vehicle can be registered in the state, the owner must sign a statement that the vehicle is insured and shall remain insured for as long as it is registered and driven in the state. The minimum liability insurance coverage is $20,000 for one injury or death per accident, $40,000 for two injuries or deaths per accident and $10,000 for property damages per accident. To ensure that the vehicle owners comply with the auto insurance law, the state randomly checks the insurance of the vehicles registered in the state. So in case you are cancelling your insurance, you must inform the DMV.

The state also requires all drivers driving in the streets, roads and highways of West Virginia to have with them their proof of insurance. They are required to show it to the officer of the law when requested in the event of accident, traffic stop or traffic violation or random check. In the event of accident and the driver responsible for the accident does not have the required insurance, his license will be suspended until he pays in full the expenses incurred in the accident.

West Virginia Home Insurance Coverage

In the State of West Virginia, homeowners insurance provides coverage against physical damage, such as fire, against theft of personal property and against legal liability in case someone accidentally gets hurt inside your home or property. There are three types of home insurance in the state, the basic HO-1, the Broad HO-2 and the special HO-3. The basic HO-1 provides coverage to your home against the basic perils such as fire and lighting, vandalism and theft and others. The HO-2 provides coverage against the basic perils in HO-1 plus additional perils, such as water discharge from electrical appliances, weight of snow or ice, falling object and building collapse. The Special HO-3 provides coverage against all risk except the standard exceptions of flood and earthquake. Aside from these, home insurance for renters and condominium unit owners also available. These are the HO-4 and HO-5. The HO-6 on the other hand provides even more extensive coverage. If your application is denied by home insurance companies, you can be eligible for coverage at the West Virginia Fair Access to Insurance Requirements (West Virginia FAIR Plan). The West Virginia Fair Plan provides coverage against fire, smoke, winds, aircraft and other vehicle and mine subsidence of up to $100,000 per home and $300,000 for commercial properties.

West Virginia Health and Life Insurance Coverage

The State of West Virginia does not require health insurance companies to have standard policy and rate. This means that for you as a consumer, insurance companies may charge you higher or lower rates, as they see fit. This also means that you can actually get different coverage or benefits from the different health insurance companies. However these are good news for you since it will allow you to find health insurance that fits your budget with the benefits that you need. And although the state does not regulate its health insurance, you are protected by the state’s low as a consumer. For instance, your insurer may not cancel your policy because you got sick. Also if you leave your job you can continue with your group insurance for a limited period of time. This will then give you enough time to find a new job and qualify again for a group insurance. Lastly, you should know that if you are self employed, you can deduct 100 percent of your insurance premium from your federal income tax.

When it comes to life insurance, there are three types of life insurance available in the State of West Virginia, the whole life insurance, the universal life insurance and the variable life insurance.