Nevada Homeowners Insurance

Nevada homeowners insurance premiums average at $58/mo. To get better rates, it’s important to understand the risks your home faces that impact your Nevada home insurance prices. Natural disasters like earthquakes, wildfires, and flooding raise Nevada homeowners insurance rates. Learn more in our guide below.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 16, 2021

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Nevada homeowners insurance premiums average at $692/yr ($58/mo). This price is affected by the main parts of the policy, and the perils that homes in your state face.

To get the best Nevada home insurance prices, it is important that you become familiar with both the perils and the coverages:

  1. Dwelling
    The dwelling portion of your policy deals with the primary living area, generally the house. What you need to be aware of in this respect is whether your policy is written for actual cash value or replacement cost. If the policy specifies that you will receive actual cost value and your home is destroyed, you will only receive a portion of the actual home value. If you want to be able to replace the home to its original condition, make sure the policy says you will receive full replacement cost. This type of coverage will cost a little more, but without it you are going to be faced with higher out of pocket expenses.
  2. Other Structures
    The other structures on your property include everything except the dwelling. As with the dwelling coverage, full replacement cost is an important upgrade because it does not rely on current market prices or take depreciation into account.
  3. Personal Property
    If it is not the dwelling and is not an “other” structure but it belongs to you, then it is part of your personal property where home insurance is concerned. A video inventory, where you go from building to building and room to room documenting everything you own in a recording, gives you more complete protection because it provides proof that you own the things you want to insure and gives the insurance company a visual indicator of the condition of each item.
  4. Loss of Use
    Loss of use means exactly what it says. Your policy is designed to let you maintain your quality of life even in the event of a disaster, and that means it will reimburse you for any out of pocket costs directly related to an insured incident. Be sure to save all of your receipts and keep a notebook that specifies what the receipt is related to and why it was necessary to your lifestyle.

Average Nevada Homeowner Insurance Rates vs. US

Source: USCB

Cheaper Nevada Home Insurance

Everyone wants to reduce their insurance costs, but a lot of people do not realize how easy it can be to do so. The three main areas where you can make a difference are in security, maintenance, and your credit score. Some of these ideas will earn you insurance discounts, and other will simply make it less likely that you will have to file a claim, saving you money in the long term.

  • Home Security
    In Nevada, the crime rate is 8.23 per 1000 people. By installing deadbolts in your doors, or bars in the windows, you can reduce the risks associated with your home. You can also have a fence put up, either around the property or only across the right of way. And most insurance companies agree that the best way to make your home more secure is through a constantly monitored security system.
  • Reduce Insurance Risks
    Reducing insurance risks will not always earn you a discount, but they can prevent you from having to pay deductibles or filing insurance claims. And since your insurance costs are partially based on how much of a claims risk you are, not filing any claims is the same as getting a discount.
  • Credit Score and Insurance Risk
    A credit score of 660 is the Nevada average. Comparatively, insurance companies look for a credit score of at least 650 before they start offering discounts for being a low financial risk. Your credit score is more important to you than helping you get loans these days; it is also how insurance companies decide the level of risk you pose financially.

Home Characteristics Affecting Nevada Insurance Rates

You may not think so, but the age of your home can affect your home insurance premiums. In Nevada, the average age of homes is around 17 years years old, and that could have an effect on your insurance if your home is made from a material such as wood, which can suffer from many types of deterioration over time.

Local Natural Disasters Nevada Homeowners Should Consider Protecting Against

Know your perils and protect your home. Not every type of disaster affects Nevada, but you should be informed about which ones do. By knowing what the possible dangers are, you can customize your policy for the best protection.

  • Earthquakes
    Ranked at 4 out of 51, making it one of the more earthquake-prone sates. Keep in mind that movements of the earth are not part of a basic policy, and you may have to buy coverage from a high risk insurance pool such as the FAIR plan.
  • Flood
    Nevada residents filed 2 claims in 2009, one of the lowest numbers of the entire united States. However, if a flood strikes and you have not purchased coverage, you could lose everything you own with no recourse. Flood insurance, even if needing it is very rare, is something that all homes should be covered with.
  • Hail
    Hail is a type of wind damage and the only time you may need to purchase special coverage is if the hail is excluded from your policy.
  • Hurricanes
    Hurricanes do not affect Nevada and there is no special preparation needed to protect your home from them.
  • Tornadoes
    With only 1 per year, Nevada homeowners do not need to take any additional steps. Tornadoes are wind damage and are already included in a basic home insurance policy.
  • Wildfires
    Around 74,749 wildfires pop up around the country every year. Home insurance typically includes fire coverage, and that include wild fires, unless they have been excluded in writing.

Nevada Homeowners Insurance Optional Coverages

Personal property in a home can easily add up to tens of thousands of dollars in the today’s electronics oriented world, and that can leaving you without enough coverage if you suffer a total loss. To remedy this situation, contact your insurance company about increasing the limits in your policy or pick up a separate policy for your personal effects. Personal injury liability is often the same: it is sufficient for the little things like your neighbor’s son breaking his arm in your yard, but it is not usually up to the task of defending you when your neighbor sues over that broken arm. For that, an umbrella liability policy is probably a better than increasing home insurance liability because it can used in multiple liability instances.

Important Contact Information

Nevada Department of Insurance
2501 East Sahara Ave., Suite 302
Las Vegas, NV 89104
Phone: (702) 486-4009
Website

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