Table of Contents
- What is homeowners insurance?
- Is homeowners insurance required in Nevada?
- How to get homeowners insurance
- Recommended home insurance coverage in Nevada
- What impacts homeowners insurance in Nevada?
- Homeowners insurance discounts in Nevada
- How to save on home and auto insurance
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If you’re looking to insure a home in Nevada, you’ll want to find a homeowners policy that covers thunderstorms, hailstorms, wildfires, and other weather-related hazards. All you need to do is compare quotes from a few different companies to find the right home insurance for you.
Buying a home is one of the most important purchases you’ll ever make, and you’ll want to make sure it’s adequately protected.
Finding the right quote can be a big endeavor, and you’ll want to choose the best homeowners policy possible—one that protects your property while also saving you money. Fortunately, the licensed
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What is homeowners insurance?
Homeowners insurance refers to the policy type that provides coverage for your home and everything in it. Traditionally, a standard homeowners policy will cover the loss of your home, property damage, and personal liability.
In the United States, homeowners can expect to pay an average of $1,387 per year, or $115 per month on their insurance.
Basic components of homeowners insurance
These coverage types are included in most homeowners insurance policies:
- Coverage A (Structure): Covers the cost of repairing or replacing the structure of the house
- Coverage B (Additional structures): Covers the cost of replacing or repairing other structures that may be on the property (such as sheds, pools, fences, etc.)
- Coverage C(Personal property): Ensures financial protection against the destruction or loss of specified personal items (like jewelry, electronics, furniture, etc.)
- Coverage D (Other expenses): Also referred to as “loss of use,” this covers the cost of any temporary living expenditures (such as rent or a hotel) incurred as a result of losing your house in part or in full
- Coverage E(Personal liability): In the event that someone is injured while on your property (or by a pet or family member), it pays the legal fees
You will be able to choose between a policy that covers either the actual cash value (ACV) of your property at the time of loss or one that covers the replacement cost—that is, the cost of replacing the property regardless of what it’s actually worth. Generally, insurance companies will require homeowners to get a policy that covers at least 80% of the replacement cost.
Unfortunately, there is no “one size fits all” exhaustive coverage policy for homeowners insurance. Unless your policy is unique, your homeowners insurance will only cover named perils, or those specific risks stated in the policy. For the most part, these will include:
- Hailstorms and wind
- Smoke and fire damage
- Damage caused by vehicles
- Freezing of household systems
- Falling objects
- Weight of ice, snow, and/or sleet
- Power surge damage
You’ll need to read through your policy carefully in order to understand everything it covers.
Is homeowners insurance required in Nevada?
While Nevada law does not require homeowners to buy insurance, mortgage lenders can, and most likely will require coverage. This is to ensure that the bank or other mortgage lender—who has an investment in your home—is protected should the house be damaged or destroyed.
How to get homeowners insurance
If you’ve recently bought a house or are just looking for a new homeowners policy, you should start by comparing quotes from a few different insurance companies (the
Jerryapp makes this simple!). While it may seem convenient, don’t take the first referral that comes your way—you might miss out on savings in the process.
You should always seek a quote from your insurance provider. Bundling your home and auto insurance can save you money in the long run, even if the actual premium is higher. Generally, bundling discounts range from 5% to 15% or even higher, so it’s worth looking into what’s available.
Recommended home insurance coverage in Nevada
For homeowners in Nevada, wildfires, hailstorms, and earthquakes are among the primary perils to protect against with insurance. In most cases, a standard homeowners policy will provide coverage for the first two, but you’ll want to make sure you’re protected from earthquakes as well.
Here are a few things to keep in mind when it comes to your home and earthquakes:
- If your house is severely damaged by an earthquake, the “loss of use” portion of your homeowner’s insurance can cover expenses if you have to spend time living somewhere elses while it undergoes repairs.
- Earthquake insuranceshould cover any damage to your home and property that took place during and after an earthquake.
- Check theUnited States Geological Surveyfor info on the foundation used when your house was constructed, along with active faults and your proximity to them.
What impacts homeowners insurance in Nevada?
On average, the cost of homeowners insurance in Nevada is about the same as, or even less expensive than, the national cost of $1,387 per year. In general, home insurance premiums are influenced by a variety of factors that may vary from person to person, such as credit history and marital status . There are, however, specific circumstances that may impact homeowners insurance in Nevada.
During the late summer months, moist air from the Gulf of Mexico mixes with Nevada’s hotter air currents and produces severe thunderstorms. These often result in wind/water damage, flooding, and power surges—some of the most common home insurance claims.
Damage done by wildfires can be absolutely devastating to a home and property. In recent years, Nevada has seen a rise in wildfires over the summer and autumn months, meaning additional insurance coverage may be necessary.
Homeowners insurance discounts in Nevada
Generally, insurance providers offer a variety of discounts for different types of consumers and actions. You’ll find examples of common homeowners insurance discounts in the table below:
How to get it
Most companies will offer you a discounted policy if it’s your first time purchasing a home.
If you maintain a certain period (typically a few years) without any claims on your policy, you may be eligible for a discounted rate.
Installing various hurricane safety measures, such as an upgraded roof or storm shutters, could earn you a discount on your homeowners policy.
If you’ve got a security system to prevent theft, your insurance company might discount your homeowners insurance rate.
Upgraded fire alarm
Set up your fire alarm to contact the fire department directly—your insurance company may give you a discount for a shorter fire response time.
How to save on home and auto insurance
Even if it’s not your first time insuring a home, comparing quotes can be a stressful experience. Fortunately, the
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Is earthquake insurance required in Nevada?
Coverage for earthquake damage is not included in your standard homeowners policy, and earthquake insurance is not required by state law. That being said, it may be required by a mortgage lender, depending on the frequency and/or severity of earthquakes in your locale.
What is the average cost of homeowners insurance in Nevada?
As with most states, the cost for homeowners insurance in Nevada varies based on a number of factors, but you can expect to pay somewhere around $1000 a year, which is slightly lower than the national average.