Compare Homeowners Insurance in Las Vegas
Do you own a home in Las Vegas, Nevada? Are you planning to buy a house in Las Vegas?
Housing prices in Sin City are rising faster than the pot at a high-stakes poker game. This can only mean one thing for Las Vegas homeowners insurance. As housing prices increase, so does homeowners insurance rates.
There’s a lot to consider in order to find the best deal on homeowners insurance in Las Vegas.
Average Las Vegas Home Insurance Rates
How much is home insurance in Las Vegas? Using information from QuoteWizard users in Las Vegas, we created this ‘average’ home:
- 2,238 square foot home built in 1998
- One story
- 3 bedrooms and 2.5 bathrooms
- Deadbolt locks
- Fire extinguishers
- Tile roof
In order to understand how much a home insurance policy in Las Vegas costs, we got quotes top insurance companies in Las Vegas for this ‘average’ home. Remember: home insurance rates are unique to each person, their house, and their coverage needs. Your rates may differ from our average home. Here are the average rates for a Las Vegas homeowners insurance policy.
The graph below shows the change in average Nevada home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Nevada homeowners insurance rates increased from $689 in 2011 to $737 in 2015, a jump of $48 dollars, or 6.97 percent.
QuoteWizard helps consumers compare quotes from both national insurance companies and local agents. QuoteWizard can help you find affordable home insurance rates near Las Vegas, Nevada.
Last year, 1,300 people used QuoteWizard to compare compare home insurance quotes in Las Vegas, NV from multiple companies to find the best rates.
Best Home Insurance Companies in Las Vegas, NV
Based on QuoteWizard users, these are the most popular homeowners insurance companies in Las Vegas:
- State Farm
- Liberty Mutual
Best Insurance Companies
The above list shows the most popular home insurers in Las Vegas according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Las Vegas Home Insurance Rate Factors
Insurers use many factors to estimate your home insurance rates. Some factors are out of your control. Listed below you will find the most common components used in deciding your insurance rates:
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- Your home's age: Older homes usually cost more to insure. This is because older houses are more likely to have serious problems. As a result, homeowners of old houses have a higher likelihood of filing a claim. Claims for older homes are usually more expensive than for newer homes. The average home in Las Vegas was built in 1998. In terms of a house, that’s relatively new. That’s good news for Las Vegas homeowners, as a 20-year-old house should not require substantial maintenance.
- Natural disasters: It’s no surprise that inclement weather and natural disasters can raise your insurance rates. If you live in a city known for severe weather, you can expect to pay more for coverage. Luckily, Las Vegas is considered one of the safest cities from natural disasters. This doesn’t mean severe weather risks don’t happen -- they just don’t happen as frequently. Las Vegas’ costliest weather incidents have involved thunderstorms, wind, and heat waves.
- Proximity to emergency services: In the event of a fire, your homes safety depends heavily on how close you live to a fire station. For this reason, this is a major factor in your home owners insurance cost. In dry and fire-prone Las Vegas, fire protection is extremely important. As we pulled insurance quotes in the city, insurers requested information about the home’s fire protection services. For your reference, Las Vegas has a Class 1 rating in emergency protective services. This is the highest rating a fire department can get.
- Previous claims: It’s simple. Filing a claim raises your rates. In fact, even claims filed by your home’s previous owner can hurt your rates. Insurance agents do extensive research to see if you or your home are a coverage liability. If you are filing more than one claim every ten years, your insurance agent may label you as high-risk, or even cancel your coverage.
- Coverage amounts: Coverage amounts play a big part in the cost of home insurance. You can choose a basic policy with minimal amounts of coverage, which will result in lower rates. But when you need to file a claim with a basic policy, you’re going to pay substantial out-of-pocket costs. It’s all about striking a balance between what you can afford to pay on your monthly premium, and what you can afford to pay out-of-pocket when filing a claim.
- Crime Rates There are many things homeowners can do to secure their home.. A safer home, in turn, costs less to insure. This is good news for homeowners in Las Vegas, because they have a property crime rate of 30.88. This is just a little bit more than the national average property crime rate. Las Vegas residents have a 1 in 32 chance of falling victim to property crime.
- Credit history: Credit history and scores play a major part in any major purchase we make. Unfortunately, if you have a bad credit history you will probably pay more for home insurance. In some cases, people with bad credit pay 90 percent more for home insurance than people with good credit. This isn’t the best news for Las Vegas homeowners. The city ranked 76th out of 100 cities in America for credit scores with an average score of 647. That’s not very good, and it can lead to higher insurance rates.
Types of Homeowners Insurance
Below you will find the most universal and common homeowners insurance:
- HO-1: Basic insurance covering standard damages.
- HO-2: Broad homeowners insurance covering everything in HO-1. This policy also covers falling objects and damages to AC units, pipes, and other household systems.
- HO-3: Covers damage from all perils unless specifically excluded. Also covers unattached structures and liability.
- HO-4: Belongings and liability coverage for renters.
- HO-5: Comprehensive policy like HO-3, but with expanded coverage and less limitations on property claims. This is a premium policy.
- HO-6: Covers possessions and provides liability for condo owners.
- HO-7: Similar coverage as HO-3, but for mobile homes.
- HO-8: Designed specifically for older homes, this policy provides similar coverage as HO-3. It can be tailored to suit the unique needs of older homes.
8 Ways to Save Money on Homeowners Insurance in Las Vegas
Below you’ll find ways to save money on your home insurance rates in Las Vegas:
- Be a senior: Old age has it’s benefits and discounts on home insurance is one of them. Seniors tend to keep up on maintenance of their homes, meaning less costly repairs in the future. Plus, seniors spend more time at home. That increases their chances of stopping a potentially expensive issue like a fire or a burst pipe. This is great news for the 25 percent of Las Vegas residents who are seniors.
- Add technology: High-tech security systems can stop problems before they happen. From home burglar alarms to modern smoke and carbon monoxide detectors, smart home technology can make your home safer. If you install these devices, your insurance companies may reward you with discounts.
- Improve your credit score: Improving your credit score can play a role in lowering your rates. Since Las Vegas residents don’t have the best credit scores, there is room for improvement. An easy way you can improve your credit score, is to pay bills such as your monthly premium early or on time each month.
- Shop around: Buying insurance is a pain, so it's tempting to buy the first policy that fits your needs. But if you don't shop around and compare quotes from multiple companies, you're leaving money on the table. Each insurance company offers varying rates and discounts. Be sure to compare rates from several homeowners insurance companies in Las Vegas to get the best deal.
- Renovate: A new roof, modern plumbing, and updated wiring are some home improvements that can help lower your premiums. A wiring upgrade makes your home less prone to electrical fires. New plumbing can prevent potential water damage. A high quality roof will keep out inclement weather. Be aware that remodeling can increase your home's value, which can make your coverage levels inadequate.
- Avoid claims: Avoiding claims isn’t always easy. That’s especially true if you live in a disaster-prone area. But filing claims leads to premium increases. If you file several claims, your insurance company may cancel or refuse to renew your policy. To save money, we encourage only filing claims when necessary.. If you’re able to avoid claims by paying for damage out of pocket, do it.
- Raise your deductible: A quick and easy way to shave numbers off your premium is by increasing your deductible. Your deductible is the out-of-pocket costs you must pay before insurance covers damage to your home. If you think you can afford at least $1,000 in out-of-pocket costs, seriously consider this to save money. Be aware that there's a lot to consider when choosing your home insurance deductible.
- Bundle: Combining insurance policies under one company earns you big discounts. Think of it as a bulk-buy. The insurer will offer discounted premiums when you buy two or more policies. Bundling home and auto insurance with one company, for example, can save you 0 percent.
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