Compare Homeowners Insurance Quotes In Nevada

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Best Home Insurance Rates In Nevada

Nevada is known as The Silver State due to the role of silver and mining in its history. In modern times, Nevada is known for legalized gambling, something that fuels its largest industry, tourism. Part of what makes Nevada such a popular destination and so beautiful is its unique desert climate; however, this climate is also responsible for a number of homeowners insurance risks that are prevalent in The Battle Born State.

Average Nevada Homeowners Insurance Rates

Nevada has some of the lowest average home insurance premiums in the country. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Nevada was $704, much lower than the national average of $1,132. Only five states have lower home insurance rates than Nevada.

Nevada Average Annual Homeowners Insurance Rates
  2012 2013 2014
Nevada Annual Average $674 $687 $704
Nevada Price Per Month $56 $57 $59
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 46 46 46
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Nevada should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to compare homeowners insurance quotes in Nevada from multiple companies.

Best Nevada Home Insurance Companies

Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Nevada. Out of the 8,030 Nevada homeowners that used QuoteWizard to request insurance quotes last year, 277 had no home insurance.

  1. Allstate Insurance
  2. Farmers
  3. Geico
  4. Liberty Mutual
  5. Progressive Casualty
  6. AAA Insurance Co.
  7. American Family
  8. USAA
  9. Hartford Insurance
  10. Travelers Insurance
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Why contact every individual company in Nevada that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Nevada Homeowners Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Farmers Insurance Group of Cos. $79,798 15.79%
2 Allstate $58,622 11.60%
3 Liberty Mutual $33,172 6.56%
4 USAA Insurance Group $30,292 5.99%
5 CSAA Insurance Group $30,172 5.97%
6 American Family $25,697 5.08%
7 Travelers Insurance Group $20,101 3.98%
8 Hartford Fire and Casualty Group $17,481 3.46%
9 Country Financial $11,453 2.27%

Financial Strength Ratings of Top Nevada Home Insurers

Source: A.M. Best (Ratings as of 8/5/2015)

  • Farmers Insurance Group of Cos.: A
  • Allstate: A+
  • Liberty Mutual: A
  • Geico: A++
  • Progressive Group: A+
  • Travelers Companies Inc.: A++
  • American International Group: A
  • CSAA Insurance Co.: A+
  • United Service Automobile Assurance Co.: A++
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Rating Guide

Nevada Property & Casualty* Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Farmers Insurance Group of Cos. $324,274 8.0%
2 Allstate $260,308 6.4%
3 Liberty Mutual $255,924 6.3%
4 Geico $195,472 4.8%
5 Progressive Group $194,502 4.8%
6 Travelers Companies Inc. $157,522 3.9%
7 American International Group $149,282 3.7%
8 CSAA Insurance Co. $138,242 3.4%
9 United Service Automobile Assurance Co. $137,993 3.4%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Nevada.

Average Home Listing Prices in Nevada

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Nevada, the average listing price is $304,322 as of July 2015, which is a bit higher than the national average of $284,748.

Average Burglary Rates in Nevada

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Nevada’s average burglary rate was 826.0 per 100,000 people, which is notably higher than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Nevada, there are 32.0 law enforcement personnel per 100,000 total citizens, equal to the median for the US overall.

Nevada Home Insurance Hazards

As a state with a mostly desert climate, Nevada is known for extremely hot and dry summers, cold winters, and a lack of rain and snow. Nevada is, in fact, the driest state. However, some regions are less arid than others.

Hot summers: Aside from some northern regions, Nevada is well-known for its hot and dry summers. In southern Nevada, high temperatures are close to 90 degrees as early as May, on average. July is the hottest month, and triple digit temperatures are common throughout the state. In Laughlin, in the southern end of the state, July average highs are 110 degrees. In the cooler northern part of the state, in Mountain City, July average highs are still as high as 85 degrees. The highest recorded temperature in Nevada was 125 degrees, which is the third-highest recorded temperature ever in the United States. What’s more, some Nevada cities have average temperatures above 80 degrees as late as October. Unlike other states, when Nevada gets hot, humidity stays very low.

Cold, but variable winters: Winters in Nevada are typically quite cold, but vary greatly between the northern and southern ends of the state. In the north, winters are much colder and last much longer. Central and northern Nevada have average wintertime low temperatures below freezing through April. January temperatures in northern Nevada can be as low as 10 degrees, on average. The central and northern regions also receive significantly more snow than their southern counterparts. For example, at Great Basin National Park, the average snowfall is 70 inches per year and about 25 days of snow annually. The southern end of the state experiences warmer and less snowy winters. It is rare for snow to occur in southern Nevada at all. Average temperatures in southern Nevada are above freezing in most parts. For example, in Las Vegas, January temperatures range from 39 degrees to 58 degrees, on average. The huge gap between the heat in the summer and the cold in the winter can be a homeowners insurance hazard if you are not properly prepared.

Drought: Nevada ranks #1 in terms of least rainfall: on average, only 9.5 inches per year. Again, the amount of rainfall varies greatly from north to south. At Ruby Lake, in the north, they average 88 days of rain per year, and about 14 inches of rain annually. At the southern tip, Las Vegas averages only 27 days of rain per year, and about 4 inches annually—a huge disparity. The lack of rainfall has led to a drought-like climate that is so common, the state government has created a webpage for it. Visit the Nevada Drought Forum here. This website ranks droughts from D0 (abnormally dry) to D4 (exceptional drought). According to the June 2015 report, 99% of the state has been at level D1 (moderate drought) or higher since March, if not earlier. The drought can act as a severe home insurance hazard, causing or exacerbating wildfires.

Nevada Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Amy Parks, Esq.
Insurance Hotline:
(888) 872 – 3234
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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