Compare Homeowners Insurance 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
How much is home insurance in Nevada? Nevada has some of the lowest homeowners insurance premiums in the country. The average cost of homeowners insurance in the state of Nevada was $737. That's much lower than the national average of $1,173. Only three states have lower home insurance rates than Nevada.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Nevada Annual Average | $687 | $704 | $737 |
| Nevada Price Per Month | $57 | $59 | $61 |
| US Annual Average | $1,096 | $1,132 | $1,173 |
| US Cost Per Month | $91 | $94 | $98 |
| National Rank | 46 | 46 | 48 |
| Source: Facts + Statistics: Homeowners insurance | |||
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.
Choosing a homeowners insurance company in Nevada should be easier. Actually, it’s already easy. The key to finding the best rates is to compare homeowners insurance quotes in Nevada from multiple companies.
Most Popular 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.
- Allstate
- Farmers
- Geico
- Liberty Mutual
- Progressive
- AAA
- American Family
- USAA
- Hartford
- Travelers
Best Homeowners Insurance Companies in Nevada
The above list shows the most popular home insurers in Nevada 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
Top Nevada Homeowners Insurance Company Market Share
| Rank | Company | Financial Rating | Market Share |
|---|---|---|---|
| 1 | Farmers Insurance | A | 15.79% |
| 2 | Allstate | A+ | 11.60% |
| 3 | Liberty Mutual | A | 6.56% |
| 4 | USAA Insurance | A++ | 5.99% |
| 5 | CSAA Insurance Group | A+ | 5.97% |
| 6 | American Family | A+ | 5.08% |
| 7 | Travelers Insurance | A++ | 3.98% |
| 8 | Hartford Fire and Casualty | A | 3.46% |
| 9 | Country Financial | A+ | 2.27% |
Nevada Home Insurance Rate Factors
Insurance companies look at several factors to determine your home insurance rates. Some of these factors, like your claims history, are unique to you or your home. Other factors, like property crime rates, affect all NV homeowners.
Your Personal Rate Factors
Your House
Your homeowners insurance rates depend on your home’s specific characteristics. These are the home characteristics that affect your prices:
- Your home’s age. Old homes cost more to insure. As a home gets older, the chance of a necessary major repair rises. And the chance of needing to file a claim also increases. Fortunately, most NV homes are new: 2 percent of homes were built between 2000 and 2009.
- The age and quality of your roof. If you have an old or damaged roof, expect to pay higher insurance rates. A well-maintained roof with region-appropriate material can be the difference between major repairs and minor damage after bad weather. In NV, for example, use fire-resistant roof materials in case of a wildfire. And replace your roof once it reaches the end of its natural lifespan.
- Your home’s replacement cost. Replacement cost is the price it takes to rebuild your home from the ground up after an accident. This amount should match your home’s dwelling/structure coverage, which is the central part of a home insurance policy. A higher replacement cost means higher premiums. But your exact replacement amount depends on the style and size of your home, not how much you bought it for. For example, a $300,000 home in Las Vegas could have a lower replacement cost than a $150,000 house in Reno.
Claims History
Filing a claim almost always leads to a rate increase. If you file several claims within a few years, your prices will skyrocket. Claims stay on your record for five to seven years. That’s why homeowners should always avoid filing any unnecessary claims.
Coverage
Home insurance policies vary depending on what you want included in your policy. Policies come with several different coverage options. For example, if you own expensive jewelry, you may want extra liability coverage. Coverage also depends on your home size. 21 percent of NV homes have five rooms.
Credit Score
Your credit score plays a big role in determining your homeowners insurance prices. Insurance companies look at your credit score, and you’ll have to pay higher rates if you have bad credit. Unfortunately, NV has the fourth worst credit score in the nation.
Nevada Rate Factors
Weather
NV is the 17th most natural disaster-prone state in the country. The higher the weather risk in your state, the higher insurance prices will be. Nevada has more natural disasters than average, but your climate depends on where in the state you live. That means your weather risks vary in different part of Nevada. In Western Nevada, for example, check for foundation cracks in case of an earthquake. In Central Nevada, keep shrubs and flammable material away from your home in case of a wildfire.
No matter where in the state you live, you may encounter one of these natural disasters at some point:
- Floods
- Wildfires
- Earthquakes
- Blizzards
- High winds
- Tornadoes
Nevada is prone to earthquakes, and homeowners insurance doesn’t cover earthquake damage. Make sure to purchase a separate policy. According to the Nevada Division of Emergency Management, there are steps you can take to prevent damage from natural disasters.
- Buy flood insurance
- Record a complete household inventory
- Install a flood pump
- Clear debris and flammable materials from around your home
- Consider a retrofit of your home to correct structural issues in case of an earthquake
Property Crime
Burglary puts your home at risk and raises your insurance prices. Areas with a high property crime rate also have high homeowners insurance rates. NV has the 20th highest property crime rate in the country. In 2017, Nevada’s average property crime rate was 2,612.4 per 100,000 residents.
Property crime rate varies depending on where in the state you live. For example, Las Vegas has an average of 30.46 property crimes annually per 1,000 people. Whereas Carson City has an average of 16.4 property crimes annually per 1,000 people.
Similar to natural disasters, there are steps you can take to prevent a burglary from happening at your home. These include: deadbolt locks, security cameras, alarms, and more.
Types of Home Insurance Policies
You have plenty of options to choose from when it comes to homeowners policy types. In NV, these are the insurance types you can choose from:
- HO-1: This policy is the most basic option. It covers normal damages.
- HO-2: This broad homeowners policy covers everything in HO-1. It also covers damages to AC units, pipes, and other home systems, as well as falling objects.
- HO-3: This is the most popular homeowners policy type. It covers all damages unless specifically excluded. HO-3 also covers unattached structures.
- HO-5: Considered a premium policy, HO-5 comes with more coverage and less property claim limitations but is a comprehensive policy like HO-3.
- HO-6: If you’re a condo owner, this is the policy for you. HO-6 provides liability and covers possessions for condo owners.
- HO-7: Are you a mobile homeowner? This policy is made for you! It offers similar coverage as HO-3, but for mobile homeowners.
- HO-8: Do you own an old home? You may need a policy to cover its unique needs. This policy is like HO-3, but for old homes.
Nevada Division of Insurance
- Website:
- Homepage
- Insurance Commissioner:
- Barbara Richardson
- Insurance Hotline:
- (888) 872 – 3234
- Office Hours:
- Monday - Friday
8:00 am to 5:00 pm
- File a Consumer Insurance Complaint
- Complaint Page
Sources:
- A.M. Best Insurance Carrier Ratings
- Average Home Insurance Rates in Nevada
- Average Home Listing Price in Nevada
- Nevada - Wikipedia
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