Nevada Homeowners Insurance

Fran
Fran Majidi
December 10, 2020

Homeowners Insurance in Nevada: Complete Consumer Guide

If you live here, you probably know some fun facts about Nevada, which make it a very unique state. For instance, Nevada grew much larger after its inception into the union in 1864. The largest gold-producing state, it is strangely nicknamed “the silver state” but not without reason: the country’s largest silver deposit, the Comstock Lode, was found in Nevada in 1859. It was named after the Sierra Nevada mountain range and has more mountain ranges than any other state. Of course, Las Vegas is what makes this state a popular destination and the city has more hotel rooms than any other city in the world. Also, 15 of the 25 largest hotels in the world are in Las Vegas too. Nevada was the first state to ban restriction of voting based on race. Area 51 is located here, and is rumored to house UFO research facilities, but it’s really a top secret area of Nellis Air Force Range and Nuclear Test Site.

Types of policy for Homeowners Insurance in Nevada

HO-1 is the most basic type of home insurance policy and it is the least expensive. However, many carriers do not offer it because it has such minimal coverage (10 perils).

HO-2 covers a bit more than the basic form, but is still limited in scope and less commonly used than the HO-3 form. Some insurers also do not offer this type of policy just as they don’t offer HO-1.

HO-3 is the most common type of homeowners insurance policy and has a broader coverage than the HO-2 form. This is the most commonly purchased type of homeowners insurance.

HO-5 is the most comprehensive form of homeowners insurance. It’s the most common type of homeowners insurance after the HO-3.

HO-6 is for condo owners, and is usually a walls-in policy that doesn’t cover much of the structure if at all. Without an HO-6 form, condo owners are not covered for the personal property.

HO-8 is a special type of homeowners insurance policy for homes that don’t meet the standards for other policy forms. Some older homes qualify for this type of coverage.

What factors affect rates on homeowners insurance in Nevada?

Many factors weigh in on the rate your insurer may offer you. For instance, the materials your home is made of, construction materials and the size of your home matter. So does the location and crime statistics in your neighborhood. How’s your credit? Are you married and do you bundle with car insurance? Speak in depth with an insurance agent about all the discounts an insurer offers. Discounts can really lower a rate greatly, so mention all affiliations and organization you belong to.

Top 5 disasters in the State of Nevada

Nevada federally declared Fire as the most common disaster with 71 counts since 1953, followed by Flood, Severe Storms, Biological and Snow. Fire/Lightning is one of 16 perils covered in a standard HO-3 homeowners policy. Here are the top 5 federally declared disaster in the state of Nevada:

Rank Declaration Title Disaster Number
1Fire71
2Flood11
3Severe Storms7
4Biological2
5Snow2

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Nevada?

The average homeowners insurance cost over a year is $933.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Nevada a safe state?

2019 Crime in Nevada Crime Number Crime Rate*
Property Crime71,5252,322.1
Burglary15,510503.5
Larceny-Theft44,7551,453.0

*Rate per 100,000 inhabitants

Safest Cities in Nevada by Property Crime*

  • Boulder City, NV has a population of 16,102 with a Property Crime rate of 7.1 per 1k. The city average home value is approximately $334,509.
  • Mesquite, NV has a population of 19,612 with a Property Crime rate of 11.4 per 1k. The average home value there is about $294,522.
  • Henderson, NV came in third as the safest city in the state of Nevada and has a population of 317,732 with a Property Crime rate of 17.5 per 1k. Its home value averaged at about $351,883.
  • North Las Vegas, NV has a population of 249,854 with a Property Crime rate of 20.4 per 1k. Its average home value is $282,084.
  • Elko, NV has a population of 20,601 with a Property Crime rate of 25.7 per 1k. The city home value averaged $264,468.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Nevada

Top homeowners insurance companies in Nevada

Allstate is ranked 3 out of 5 stars by J.D. Power & Associates. It is a financially stable company with good customer service and discounts and packages to meet any need.

American Family Insurance also gets a 3 out of 5 stars from J.D. Power. It too is financially stable and offers numerous discounts and superior customer service.

Amica Mutual is a popular choice and gets 5 out of 5 stars from J.D. Power & Associates. High customer satisfaction and a streamlined quoting process are what you can expect.

Of course it’s important to compare all of these options. You never know which one may offer you the best value for what you need.

Nevada Home Insurance FAQs

How to lower homeowners insurance in NV?

The fastest and easiest way to lower your monthly payments is to increase your deductible. If you’re struggling, set it high, but do keep in mind that you’ll have to pay that deductible if you file a claim. Also, improve your credit score. First, find out why your score is suffering. Also, bundling home and auto will help you lower your rate. Find out about discounts that may apply to your home.

Can you waive deductible in homeowners insurance?

There is a clause in your insurance policy called “the waiver of deductible.” This is where certain situations are covered without you having to pay a dime towards a deductible. Also, there’s such a thing as a “large loss waiver of deductible” which is based on how much the claim is. The deductible may be waived based on your policy’s declarations and conditions, but you may need a lawyer to check the wording.

What is homeowners insurance claim time limit?

This time limit varies according to each insurer but is typically between 30 days to a year. If you exceed the claim time limit, your claim may be denied.

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