Nevada Home Insurance

Like everything else, home insurance rates have been climbing steadily in recent years. But that doesn’t mean it is impossible to find affordable Nevada Home Insurance. By knowing what type of insurance is the right choice, and comparing quotes from several different companies, which is as easy as clicking on the “Get Quotes” button below, Nevada homeowners can still get great coverage at a great rate.

Nevada Home Insurance Basics

Buying home insurance is not required by law in Nevada, but it still is one of the smartest things a homeowner can do. Without coverage, homeowners are left holding the bag if something happens to or on the property. In addition, most lenders require home insurance if there is a mortgage on the house.

Nevada home insurance policies cover five basic areas:

1. Dwelling – Damage to the actual home from covered perils like fire, windstorm, or vandalism.
2. Personal Property – Covers the contents of the home, everything from furniture to clothing, appliances to knick knacks.
3. Additional Living Expenses – Provides funds to pay for temporary living expenses while the house is being repaired following a covered peril.
4. Personal Liability – If property belonging to someone else is damaged on the property, this coverage pays for the repair or replacement.
5. Medical Liability – Pays medical expenses for individuals outside the family who are injured in the home or on the property.

Important Facts About Nevada Home Insurance

Before buying Nevada home insurance there are some important things consumers need to know about most policies: 

• Policy Value Amount – remember, it isn’t necessary to purchase insurance to cover the value of the land.
• Minimum Insurance Level – make sure that the face value of the policy is at least 80% of the cost of replacing the home. Having a policy smaller than that could lead to reduced payouts on anything less than a total loss.
• Actual Cash Value vs. Replacement Cost – Actual Cash Value coverage deducts depreciation when determining an item’s value; replacement cost simply pays to buy a new one. Though replacement cost is slightly more expensive, it can make a huge difference if many items, including the house, need to be replaced.
• Personal Property Limits – most policies limit the amount of coverage for personal property to 50% of the dwelling amount. There are also limits on the payout amount for certain types of expensive property, like antiques or computers. Add a personal property endorsement to the policy to have full coverage.
• Medical Liability – usually this amount is quite low, like only $1000, which barely covers anything these days given current medical costs. It’s a good idea to increase this coverage area.
• Items Not Covered – most Nevada policies do not cover situations like broken water pipes outside the home, sewer backups, or even floods or earthquakes. Make sure to read the policy closely to know what additional coverage needs to be added.

Factors Affecting Nevada Home Insurance Rates

Insurance companies use a variety of facts to determine what rate to charge for home insurance. Paying attention, asking questions, and installing a few key items can significantly lower premium amounts.

• Age of the Home – newer homes are cheaper to insure because new heating, electrical or plumbing systems break down less often. Upgrading or replacing those systems will result in reduced premiums.
• Security and Safety Devices – discounts are offered for homes with smoke detectors, fire extinguishers, deadbolt locks and burglar alarms.
• Fire Protection – Having a highly rated fire department nearby makes a difference. So does having a fire hydrant on the property.
• Deductible Amount – Raising the deductible, even from just $250 to $500, will reduce the premiums.
• Discounts – special discounts are available for a variety of reasons, like the non-smoker discount, seniors discount, and multi-policy discount (purchasing both auto and home insurance from the same company). Make sure to ask about them.

The Best Way to Save on Nevada Home Insurance

The absolute best way to save on home insurance in Nevada is to comparison shop. Each company has different rates for the same coverage, but the only way to find out which is the lowest is by requesting free quotes. Just click the “Get Quote” button to be instantly matched with the best home insurance companies in Nevada, request several free quotes, and soon you’ll have more money in your pocket. Don’t wait – start saving now!

For more home money saving ideas, visit Saving Money on Home Insurance