When you buy a home, you want the best homeowners insurance available for the best price so you can protect your investment. Because every state has different circumstances, it’s important to consider your state when you’re gathering quotes.
In Nevada two types of insurance are essential: earthquake and flood. Nevada is home to numerous fault lines that run throughout the state, meaning no part of it is immune to tremors throughout the year. Likewise, many parts of Nevada are hit each year with floods.
For both flooding and earthquakes in Nevada, it’s not a question of if you need insurance but instead a question of when you’ll need insurance.
If you’re shopping for Nevada home insurance, here’s what you need to know about basic insurance and the additional coverage you’ll need.
The top home insurance companies in Nevada
There are a lot of insurance companies in the U.S., but the following are considered to be the best Nevada homeowners insurance companies.
- Allstate: J.D. Power & Associates, an organization that rates insurance companies based on customer satisfaction, gave Allstate a three out of five. This provider has an incredible amount of insurance packages and discounts. Like State Farm, Allstate offers any type of insurance you could need.
- American Family Insurance: With a three out of five from J.D. Power, American Family Insurance has a lot of coverage options and numerous discounts to lower your premium. Additionally, compared to other insurance companies of a similar size, American Family Insurance doesn’t have as many complaints against it. This provider also offers car, life, renters, business, farm, boat, condo, snowmobile, motorcycle and umbrella insurance.
- Amica Mutual: With a five out of five from J.D. Power, Amica consistently delivers high customer satisfaction. Amica has a top-of-the-line online infrastructure and a streamlined quote process. It even helps its customers find the best contractors when repairs are needed. Amica Mutual also offers auto and life insurance.
- State Farm: State Farm received four out of five from J.D. Power. State Farm has a versatile app, great customer service and almost any type of insurance you could ever need. State Farm offers all forms of insurance in addition to home insurance.
We determined the best Nevada homeowners insurance companies by looking at a variety of factors. First we analyzed coverage options and discounts and compared costs. Additionally, we considered ratings from such companies as J.D. Power, AM Best and the Better Business Bureau.
|J.D. Power||AM Best||Better Business Bureau|
|Allstate||3 out of 5||A+||A+|
|American Family Insurance||3 out of 5||A+||A|
|Amica Mutual||5 out of 5||A+||A+|
|State Farm||4 out of 5||A++||A+|
Average homeowners cost in Nevada
The average cost of Nevada homeowners insurance is $1,486 according to the most recent data released from the Insurance.com.
We gathered quotes for a $250,000, 1,390 square foot house in Las Vegas to give a rough estimate of how much insurance would cost:
- Allstate: $66-$115 a month ($792-$1,380 a year)
- American Family Insurance: $53-$90 a month ($636-$1080 a year)
- Amica Mutual: $100 ($1,200 a year)
- State Farm: $75 a month ($898 a year)
To get a personalized quote from State Farm, Amica Mutual, Allstate and American Family Insurance, you will need to submit your information online or speak to an agent. Prices will vary depending on the type of home you have, its location, policy and deductible, among other things. Your premium will also vary depending on which company you choose. Each company has a pricing algorithm, which is why it’s so important to shop around.
Here’s how Nevada compares to the ten most expensive states:
|State||Average premium cost|
Though Nevada does have occasional disasters, it’s a cheap state to insure a home. This is primarily because Nevada is not subject to frequent hurricanes, hail or tornadoes that inflate premiums.
Home insurance coverage options in Nevada
Most Nevada homeowners insurance companies offer basic homeowners insurance and the following as optional coverages and hazard insurance. We recommend considering each.
A standard homeowners insurance policy doesn’t protect you against earthquake damage, but most providers offer earthquake coverage at an additional cost. We recommend earthquake protection for all Nevada homeowners.
Flood insurance must be purchased separately through the government on its flood insurance website floodsmart.gov. Many companies act as liaisons between homeowners and the NFIP (National Flood Insurance Program), but none of the above sell it on their own. Flood insurance is required to protect your home and its contents from flood damage.
Sewer backup coverage
Though a sewer backup can easily cause thousands of dollars, it’s not an expensive add-on. Even if you purchase flood insurance, you still want to consider purchasing sewer backup. It’s possible your home could be damaged from a sewer backup in a non-flood event.
Scheduled personal property
If you have any valuable items within your home, your insurance policy may not be able to cover the cost of their replacement if it would exceed your policy limits. Strongly consider this if you have such things as expensive jewelry, fine paintings or musical instruments in your home.
Common causes of home insurance losses
Nevada routinely has earthquakes and flooding each year. It’s also been subject to wildfires as of late. Though the percentage of losses for Nevada isn’t listed specifically online, nationwide losses are.
Nationwide, the main things homeowners need protection from are:
- Bodily injury and property damage: This coverage helps pay for costs when the homeowner is deemed to be at fault in an accident. These claims often include medical expenses and legal fees.
- Fire and lightning: Fire and lightning damage are severe when they occur, but it’s rare that it’s necessary to replace the entire house.
- Theft: Coverage can help pay for stolen property and help repair any damage caused by the thieves.
- Water damage: Exclusions apply, such as flooding and deferred maintenance, but water damage from a burst pipe is covered.
- Wind and hail: Storm damage to roofs and windows is common, whether by wind or hail.
Average homeowners losses ranked by claims severity:
|Fire and lightning||$68,322|
|Bodily injury and property damage||$26,085|
|Water damage||$10, 234|
|Wind and hail||$10,281|
Homeowners losses ranked by claims frequency (per 100 houses):
|Wind and hail||2.1 percent|
|Water damage||2.05 percent|
|Fire and lightning||0.28 percent|
|Bodily injury and property damage||.08 percent|
Frequently asked questions
What is the best homeowners insurance in Nevada?
Amica Mutual is the best reviewed insurance company in Nevada, but it may not be the cheapest or best depending on your policy needs. Get several quotes and look at coverage options to find the best fit for you.
How do I get homeowners insurance in Nevada?
To purchase homeowners insurance in Nevada, you will need to submit an application online or speak to a representative.
Is Nevada an expensive state to insure a home?
No, not compared to other states. See the prices listed above— keeping in mind those prices don’t include common discounts.
What factors influence what you pay for homeowners insurance?
A variety of factors influence the cost of a policy, and each variable may be weighted differently between providers. Common factors include:
- Age of home
- Claim history
- Construction of home
- Credit score
- Location of home
- Marital status
- Size of home
Should I get hazard insurance or homeowners insurance?
Both have their place and should be strongly considered by every homeowner.