Houses in Nevada can sustain damage from threats like earthquakes and flooding, so having a home insurance policy is valuable. Homeowners insurance in Nevada is moderately priced, with an average annual premium of $814 for a policy with $250,000 in dwelling coverage.
When shopping for home insurance, it is important to consider factors like the type of coverage you need, the amount of coverage you need and your budget. There are many home insurance companies in Nevada, and they each have pros and cons. We put together a list of the best homeowners insurance companies in Nevada to simplify your search.
Best home insurance companies in Nevada
Finding the right home insurance company for your needs is a multi-step process. You have to research providers, compare quotes, read customer service reviews and more. In the table below, we have included the best home insurance providers in Nevada based on average rate, coverages available, discounts and more.
|Home insurance company||Average annual premium for $250K Liability||J.D. Power score|
USAA is one of the best insurance companies on the market, but the caveat is that it only sells coverage to active duty and retired military personnel and their families. Nevada homeowners who qualify for USAA insurance can take advantage of the company’s excellent customer service, reliable coverage and discounts.
American Family homeowners insurance comes with all the basics, plus the option to add endorsements for more protection. To get a cheaper rate, Nevada homeowners can claim discounts for being a loyal customer, paying in full and having a recently renovated home. American Family also has a diminishing deductible program.
Farmers is the cheapest home insurance provider on our list, with an average annual premium of $572. However, Farmers offers fewer coverages and discounts than some of its competitors, so it is a good option for individuals who need minimal coverage. We also like that Farmers offer flood and earthquake insurance, which can be valuable for Nevada homeowners.
State Farm is the biggest home insurance company in the country based on market share. State Farm’s home insurance coverage is fairly standard, but the company offers a long list of generous discounts that can help Nevada homeowners get a lower rate. State Farm also has helpful online tools and resources, plus a highly-rated mobile app.
Country Financial earned the top spot in J.D. Power’s 2020 U.S. Home Insurance Study for overall customer satisfaction. The policies are more expensive than average, but Nevada homeowners can customize their policy with unique add-on coverages for sump pump failure, countertop burns, identity theft and more.
Average cost of homeowners insurance in Nevada
The average cost of homeowners insurance in Nevada is $814 per year for a policy with $250,000 in dwelling coverage. For comparison, the average cost of home insurance in the United States is $1,477 per year. Nevada homeowners pay 45% less than the average American.
Home insurance in Nevada is cheaper than in many bordering states. In California, the average home insurance premium is $1,101 and in Arizona, the average premium is $1,304. Although Nevada does have occasional disasters, the state does not experience frequent hurricanes, hail or tornadoes that inflate premiums.
Home insurance considerations in Nevada
In general, homeowners in Nevada do not have to worry about frequent extreme weather that could potentially damage their homes. However, there are certain losses in Nevada that homeowners should be aware of.
Nevada common causes of loss
Every year, Nevada gets hit with earthquakes, flooding and, in recent years, wildfires. Here are some other common losses that can occur in Nevada:
- Flooding and water damage
- Wildfires and smoke damage
- Hailstorms and thunderstorms
Recommended coverages in Nevada
Most Nevada homeowners insurance companies offer basic homeowners insurance, plus a variety of endorsements for additional protection. Here are some other insurance coverages for Nevada homeowners that might be worth considering:
- Flood insurance
- Earthquake insurance
- Sewer backup insurance
- Scheduled personal property coverage
Frequently asked questions
What is the best homeowners insurance in Nevada?
The best home insurance company in Nevada is different for every homeowner. It depends on factors like your budget, your coverage needs, where you live and more. Homeowners should spend time researching providers and compare quotes from a few different companies to find the cheapest option.
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. You will be asked to provide your contact information, and details about your home, like the square footage, year it was built, the amount of coverage you need and your desired deductible.
Is Nevada an expensive state to insure a home?
No, not compared to other states. Nevada homeowners pay about 45% less than the average American, which is significant. In addition, most insurance companies offer discounts that can help homeowners get an even lower premium.
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
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2020 Quadrant Information Services data.