Best homeowners insurance in Nevada of 2021
Nevada is home to over 3 million residents and with a homeownership rate of over 56%, many Nevada homeowners likely have a homeowners insurance policy. The average cost of homeowners insurance in Nevada is $822 per year, or about $69 per month. But how do you know if you have the best homeowners insurance in Nevada? Bankrate’s research may be able to help.
If you are searching for the best Nevada homeowners insurance, you may want to consider several aspects of your insurance company, including average premium, coverages, discounts and customer satisfaction scores. Understanding the average cost of a home insurance policy, common causes of damage and coverages that you may want to consider might help you choose a company and policy that fits your needs.
Best home insurance companies in Nevada
As you research Nevada homeowners insurance companies, there are several factors that you may want to take into consideration. Understanding what you are looking for in a company — the lowest price, certain coverages or specific policy features — may help you best understand what company is right for you.
Bankrate’s insurance editorial team analyzed the average premiums from the largest home insurance carriers in Nevada by market share. We also reviewed each company’s available coverages, discounts and J.D. Power customer satisfaction scores.
If you need Nevada homeowner’s insurance, you may want to get quotes from the following companies:
|Home insurance company||Average annual premium for $250k dwelling||J.D. Power score|
|American Family||$645||821 / 1,000|
|Country Financial||$1,720||855 / 1,000|
|Farmers||$1,155||814 / 1,000|
|State Farm||$963||829 / 1,000|
|USAA||$636||*889 / 1,000|
*USAA does not qualify for official ranking with J.D. Power due to eligibility restrictions
American Family homeowners insurance comes with all the basic coverages you expect in a homeowners insurance policy, plus the option to add endorsements for more protection. To get a cheaper rate, you might qualify for discounts for being a loyal customer, paying in full and having a recently renovated home. American Family also has a diminishing deductible program.
Learn more: American Family Insurance review
Country Financial earned the top spot in J.D. Power’s 2020 U.S. Home Insurance Study for overall customer satisfaction. The average premium is more expensive than Nevada’s average, but you may have the option to customize your policy with add-on coverages for sump pump failure, countertop burns, identity theft and more. The company also has several discounts that could help you save money.
Learn more: Country Financial Insurance review
Farmers may offer an average premium that is higher than Nevada’s average, but you may want to get a quote if you are looking for a policy that you can customize. Farmers’ home insurance policies come in three levels: standard, enhanced and premier. Within the levels, you can add optional coverages to tailor your policy to your needs. And you might be able to lower your premium with discounts, like savings for non-smokers and for homes with security systems.
Learn more: Farmers Insurance review
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. If you are looking for optional coverages, State Farm offers a few endorsements, including options to cover your musical instruments, jewelry and lawn decorations.
Learn more: State Farm Insurance review
USAA has the cheapest average premium on our list, but the caveat is that it only sells coverage to active duty and retired military personnel and their families. If you qualify for USAA insurance, you may be able to take advantage of the company’s excellent customer service, reliable coverage and discounts. Although the company is not eligible for official ranking with J.D. Power due to its eligibility restrictions, it consistently receives high customer satisfaction scores.
Learn more: USAA Insurance review
How much is homeowners insurance in Nevada?
The average cost of homeowners insurance in Nevada is $822 per year for a policy with $250,000 in dwelling coverage. For comparison, the average cost of home insurance in the United States is $1,312 per year. Nevada homeowners pay about 37% less than the average American for their insurance coverage.
Home insurance in Nevada is cheaper than in many bordering states. In California, the average annual home insurance premium is $1,014, and in Arizona, homeowners pay an average of $1,189 per year. Although Nevada does have occasional disasters, the risk of weather-related damage may be lower than in neighboring states.
Home insurance in Nevada
In general, homeowners in Nevada do not usually have to worry about frequent extreme weather that could potentially damage their homes. However, there are certain losses and coverage considerations in Nevada that homeowners should be aware of.
Common causes of loss in Nevada
Although it may be at a lower risk for weather-related damage than surrounding states, Nevada still sees its fair share of storms. Some common causes of home damage in Nevada include:
- Flooding: Especially in southeast Nevada, floods are relatively common. The National Flood Insurance Program (NFIP) reported an average claim payout of $36,500.
- Water damage: Other kinds of water damage, including damage from water backup, heavy rains causing roofs to leak and broken pipes, are also common in Nevada.
- Wildfires and smoke damage: Like many states in the western part of the country, wildfires are a threat for much of the year and can cause widespread damage.
- Hailstorms and thunderstorms: These storms can cause damage to the exterior of your home, which can compromise your home’s structure and lead to damage inside your home.
- Earthquakes: Parts of Nevada are at an increased risk for earthquakes, which can cause widespread damage.
Once you understand the common cause of loss in your area, you may better know what coverages are appropriate for your policy.
Home insurance coverage options 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: Flood damage is not covered by homeowners insurance policies. You will need a flood insurance endorsement or a separate flood insurance policy to be covered.
- Water damage coverage: Some water damage may be covered automatically on your policy and some may require an endorsement. Talking to your agent about your needs may help you identify what additional coverages to purchase.
- Earthquake insurance: Homeowners insurance policies generally do not cover earthquake damage automatically, but you may be able to add it as an endorsement. If you are in a high-risk area, you may need a separate earthquake insurance policy.
- Water backup insurance: Water damage caused from backed up sewer or drain lines is not an automatic coverage and must be added by endorsement. This kind of damage is more common in basements and crawl spaces but can occur from any sewer or drain line.
If you are unsure what coverages may be best for your situation, talking with an agent might be helpful.
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 what you are looking for in a policy. It can be helpful to spend time researching providers and comparing quotes from a few different companies to find the option that fits your needs and budget.
How do I get homeowners insurance in Nevada?
To purchase homeowners insurance in Nevada, it helps to start off by getting a quote. You may be able to do this online, by phone or by visiting a local agency. You will likely 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. When you decide to purchase a policy, a representative may have you sign an application and make a payment.
What factors influence what you pay for homeowners insurance?
Homeowners insurance premiums are a combination of numerous rating factors. These often include your age, claims history, marital status and credit score. The factors of your home, like its location, value, the year it was built and any custom features it has may also affect your premium. Additionally, insurance companies all set different rates, so the company you choose will influence your final premium.
Bankrate utilizes Quadrant Information Services to analyze 2021 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 will differ.