Best homeowners insurance in Nevada for 2023

Compare the 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 coverage options or specific policy features — may help you best understand what company is right for you.

We used multiple factors, from average rate data provided by Quadrant Information Services to customer satisfaction rankings with J.D. Power, to determine that the best Nevada homeowners insurance policies are being written by five companies: USAA, Country Financial, State Farm, American Family and Farmers. Keep in mind that USAA is only available to active-duty military, veterans and qualifying family members.

*USAA not officially ranked by J.D. Power due to eligibility restrictions.

The top five home insurance companies in Nevada

How Bankrate chose the best home insurance companies in Nevada

To determine the best Nevada home insurance companies, Bankrate's insurance editorial team, which includes licensed agents, analyzed data sourced from Quadrant Information Services to determine average annual rates for each company. We then looked at third-party ratings for customer satisfaction from J.D. Power and financial strength ratings from AM Best along with digital accessibility and the breadth of coverage options and discounts. With all this data factored in, we determined a Bankrate Score, from 0.0 to 5.0 for each company (with 5.0 being the highest), to help homeowners easily compare companies and make the best determination for their needs.

How much is home insurance in Nevada?

The average cost of homeowners insurance in Nevada is $889 per year for a policy with $250,000 in dwelling coverage. For comparison, the average cost of home insurance in the United States is $1,428 per year. Nevada homeowners pay about 38 percent less than the average American for their home insurance coverage.

Home insurance in Nevada is cheaper on average than in many bordering states. In California, the average annual home insurance premium is $1,225 and in Arizona, homeowners pay an average of $1,268 per year. A number of factors go into determining home insurance premiums. Nevada is less prone to severe weather and wildfire impacts compared to neighboring states, leading to lower property claim frequency and severity.

Average annual premium by dwelling coverage level in Nevada

*Rates are for $250,000 in dwelling coverage.

How to find the best cheap home insurance in Nevada

Of course, no matter where you live, you want to purchase home insurance that covers your finances adequately at the lowest price possible. Here are a few strategies that might help you save money when you shop around for Nevada homeowners insurance.

1. Take advantage of bundling: Almost all insurers offer significant savings if you purchase more than one policy from them. Most commonly, this will mean you have your home and car insurance with the same company. 
2. Take care of your roof: An older roof can cause costly insurance claims, so insurers want to know how old your roof is when you ask for a quote. A newer roof will typically earn you a better price on home insurance, and if it's made with storm-resistant materials, you may even earn a discount.
3. Watch your credit score: Statistically, people with lower credit scores (which factor into your credit-based insurance score) file more claims, so having poor credit can affect your home insurance rates in most states. Try to keep an eye on your credit score, or consider working with a financial planner to keep your credit score as high as possible to get lower rates. 
4. Increase your deductible: A higher deductible means you pay more out of pocket before your insurance kicks in after an approved claim, and it's likely to earn you a lower premium. Just make sure that whatever deductible you select is an amount you feel comfortable paying on short notice.

Common home insurance discounts in Nevada

In addition to the strategies we've listed above, you might be able to save money on your Nevada home insurance by utilizing available discounts. A knowledgeable insurance agent can help you determine which home insurance discounts offered by your preferred company you qualify for, or you may be able to find a listing of them on your company's website. Here are a few that are common in Nevada:

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 coverage types that Nevada homeowners might want to consider that are not included in a standard policy. Some of these coverage types may be available as an endorsement rather than a separate policy, so speak with your insurance agent to learn more.

• Flood insurance: Flood damage is not covered by standard homeowners insurance policies. You will need a flood insurance endorsement (offered by very few companies) or a separate flood insurance policy from the National Flood Insurance Program (NFIP) or a private insurer to be covered.
• Earthquake insurance: Homeowners insurance policies generally do not include coverage for earthquake damage, 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 a 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 coverage options may be best for your situation, talking with an agent might be helpful.

Frequently asked questions