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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Jul 20, 2021

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Buying a home is a huge investment, so it’s important to protect your home with comprehensive insurance coverage. Choose the right home insurance policy for your needs with Obrella, an online platform that connects you with knowledgeable insurance experts who specialize in comprehensive Nevada home insurance policies. Agents can help you review all your options from several providers, answer any questions you have, and can even bind your policy—all over the phone!

Nevada Home Insurance Costs

Home insurance premiums in Nevada average just $674 annually, which is almost $400 below the national average of $1,034 per year. This rate places Nevada as having the 46th lowest insurance premium across the country.

  • Median Home Value: 172,700
  • Household Income: 49,875
  • Percent of Income on Home Ownership: 35.70%

In Nevada, the median home value is $169,100, and the average household size is 2.7 people. The median household income in Nevada is $51,230, leading home owners to spend nearly 36% of their income on home ownership costs. Nevada is ranked as 7th when it comes to states that spend the most on home ownership, and just over 54% of housing units in Nevada are owner occupied.

As a Nevada resident, you know the importance of having the right home insurance. Let an insurance expert help you find that perfect policy for your home by requesting home insurance quotes in Nevada. Call[mapi-phone-link /] today.

How are home insurance premiums determined in Nevada?

Insurance companies calculate the cost of your home insurance policy by considering various factors. These factors include everything from the size and age of your home to neighborhood housing prices and crime rates. Premiums can also be affected by environmental factors, such as the likelihood of floods, tornadoes, or earthquakes in your region. Even things like your credit score and add-ons such as a swimming pool or a guest house on your property may affect the cost of homeowners insurance.

Why are all of these details relevant? Each of these factors contributes to the amount of risk the insurance company will take on when issuing you a homeowners insurance policy. The higher the risk, the higher your premium. You have the ability to reduce these risks, however. For instance, installing extra security measures like motion-sensor lights, burglar alarms, or surveillance cameras makes it less likely that your insurance company will have to reimburse you for stolen property, which in turn results in lower premiums for you.

If you’re paying higher than average home insurance premiums, make sure to ask your provider about any insurance discounts you might be entitled to. Many homeowners insurance providers offer discounts for bundling your home policy with auto insurance, for instance. There may also be discounts available for active duty military members. Discounts vary from company to company, so make sure to ask about this when you’re comparison shopping for the cheapest homeowners insurance.

What kinds of homeowners policies are available in Nevada?

The majority of Nevada home insurance companies have multiple coverage options to pick between; here are a couple of those options:

  • HO-1: Limited Coverage
    • An HO-1 policy covers damage to your home that occurs as the result of any of the first 10 classified disasters fire or lightning, windstorms or hail, explosions, riots, damage caused by aircrafts, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. However, this type of policy is no longer available for purchase in most states.
  • HO-2: Basic Policy
    • If any of the 16 classified disasters causes damage to your home, an HO-2 policy will give you basic protection.
  • HO-3: Standard, most popular
    • This policy is the most popular due to its comprehensive coverage and relatively few exceptions.
  • HO-8: Older Home
    • As your home ages, its market value may be less than the cost of major repairs. With an HO-8 policy, you’ll receive reimbursements for damage on an actual cash value basis, rather than the full cost of the repairs. Older homes may not qualify for policies that cover the full replacement cost of the home in the event of a total loss.

What is covered by standard Nevada homeowners insurance?

It’s important to know what your policy covers. Typically, home insurance policies specify certain situations in which the insurance company will reimburse you for damage. This means that your home insurance coverage won’t give you blanket coverage for anything and everything. If the situation isn’t specifically covered in your policy, you won’t get reimbursed for damages. So for example, if your home sustains flood damage but your policy does not cover flooding, your home insurance will not pay for the damage. To learn more about the coverages available, check out some common home insurance definitions below:

  • Coverage A – Dwelling
    • Covers damages to a home and any structures attached to the home. This includes damages to any of the home’s heating system, permanent air conditioning, wiring, or plumbing.
  • Coverage B – Other Structures
    • Other Structures coverage protects any structures that are not connected to the home. This includes free-standing sheds, fences, guest homes, and detached garages.
  • Coverage C – Personal Property
    • Personal Property coverage reimburses homeowners for the value of damaged, lost, or stolen belongings, including furniture, clothing, computers, musical instruments, and TVs. This coverage even extends to items that were not lost, stolen, or damaged on the homeowner’s property, such as items in a storage unit.
  • Coverage D – Loss of Use
    • During an extensive home repair, Loss of Use coverage will pay for living expenses.
  • Coverage E – Personal Liability
    • If anyone sustains injuries on your property and files a suit alleging that you’re at fault, Personal Liability covers any financial losses you may sustain.
  • Coverage F – Medical Payments to Others
    • Covers medical bills if anyone gets hurt by the homeowner’s pet or on the homeowner’s property.

If you live in a high-risk area prone to certain natural disasters, you may be required to purchase additional types of coverage such as a flood or earthquake insurance policy.

Where can you find additional Nevada insurance resources?

The Nevada Division of Insurance:provides resources and consumer information about home insurance options in the state. The Division offers a price comparison tool, explanations about different types of insurance available to homeowners, and takes consumer complaints related to home insurance.

With all of the available home insurance options, it can be tough to make a decision. Fortunately, there’s Obrella. Finding a policy that works for your lifestyle is simple when you connect with an insurance agent. Not only will you have an opportunity to get all of your home insurance questions answered, but insurance professionals will work with you to determine your coverage needs and go over your options. We can even bind your policy by phone to save you time and stress. With Obrella, home insurance shopping is as simple as picking up the phone.

Get all the information you need about Nevada homeowners insurance coverage options by contacting an insurance expert today at [mapi-phone-link /].

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