Nevada Homeowners Insurance

 
Nevada Homeowners Insurance

Residents in Nevada pay an average of $61 per month or $737 per year in home insurance premiums. 


There are  almost 1.3 million homes in the Silver State, fifty-five percent of which are owner-occupied.

The average monthly cost for a homeowner with a mortgage in Nevada is $1,422.

Residents in Nevada pay an average of $61 per month or $737 per year in home insurance premiums. 


There are  almost 1.3 million homes in the Silver State, fifty-five percent of which are owner-occupied.


The average monthly cost for a homeowner with a mortgage in Nevada is $1,422.

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Nevada Statistics*

3,034,392

Population

$216,400

Average value of owner-occupied housing units

1,052,249

Households

$55,434

Average household income

86%

High school grad or higher, percent of people age 25 years +

24 min

Average travel time to work

*Data from the U.S. Census Bureau


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Nevada is a state with an arid climate. The arid climate puts Nevada at a lower risk compared to other states in terms of natural calamities. Nevada does not suffer strong winds like other states. Instead, it experiences a lot of flash floods. Nevertheless, it is always important to invest in home insurance in case of uncertainties.


Therefore, Nevada residents enjoy one of the lowest average premiums for homeowners insurance in the entire country. The average annual premium is at $737. The average premium is not fixed at that amount, remember the cost of premiums is affected by the age of your home and the exact location it is in the state. The premium rate is therefore likely to vary slightly throughout the state.

Average Nevada home insurance and nationwide home insurance premiums


Placed at position the 48th position nationally, Nevada’s average annual premium is $737. Therefore, the monthly average premium is about $61.42. The monthly premium fee is affordable to many and is also in the lower side compared to the nation's average home insurance at $ 1,173 per year.


The monthly average premium nationwide is at $97.75. Therefore, Nevada’s homeowners have an advantage of paying less premiums compared to other states in the U.S.

Average Nevada home insurance premiums

 201620152014
Monthly average$62$61$59
Annual average$742$737$704
National annual average$1,192$1,173$1,132
Rank484846
Source: The annual average premiums came from the Insurance Information Institute's latest recorded data. We calculate the estimated monthly insurance costs based on the data provided.

Our three best homeowners insurance companies in Nevada


Insurance is meant to benefit its policyholders by covering them financially. Therefore, when ranking the top three homeowners insurance companies in Nevada, the first item to look into is the institution’s financial scores. Our top three homeowners insurance companies in Nevada are:


State Farm


State Farm is one of the best home insurance companies in Nevada. In terms of consumer satisfaction, JD Power gave it a 3 (About average) out of 5 Power Circles Ranking. It earned a financial stability rating of A++ (Superior) from AM Best coming out on top of Allstate’s homeowners insurance company rating. Moreover, State Farm has the largest market share in Nevada covering up to 19.8 percent with direct premiums worth approximately $115 million in-state.


State Farm recently designed an app to help policy holders master safety, repair and maintenance issues. Furthermore, the company has friendly staff who are there to serve their customers. The online quotes are also simple and straightforward.


Should you experience damage in your home and would like to make a claim, State Farm has the best claims network. The company has a Premier Service Program that connects you to a local contractor who will take immediate actions on repair of your property. The claims reporting process is aided by the Agent Mobile app, which has specific helpful tools.


Farmers 


Farmers has the second largest market share in Nevada at 15 percent. The direct premiums written by the company is about $88 million. AM Best gave Farmers an A (Excellent) ranking when it comes to financial stability. The company also got an A (Strong) from S&P. JD Power gave it a 3 (About average) out of 5 Power Circles when it comes to customer satisfaction and general insurance performance.


Farmers had a report of less customer satisfaction on the claims process. Moreover, the the company's online quote system is less optimized  for mobile phones. The fields have less detailed information compared to Sate Farm and Allstate.


Despite the company priding itself with a very friendly customer service, its quotes are very high. Farmers Insurance Group quotes are higher compared to Liberty’s and Allstate’s with the same deductibles. Moreover, it has minimal additional discounts to its customers. 


Allstate


Being one of the best homeowners insurance companies, Allstate has a market share of 10 percent in Nevada. In addition, the company has written a total of $58 million in direct premiums in the area. The insurance company equips itself with good customer satisfaction skills and overall Insurance performance getting 3 (About average) out of 5 Power Circle Ratings from JD Power.


It means that customers can rely on getting good services from the company and also a favorable claim process. AM Best gave Allstate a rating of A+ (Superior) meaning that its financial stability is one that can be relied on and will not go down soon.


Allstate has an advantage over the three companies due to its online reliability system. No matter what answers you are looking for, Allstate’s excellent online system ensures that customers get satisfactory answers they need.


In addition, the company has a tool known as Common and Costly claims tool. The tool provides a client with information on the most causes of claims in the neighborhood they live in. The piece of information is very important to homeowners when choosing a location for their homes and the coverage they can pay for.


For instance, in South Lake Tahoe, for a long time the reason for filing a claim was because of water damage. Recently due to freezing water, the major cause of claims ranking at number five is damaged pipes. Damaged pipes have now become a problem most residents of South Lake Tahoe would like to take an extra coverage for.


Allstate has an amazing home inventory tool that is very easy to use. The tool allows policy holders to be able to estimate the value of their belongings, catalogue their belongings and estimate replacement costs. The advantage of keeping a good record of inventory is that you have proof of what your stuff are worth before they are destroyed with prospective hazards.


Allstate is the only company in Nevada that automatically pulls out public records on property. The public records that are pulled out allows people to know about past claims that they would have not known about.


The company has also been very consistent in in-service delivery. Finally, Allstate is also known for discounts given to their clients. One of the discounts is the Responsible Pay that a client is given when they pay for their premiums on time.

Nevada home insurance companies: Market share and summary of ratings

RankInsurerMarket share %AM BestS&PJD Power
1State Farm19.8A++AA3
2Farmers15.1AA3
3Allstate10.0A+AA3
4Liberty Mutual7.6AA3
5USAA6.4A++AA+5
6American Family5.8ANR3
7CSAA5.4ANR3
8Travelers5.3AA3
9Hartford3.1AA3
10COUNTRY Financial2.1A+NR3
NR: Not rated
Source: Insurance Information Institute, AM Best, S&P, JD Power

The bottom line


We hope that our review of the three companies that hold the top spots in the homeowners insurance market share in NV is insightful and will help you make the best choice for you. It is to note here that we cannot review all of the insurers in the state and that it may very well be that a smaller, less popular company will be best suited for your individual needs. It's always wise to shop around and compare, and our free online tool will help with that. Reviewing the financial ratings and costumer satisfaction records of prospective companies is recommended to ensure that the company you choose can perform in the claims payout department in the event of an untimely disaster that incurs high costs of damages and repairs.


How much does a Nevada homewoners insurance policy cost?


After Alaska and California, Nevada ranks the third out of the 50 states that experience earthquakes in the US. Residents are therefore advised to take a separate cover for tremors because your homeowners policy does not cover damage from earthquakes.


As mentioned in the beginning of this article, the national premium average for homeowners insurance is $1,173 while that of Nevada is $737, according the the latest available data (2015) from III. The state is the 48th most expensive premium across the United States, making the average premiums in NV pretty cheap and way below the nation's average. Based on the data from III, the yearly premium average for Nevada is  one of the lowest in U.S.


Consider this outline of recent claims to understand why the rates are low in Nevada as compared to other states across the United States. The national average number of catastrophes is 19,033 while that of Nevada is 65. The national number of tornadoes is estimated to be 1,233 while that of Nevada is approximately 2. The national worth of property damage from weather is estimated at $5.5 billion while that of Nevada is estimated at a little over $13 million.

Flood insurance in the dessert


Although most people tend to think that Nevada is as dry as a desert, some locations experience floods at times. Therefore, it makes sense to ensure that your home is protected against water damage from natural sources like storm surges if you live in flood zones. Make certain that you get a comprehensive coverage for your home and keep your roofs repaired regularly since hails storms can happen anywhere in Nevada. An experienced Nevada home insurance agent can advise on how to keep your premiums lower.


Burglaries in Nevada


Also, the national average number of burglaries is 37, 814 while that of Nevada is approximately 23,047. Even though Nevada is one of the largest states in the United States it's the 35th most populous as well. However, the risks of burglaries may differ in various parts of Nevada. A good homeowners insurance coverage and installing security alarm systems can protect you from suffering substantial losses in case of theft.


There are several factors that insurers use when calculating quotes for their homeowners insurance policy clients such as the value, rate, and location of your home. When discussing with your local agent, ask as many questions as possible to get a clear understanding of the descriptions of the insurance policy you choose before purchasing. Before discussing with an agent, feel free to use our free online tool to narrow down companies in your area.

For more assistance, please contact your local state department of insurance:

Nevada Division of Insurance

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