The Best Cheap Nevada Homeowners Insurance for 2023

A homeowners insurance policy covers assets in the case of unexpected events. It can help provide a financial safety net for policyholders and their families by paying to replace or repair valuable property. Our experts have researched the best homeowners insurance companies in Nevada to help you choose the right one. Homeowners can follow these tips to find the best and cheapest homeowners insurance in the state.

• Cheapest overall for Nevada: Universal North America Insurance Co
• Cheapest for new home construction: Universal North America Insurance Co
• Cheapest for older homes: Universal North America Insurance Co
• Cheapest when you've made a claim: Universal North America Insurance Co

Cheapest overall for Nevada

Two of the three cheapest home insurance companies in Nevada are regional companies. The cheapest Nevada home insurance policy is sold by Universal North America Insurance. Farmers, the large national insurer, is the next cheapest and Nevada Capital Insurance Company comes in third.

• Universal North America Insurance comes in at an average annual rate of $553
• Farmers offers an average annual rate of $670
• Nevada Capital Insurance Company averages $713 per year

Cheapest for new home construction

Since new houses are less likely to have the kind of issues that older buildings often do, homeowners insurance for new homes is typically the least expensive. New homes must comply with stricter safety regulations and are built with newer materials. As a result, insurance companies don't take on as much risk to insure new construction. The three cheapest Nevada homeowners insurance policies for new homes are:

• Universal North America Insurance offers an average annual rate of $335
• Farmers averages $348 per year
• Nevada Capital Insurance Company comes in at $411 per year

Cheapest for older homes

Homeowners insurance for older homes is more expensive, especially for houses built 50 or more years ago. Older homes are prone to additional damage due to wear and tear. Older homes also were not built using modern-day safety standards, so bringing them up to code increases the cost of repairing them. On average, insurance premiums for a home older than 30 years old are 75% higher than a new home. Here are the top three companies for cheap homeowners insurance for older Nevada homes:

• Universal North America Insurance comes in at an average annual rate of $576
• Farmers averages $589 per year
• Nevada Capital Insurance Company offers an average rate of $668 per year

Cheapest when you've made a claim

Homeowners insurance pays for losses and damage to property if something unexpected like a fire or burglary occurs. When the insured party makes a claim, however, their insurance rates may rise for a period of time. The cheapest coverage for people who have previously made a claim is available through these companies:

• Universal North America Insurance comes in at an average annual rate of $525
• Farmers offers an average of $709 per year
• Nevada Capital Insurance Company averages $862 per year

Average home insurance cost in Nevada compared to the national average

The cost of the average Nevada home insurance policy is $934, which is almost 50% lower than the national average of $1,725. Homeowners Insurance in Nevada is cheaper due to the lower risk of severe weather impacting the state. Although there are some natural disasters, Nevada is not prone to tornadoes and hurricanes like many other states. Nevada is also the driest state in the country, making it less likely to flood than other states.

Nevada homeowners insurance overview

Home insurance protects one of your most important investments. There are many insurance companies that offer Nevada home insurance. The key is finding the right amount of coverage based on the needs of a homeowner at an affordable rate. Here are some other factors to consider when choosing an insurance company.

Different types of homeowners coverage

The best home insurance companies offer a wide range of coverage types. There are six types of policies designed to cover traditional site-built homes, from basic policies to those that offer more features.

A standard homeowners insurance policy includes the following coverages:

• Dwelling coverage provides protection for the structure of your home as well as any attached structures. It covers a variety of perils, including fire, hail, theft, and vandalism. It can help homeowners rebuild their home in the event of a total loss or up to the policy limit.
• Contents coverage protects items in the home. Homeowners would receive funds to replace them based on the policy.
• Personal liability pays for damages from certain accidents. If a guest becomes injured, then the bodily injury damage coverage would cover it.

Level of coverage

Homeowners should consider a policy with high enough limits to cover the cost of rebuilding a home. Homeowners should create a home inventory of what would need replacement in the event of a disaster. This can help determine if the policy provides enough coverage.

Standard homeowners policies provide basic coverage for damage from disasters such as fire, lightning, or hail. Those who live in areas prone to floods or at risk of earthquakes will need additional coverage for those natural disasters.

Amount of deductible

A deductible is an amount the homeowner must pay out of pocket toward a claim before the insurance company pays the rest. The typical deductible is $1,000. The deductible amount a homeowner chooses impacts the premium. Raising the deductible can lower the premium amount.

What are the most common homeowners insurance claims in Nevada?

Every region is known for a different set of natural disasters. Nevada is extremely diverse and beautiful. Just like all other states, however, there's a risk of natural disasters. The most common natural disasters in Nevada are wildfires, floods, earthquakes, heatwaves and drought, extreme winter weather, severe storms, landslides, and power outages.

Wind and hail

The "wind and hail" category covers hurricanes, tornadoes, and winds. Claims under this category make up 34.3% of all claims in the U.S., the largest percentage in the country. Due to Nevada's geographic location, wind and hail don't impact the state as much as others.

Water damage and freezing

The second-highest category is property damage from plumbing issues and storms. Although Nevada is the driest state in the country, Nevada has its fair share of floods due to isolated thunderstorms and torrential rains. Frozen pipes that burst and water damage from storms make up 29.4% of all claims.

Fire and lightning damage

Wildfires are Nevada's most significant natural disaster threat. A combination of the state's terrain, vegetation, and weather conditions make it susceptible to rapid-moving fires in wilderness areas. Fire and lightning claims have an average cost of $78,838 per claim, the highest amount of all claims. They also make up 25.1% of all claims. Typical policies cover fire damage to the home itself, detached structures (like sheds or detached garages), and personal property in the home. Some policies cover only a percentage of personal property losses, so it is important to have an accurate inventory of all belongings.

Homeowners insurance coverage options and discounts in Nevada

Homeowners should shop around and compare prices from other insurers to find the best homeowners insurance in Nevada. Homeowners don't want to be underinsured in the event of a disaster, but also don't want to pay for more coverage than needed. Always get more than one insurance quote when shopping around.

Coverage options

Homeowners can pick and choose the different levels and types of coverage that best meet their needs. Here are the coverage options:

HO-1: This is known as "basic form," and is the most basic type of policy. HO-1 coverage is limited, so many insurance companies no longer offer this type of policy.

HO-2: This is known as "broad form," and while this policy expands on HO-1 by offering coverage against more than basic perils, it is still limited.

HO-3: This is known as a "special form," and is one of the most commonly purchased types of coverage. It covers a homeowner against a wide range of risks and pays actual cash value to replace damaged or lost property.

HO-4: This is a standard renters insurance policy.

HO-5: This is known as a "comprehensive form," and unlike an HO-3 policy, it covers actual replacement value and is much broader. As the name suggests, it is more comprehensive than HO-3.

HO-6: This is a condo insurance policy known as "walls-in" coverage. It also covers the condo owner's personal belongings.

HO-7: This is a typical mobile home insurance policy.

HO-8: This type of coverage is for older homes or historic homes that are architecturally important.

Potential discounts

Many insurance companies offer home insurance discounts. Discounts can help lower the cost of the premiums. Each insurance company offers its own discounts, showing why it's important to shop around for the cheapest option. These discounts can help homeowners find the best homeowners insurance in Nevada. Here are the most common discounts offered:

• New home construction
• Home and auto insurance bundle
• Advance pay
• Home upgrades
• Home security system
• Company loyalty
• Professional affiliation
• Non-smoker
• Homeowners association (HOA) membership

5 cheapest cities in Nevada for homeowners insurance

Where you live is a large factor in determining your policy rate. Here are other factors to consider:

• Amount of coverage
• A home's age and condition
• Home security and safety features
• Homeowner's credit history
• Additional coverage
• Deductible amount
• Choice of insurance provider

Here are the five cheapest cities for Nevada home insurance. Many of these cities have small populations or are near ghost mining towns.

5 most expensive cities in Nevada for homeowners insurance

Here are the five cities with the most expensive Nevada homeowners insurance. Las Vegas barely misses the list at No. 6 with an average annual premium of $1,029. While premiums in Las Vegas are 10% higher than the state average, it is still 40% lower than the national average.

The best homeowners insurance in Nevada provides comprehensive coverage that covers losses and damages to your home, as well as furnishings and certain other personal property. It is a good idea to customize your policy by having additional coverages to suit your specific situation. Most mortgage lenders also require a homeowners insurance policy so it is important to find the right policy that offers peace of mind.