The Best Homeowners Insurance in Nevada for 2023 – NerdWallet

The average cost of homeowners insurance in Nevada is $1,065 per year, or about $89 per month, according to a NerdWallet analysis. That’s considerably less than the national average of $1,820 per year.

We’ve analyzed rates and companies across the state to find the best homeowners insurance in Nevada. Our sample rates are for a homeowner with good credit and $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible. Your rates will be different.

Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state.

If you’re looking to buy homeowners insurance from a well-rated national brand, consider one of these insurers from NerdWallet’s list of the Best Homeowners Insurance Companies.

See more details about each company to help you decide which one is best for you.

Homeowners policies from Farmers may include two valuable types of insurance: extended dwelling and replacement cost coverage. Extended dwelling coverage gives you extra insurance for the structure of your house, while replacement cost coverage offers higher reimbursement for stolen or destroyed belongings.

Some Farmers policies also come with perks that can save you money. For example, with claim forgiveness, Farmers won’t raise your rate for a claim as long as you haven’t filed one within the past five years.

America’s largest home insurer celebrated its 100th anniversary in 2022. One useful endorsement you may be able to add to a State Farm policy is an inflation guard rider, which automatically increases your policy limits to make sure your coverage doesn’t fall short.

State Farm offers a free Ting device as a perk for home insurance policyholders. Ting is a smart plug that monitors your home’s electrical network to help prevent fires.

Nationwide’s standard homeowners policies include ordinance or law coverage, which pays to bring your home up to the latest building codes after a covered claim. They also include coverage for unauthorized credit or debit transactions. For an extra cost, you may be able to add coverage for things like water backup, identity theft and stronger materials to replace your roof.

The Nationwide website offers plenty of ways to manage your policy, including filing and tracking claims, paying bills and getting quotes.

Founded in Madison, Wisconsin, American Family receives fewer consumer complaints than expected for a company of its size. You may be able to customize your policy with optional add-ons such as identity theft, equipment breakdown or service line coverage, which pays for repairs to water, power or other underground lines that run to your house.

Homeowners may be able to save on their premiums by installing smart-home devices, bundling multiple policies or setting up automatic payments.

Country Financial has three different levels of homeowners coverage to help you choose the package that’s best for you. You also have the option to add extra coverage for the structure of your home, in case inflation drives up the cost of rebuilding more than you expect.

Country Financial sells homeowners insurance through local representatives. The company has drawn far fewer complaints than expected to state regulators.

USAA sells homeowners insurance to veterans, active military members and their families. If that description fits you, you may want to consider a USAA policy. That’s because the company’s homeowners insurance has certain features that other insurers may charge extra for.

For example, USAA automatically covers your personal belongings on a “replacement cost” basis. Many companies pay out only what your items are worth at the time of the claim, which means you may not get much for older items. USAA pays enough for you to buy brand-new replacements for your stuff.

The average annual cost of home insurance in Nevada is $1,065. That’s 41% cheaper than the national average of $1,820.

In most U.S. states, including Nevada, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.

In Nevada, those with poor credit pay an average of $2,585 per year for homeowners insurance, according to NerdWallet’s rate analysis. That’s more than twice as much as those with good credit.

How much you pay for homeowners insurance in Nevada depends on where you live. For instance, the average cost of home insurance in Las Vegas is $1,085 per year, while homeowners in Carson City pay $955 per year, on average.

Here are the insurers we found with average annual rates below the Nevada average of $1,065.

Nevada homeowners need to consider a few potential risks when shopping for the best homeowners insurance, including wildfires, flooding, earthquakes and wind damage.

After several years of drought, with typically hot and dry summer months, Nevada is prone to wildfires. If you live in a wildfire-prone part of the state, start by mitigating your risk by managing the vegetation around your home.

Homeowners insurance typically covers damage from fires, but it’s important to review your policy, as some insurers will exclude wildfire damage from coverage. Pay particular attention to your dwelling coverage limit. This is the amount the insurance company will pay to rebuild your house. A significant fire can destroy your whole home, so make sure you have enough coverage to rebuild if necessary.

As a desert, Nevada is susceptible to flash floods during heavy rainstorms, which can significantly damage homes and other properties. Flooding is not covered under standard homeowner insurance policies, so if you’re concerned about flash flooding or even flooding due to drainage issues, you should consider flood insurance.

To find out if you’re at risk, check out the Federal Emergency Management Agency’s flood maps or visit RiskFactor.com, a website from the nonprofit First Street Foundation. Even if your property is deemed low risk, it may be worthwhile to buy flood insurance for extra peace of mind.

Remember that while you can purchase flood coverage anytime, there’s typically a 30-day waiting period before the insurance takes effect. Here’s more information about flood insurance and waiting periods.

Nevada comes in third in the country for major earthquakes, but even small tremors can cause significant damage to homes and properties. Earthquakes are not covered under standard homeowners insurance policies. If you live in a high-risk area, you will need to buy separate earthquake insurance, which you may be able to get as an endorsement from your insurer.

If you don’t have earthquake insurance, you may still have some coverage from earthquake-related damage. For example, if a fire breaks out as a result of the earthquake, standard homeowners insurance policies will likely cover the fire damage.

While not as common as other hazards, windstorms can occur in Nevada. Wind damage is typically covered under standard homeowners insurance policies.

However, it’s important to review your policy to understand your coverage fully, as you may have a separate deductible for wind damage. These are often either a flat rate, such as $1,000, or a percent of your dwelling coverage. For example, your policy may have a $1,000 deductible for most claims and a 1% deductible for wind claims. So if your house has $250,000 worth of dwelling coverage, you’d have to pay for the first $2,500 of wind damage yourself.

The Nevada Division of Insurance oversees the state’s insurance industry and provides consumer protection and resources. For example, its website includes a guide to homeowners insurance in Nevada, information on earthquake and flood insurance and instructions in case you need to file a claim.

The Nevada Division of Insurance is also your go-to location to file a complaint against your insurance company online or by mail. If you have questions about filing a complaint or need other help, you can request assistance from Consumer Services by calling the Las Vegas office at 702-486-4009 or the Carson City office at 775-687-0700.

Amanda Shapland contributed to this story.