Homeowners in Nevada deal with many kinds of natural disasters. Earthquakes, floods, and even snowstorms hit the state every year. These problems will affect you differently, depending on what part of the state you live in. For example, the western part of the state is especially prone to earthquakes and the southern part of the state has flooding problems. If you live in a flood prone area of the state, you can buy flood insurance from the National Flood Insurance Program (NFIP).
When insurers give you a quote on homeowners coverage, they calculate the rate based on crime, weather, and other possible dangers. You can install safety equipment such as a burglar alarm or carbon monoxide detectors to help lower your rate, as many companies discount for these measures. You can also ask for a higher deductible to lower your monthly payment. This is a good idea if your disaster risk is low.
Comparing Nevada Home Insurance Rates
In Nevada, homeowners insurance rates range widely. Some areas of the state are at high risk because they experience frequent extreme weather, or an increased crime rate. Insurance companies view the risks presented by you and your home to determine your rate. You should compare rates and policies from different companies in order to make sure you get a good deal on insurance.
Some Nevada insurance companies offer special discounts. For example, you can save money on homeowners insurance in Nevada if you don't file a claim for three years. You can also get a discount if your plan goes into effect within two months of buying your home. Other discounts are available in the state for military service members, seniors, and people that don't smoke.
Earthquakes Threaten Nevada
Nevada has many earthquakes each year, especially in the eastern part of the state. Only Alaska and California have more major earthquakes each year. You should think about adding earthquake insurance to your homeowners insurance plan because basic coverage doesn't pay for earthquake damage.
You should get earthquake insurance as soon as you move to the state, as most insurance companies will not sell it for 30 to 60 days after an earthquake occurs. This is called a moratorium period. Keep in mind that not all earthquake insurance plans cover problems not related to true earthquakes. Local construction can occasionally damage the foundation of homes, which may or may not be covered.
Frequently Asked Questions About Nevada Home Insurance
If you're confused about Nevada home insurance, you're not alone. Homeowners insurance is a confusing subject for many people and there are many questions to consider.
1. What happens if your neighbor's tree falls on your property? Whose insurance covers the damages?
If your neighbor's tree falls on your property, your insurance usually pays to fix it. It doesn't matter where the tree was originally.
2. What's the difference between replacement cost and actual cash value?
Replacement cost is how much it costs to replace or repair your home. It doesn't include depreciation. Actual cash value is how much it costs to replace or repair your home including depreciation costs. You can buy replacement cost insurance for an extra fee.
3. If you have a home business, does your homeowners insurance cover it?
In general, homeowners insurance plans won't cover your home business. However, you can usually add home business insurance to your homeowners insurance.
4. What deductible should you pick?
Choose a low deductible if you worry a lot about risk. You can, however, save money on your monthly payment if you choose a higher deductible.
5. What are lender requirements?
Your lender can require you to insure your home for the loan amount. Note that you don't have to buy insurance from the company your lender recommends.
How to Get Great Rates on Nevada Home Insurance
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Nevada Home Insurance Resources
NV Department of Insurance
Information on insurance-related laws and regulations that protect Nevada consumers