If your house has a mortgage attached to it, your lender requires that you have adequate Nevada home insurance. Even if you own your home free and clear, you should always carry property insurance on your home. Many incidents can decrease your home’s value or destroy it entirely, such as fires, vandalism, storms, water damage and theft.

Homeowners insurance usually covers injuries to third parties on your property; for example, your insurance provides coverage if your neighbor’s child breaks a leg while playing on your daughter’s swing set. It also covers personal property inside the house such as furniture, clothing and knickknacks. When purchasing home insurance Nevada residents should consider:

1. How much Nevada home insurance to purchase

2. Whether you need flood insurance

3. Which company to choose for Nevada property insurance

Action Steps
The best contacts and resources to help you get it done

Meet the legal limits for NV home insurance

Since land is indestructible, most Nevada property insurance companies do not require you to insure the entire worth of your home. In Nevada, you must insure at least 80% of your home's total value (land constitutes the other 20%). For example, if you own a home that is worth $200,000 you must purchase $160,000 worth of insurance. Check with your specific mortgage lender and insurance company for specific requirements; some lenders require property insurance equal to the amount of the loan on the house. Replacement coverage (what it would cost to rebuild the same house in today's dollars) is more desirable than actual cash value coverage, which takes into account depreciation on a house. Choose a deductible level with which you are financially comfortable; should damage occur, this is the amount you pay out of pocket before the insurance company picks up the remainder.

I recommend: Read up on the different types of policies: actual cash value, extended replacement cost and guaranteed replacement cost. Learn how much property insurance you should get.

Decide whether to purchase flood insurance

Although many areas in the state of Nevada are not located in a flood plain, it is always a good idea to acquire flood insurance. Regular Nevada property insurance policies do not cover damage from floods, so if a flood should occur, you would pay for all the destruction out of pocket. Even if you do not live in a federally-designated flood plain, unpredictable weather can wreak all sorts of havoc on your home. If you do purchase flood insurance, you must buy it separately from the Federal government.

I recommend: Calculate your flood insurance premiums, and find an authorized flood insurance dealer on the official FloodSmart government website.

Pick a company from which to purchase NV property insurance

Not all homeowners insurance companies are the same. You should pick a reputable, stable company to be your property insurance provider. If an unknown company goes under and something happens to your house, you may not be able to recoup your damages. Nevada home insurance rates vary widely among carriers, so make sure to get several quotes before purchasing a policy.

I recommend: Use NetQuote to get up to 5 different quotes from Nevada home insurance companies with one click. Western Mutual, Cal-Nevada Insurance Agency, and the Mentzer Insurance Agency are Nevada property insurance providers.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Think about purchasing homeowners insurance from the same company that you buy auto insurance. Most Nevada homeowners insurance companies offer multi-policy discounts, which can translate into big savings for your family.