Stats in Your State
Comparing your home insurance premiums with your neighbors in other states is one useful way to tell if you’re saving money, but understanding the housing market and the factors affecting home insurance prices is even better. We’ve put together a number of graphs to illustrate the Nevada housing market in general.
Homeowner Insurance Premiums
Nevada home insurance rates started the early 2000’s neck and neck with the U.S. Average, but homeowners in Nevada have missed out on the higher premiums the rest of the country has had to pay, with average home insurance costs staying roughly $100 or more below the national average through the latter part of the decade.
Renter Insurance Premiums
Converse to home insurance prices, the cost of renters insurance in Nevada has over the 2000’s been consistently higher than the average in the rest of the country. High-price rental properties and timeshares likely contribute to the higher averages.
Existing Home Sales
Nevada’s housing market has seen huge swings in recent years, with a peak of roughly 100,000 yearly home sales in 2005 and 2006 to a decline to 45,000 in 2007, followed by another peak in 2009 and 2010.
Flood Insurance in Region
The sheer scarcity of flood claims speaks to Nevada’s desert climate, with only 9 total claims for a total of $52,000 in damages filed in 2011, Nevada had the fewest number of claims in 2011 compared with its neighboring states. Some residents in the mountainous areas do live near rivers, which are prone to overflowing their banks during spring thaws.
Starting in the 1970s, Nevada saw huge growth in subsequent decades in terms of housing development. Nearly half of all Nevada homes were constructed between 1990 and 2004, compared with just fractions built prior to 1969.
Rules in Your State
The following statutes and provisions govern how insurers must conduct business and pay claims in Nevada. Click on the links below to read more on the specific regulations, or consult with an attorney if you believe your rights have been compromised and you need to take action against an insurer for unfair treatment.
Insurance General Provisions: Unfair Acts Prohibited: This provision outlines unfair acts and defines which methods and practices are prohibited for insurers to use when settling claims. These provisions apply to all insurance types across the state.
Nevada Revised Statutes: Casualty Insurance & Nevada Revised Statutes: Property Insurance: Property and casualty insurance lines apply to both auto and home policies, as injury and property damage may arise either on the road or on private property.
Home Insurance Policy Forms: Review the policy forms used by most of the large home insurance providers to ensure the agent you are working with is compliant with the law.
Representatives & Resources in Your State
Numerous state resources exist to help Nevada residents with understanding how homeowners insurance works. To file a complaint against an insurer or to seek guidance on comparing different types of policies, use the links below as good starting points.
Nevada Division of Insurance (DOI)
Nevada Division of Insurance in Carson City:
1818 E. College Pkwy., Suite 103
Carson City, NV 89706
Nevada Division of Insurance in Las Vegas:
2501 East Sahara Ave., Suite 302
Las Vegas, NV 89104
Contact Information for DOI
Nevada Homeowners Insurance Information
The Division of Insurance has provided useful guides to buying and comparing homeowners insurance, and how to assess your own needs before buying a policy.
Consumers Guide to Home Insurance
Published by the Department of Insurance, this guide covers questions ranging from “what affects home insurance prices?” to the basic question: “what is home insurance?”.
Federal Emergency Management Agency: Region 9
Many of Nevada’s homeowners are threatened by wildfires each year, and the Federal Emergency Management Administration is a crucial resource for homeowners who need assistance or disaster relief.