Nevada home insurance
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Taking care of your Nevada home
As a responsible homeowner, you do what you can to take care of your house. After all, it’s where you live, and if you’re like many others, it’s a major investment. Finding the right homeowners insurance policy is an important part of taking care of your home. There are many things to consider when looking for a policy for your Nevada residence. You don’t want to take a gamble on insuring your property. Here’s what you should know about securing Nevada home insurance.
Exploring Nevada by the numbers
Nevada is the seventh-largest state by size and the 42nd-largest by population in the nation. Its official nickname is the Silver State due to it being the location of the first major silver ore discovery in the United States. Consider these facts related to living in Nevada:
• Nearly 110,000 square miles in land area.
• Over 3.1 million residents.
• Over 1.3 million residences.
• $315,900 for the median value of owner-occupied residences.
While the average value of a home in the United States is around $327,500, the average for Nevada is $409,400. Both numbers represent an upward trend over the past few years.
Nevada is on record as the driest state. This might seem like a good thing for homeowners worried about mold in the Silver State, but dry air can present other issues for your home’s structure. Dry air absorbs moisture wherever it exists. This can lead to creaking floors and structures. When moisture is extracted from your home’s frame, the structure may shift, leading to wall and ceiling gaps. Not only will your doors and windows become more difficult to close, but gaps can also make it more difficult and more expensive to heat your home during Nevada’s cold winters.
Nevada has two climate regions, desert and semi-arid. Temperatures in parts of the state exceed 100 degrees Fahrenheit for much of the summer. The combination of dry air and high temperatures makes homes in the state especially vulnerable to damage due to fire and drought. Extreme heat also causes environmental changes that lead to damage to foundations, roofs and piping.
Understanding Nevada home insurance
Nevada does not require homeowners to have property insurance. However, mortgage lenders usually require homeowners to buy insurance. If your home is destroyed in a fire or natural disaster, home insurance helps protect the lender’s investment (and yours). Even if you don’t have a mortgage, you might not have the money to replace your home after a disaster.
A Nevada home insurance policy offers protection from various types of damage and losses. Climate change in particular puts houses at risk of serious damage, even after a mortgage loan is paid in full. VIU by HUB is your trusted guide to help you analyze Nevada home insurance quotes and determine what coverages and limits make sense for you.
Examining home insurance coverage
When looking at Nevada home insurance quotes, it’s important to know what coverage you’re getting. No two homeowners will have the exact same needs, but typical policies include certain protections. Based on your situation, you may need higher coverage limits or additional policies to protect your home. Most homeowners insurance plans include the following coverages:
A key element of any homeowners insurance plan is covering Property Damage. This protects your home from typical perils such as fire, smoke, certain types of water damage, explosion, theft, vandalism, lightning, hail and collisions with aircraft or vehicles, among others. Many policy forms also extend coverage to other buildings on your property, such as a detached garage, shed or gazebo.
A Nevada home insurance policy typically covers the Contents of your home. If you have items in your home that are valuable or expensive to replace, you can also insure these items with your policy. When exploring Nevada homeowners insurance quotes, consider the need for special coverage for antiques, jewelry and other high-dollar items that may be excluded or limited for coverage in a homeowners policy.
Personal Liability and Medical Payments
Imagine someone else is injured while in your home, or that you damage someone else’s property. Your homeowners’ policy can cover expenses related to third-party property damage and personal injury. VIU by HUB is here to help you weigh your options for this important coverage.
Most homeowners’ insurance plans don’t automatically cover perils such as flooding and earthquake. As a Nevadan, you may experience flash flooding in your home. You may be able to add flood protection to your policy. Flood Insurance is also available in a separate policy from an insurance company or from the National Flood Insurance Program.
Paying for Nevada home insurance
What you pay for home insurance depends on several factors. The value of your home should be your chief consideration when examining Nevada home insurance quotes. The average cost of a home in Nevada exceeds $400,000, so you’ll need to keep this in mind when it comes to how much coverage you need. The premium is what you’ll pay for a policy and it depends on these details:
• Cost of the home: Higher value means a higher cost to replace.
• Location: Some parts of the state are at higher risk for certain perils.
• Age of the home: Older structures usually cost more to insure.
• Home security: Many insurers offer discounts for home security features.
• Deductible: This is your out-of-pocket cost for a property damage loss before the insurance kicks in. The higher your deductible, the lower your premium.
Your history as a homeowner can also factor into what you pay. Nevadans can expect to pay about $800 a year for dwelling coverage of $250,000. This compares favorably to less than the national average annual premium of about $1,300.
This information is intended for general informational purposes only and is not intended to constitute legal advice.