The Best Nevada Homeowners Insurance Companies
Nevada doesn’t suffer the same storms that you find in other areas of the U.S., but it does pose some challenges to homeowners in the form of flash flooding and earthquakes. That said, Nevada homeowners enjoy some of the lowest premiums in the country for homeowners insurance, with a yearly average of just $737 — the third cheapest in the nation.
Keep in mind that the age of your home and its specific location in the state can affect your premium. It’s important to do your research to find a policy that gives you the coverage you need in the event of an emergency at a price you can afford. We’ve done some of the legwork for you, but to find your best price, you’ll need to compare quotes.
How We Found the Best Nevada Homeowners Insurance Company
We started by taking a careful look at Nevada’s five largest providers by market share: State Farm, Farmers, Allstate, Liberty Mutual, and USAA. Then, just as we did for our national homeowners insurance review, we dug into financial scores from Moody’s, A.M. Best, and Standard & Poor’s. These third-party agencies assign grades to insurance companies based on their financial stability, and we required an A rating or above when the information was available.
We also considered customer satisfaction reports from J.D. Power and Consumer Reports. These well-respected agencies survey users about overall satisfaction with an insurer as well as their experience with claims, billing, and more. We added this information to our research into discounts and quotes from the providers to evaluate a provider’s overall quality.
Because it can be overwhelming to sort through all of the information and sales pitches when you’re researching homeowners insurance, we also looked for companies that made it easy to find coverage and discount information. This revealed each company’s general commitment to providing a quality experience for their customers, which is important not only during the research phase but also down the line should you need to file a claim.
The 5 Best Home Insurance Companies in Nevada
Nevada Homeowners Insurance Reviews
Above all else, Allstate stands out for its excellent online resources. No matter your question or concern about homeowners insurance, Allstate’s website is likely to give you an answer you can understand.
We especially like its Common and Costly Claims tool, which gives you insights into the most common causes of claims in your neighborhood (think wind storms or water issues). This is really useful when you’re thinking about your property’s specific location and what kind of extra coverage you might need. For instance, in South Lake Tahoe, the most common reason for filing a claim was for water damage, but freezing water (due to bursting pipes) came in at number five, a problem for which local homeowners may want to purchase additional coverage.
Allstate also has a really easy-to-use home inventory tool that allows you to catalog your belongings and estimate value and replacement cost. Your homeowners policy includes coverage for personal property loss, and theft/burglary is a common claim in Nevada. Keeping an accurate home inventory is vital so that you have proof of what you owned before it went missing or damaged.
With these great online features already in place, it’s no surprise that Allstate offers an excellent online quote tool. It was the only one to automatically pull public records on the property to account for any past claims you may not know about. Because of this, it was more accurate, and when we called an agent for a quote, we were given one nearly identical to the one we got online. The accuracy of the online quote helped edge the company up in our rankings.
Another helpful fact in Allstate’s favor? It gave us the lowest quote with the same coverage and deductible as the other top providers. We were impressed by the additional discounts, such as the “responsible pay” one given for simply paying on time.
This national standby is the top provider of homeowner’s insurance in Nevada by market share. State Farm ranks towards the top of the pack in consumer satisfaction from J.D. Power and Consumer Reports, and it earned an A financial stability rating from A.M. Best, meaning you can trust it to pay out its claims.
We found the company’s recently redesigned website and mobile app to be pretty standard, but not quite as robust as Liberty Mutual’s MasterThis content about home repair, maintenance, and safety. It’s also not nearly as comprehensive as Allstate’s suite of home insurance tools.
Still, State Farm’s online quote process is straightforward, and the agent we spoke to was just as friendly as the one from Allstate. However, even with the same levels of coverage, we didn’t qualify for as many discounts, so our State Farm quote was higher than the competition.
Liberty Mutual has a clean, modern website and smooth online quote system. Because the questions on their online claim form go more in-depth, we were more confident of the estimated quote’s accuracy. This included more detail about improvements to the home’s utility systems and lifestyle questions that covered details like which kinds of pets you own or whether you have a pool (a popular choice in Nevada’s ritzier suburbs).
We also found Liberty Mutual’s mobile app to be a standout. The contemporary design made scrolling and filling out forms very easy even on a mobile screen. You can use the app to make payments, submit claims, and view your ID card in case you lose it. It shares these features with Allstate’s app, but we found it easier to navigate overall, and reviewers on the App Store seem to agree. It’s the highest-rated of the top insurers, with an impressive average rating of 4.8 stars on more than 24,000 reviews.
Unfortunately, calling Liberty Mutual wasn’t as easy as it was for Allstate. When you call, you’re directed down an impersonal phone tree until you reach a local office. The representative we eventually spoke to was helpful and kindly answered all of our questions, but it was a hassle to get there.
Liberty Mutual also has an A ranking from A.M. Best for financial stability — the same as State Farm’s, but slightly lower than Allstate’s A+. It was right in line with those companies when it came to customer satisfaction from J.D. Power and Consumer Reports, too, earning above average marks in every metric.
Farmers Insurance Group
The online quote system with Farmers is a little clunkier than other providers we tested. It’s not optimized for mobile devices, and the fields aren’t as detailed as those of Allstate or Liberty Mutual. That said, it did result in a quick turnaround and follow up call from an agent. Despite the friendly customer service, their quote was higher than Allstate’s and Liberty Mutual’s with the same deductible, and they didn’t offer any additional discounts even after we pressed for more info.
Farmers performed about the same as our other picks in the J.D. Power and Consumer Reports surveys. Customers weren’t especially pleased with their service compared to the competition, but there weren’t any systemic issues, either. Farmers also has a solid financial rating (A from A.M. Best), but it was beaten out by Allstate (A+).
If you or an immediate relative is a member or former member of the military, then you have access to USAA. It’s a highly popular provider and very well-rated in online reviews. However, since it isn’t open to the general public, we didn’t include a sample quote from them. That said, if you are eligible, it should be on your list. Not only is it the highest-rated company by a mile according to J.D. Power, but it’s also the fifth-largest provider in the state.
Guide to Nevada Homeowners Insurance
A closer look at Nevada premiums
We requested a quote from our top providers for a single-family suburban home in the Las Vegas area.
The home that we used for our sample quote was built in 1999, has three bedrooms, and features standard fire safety features but not a monitored alarm system. Our sample home is valued at about $250,000, which is near the median in Las Vegas.
Remember that cheaper isn’t always better. It’s important to consider the amount of coverage you’re getting (and the deductible, which is what you’ll have to pay out of pocket before insurance kicks in).
- State Farm: $727
- Allstate: $621
- Liberty Mutual: $690
- Farmers: $707
As you can see, discounts make a big difference. For example, Allstate gives offers a 5 percent discount for using auto pay, plus a 10 percent discount for new-construction homes. And all the providers we looked at offer a discount if you have other plans with them, like auto or motorcycle insurance.
Online quotes are not set in stone, and speaking to an agent could yield different results. We found that to be the case when we made calls to individual representatives, who often asked more specific questions about the home’s history and construction than we found in the online quote form. You’ll want to be sure to follow up after receiving quotes you like to determine the exact nature of the coverage and discounts for your particular property location and type.
Earthquake damage isn’t covered by most policies
Nevada ranks third in the country for major earthquakes after Alaska and California. If you don’t purchase separate earthquake insurance, damage from these tremors won’t be covered by your homeowners policy. The Nevada Division of Insurance has a thorough guide to purchasing earthquake insurance, which is a great starting place. Earthquake insurance policies typically have higher deductibles, so be sure to check with your insurer so that you understand how much you’ll have to pay out of pocket before your coverage kicks in.
Consider flood insurance
2017 was Nevada’s wettest year on record, and northern parts of the state saw significant flooding. Nevada’s insurance commissioner is urging homeowners to consider expanding their insurance coverage. Changing weather patterns put the state at greater risk for significant weather events like floods (as well as windstorms).
If you’re looking for flash flooding, know that it’s not offered through your homeowners insurance provider. Flood insurance is purchased through the National Flood Insurance Program instead. You can learn more about flood insurance and even do a quick, easy flood-risk assessment on the National Flood Insurance Program’s website.
Nevada Homeowners Insurance FAQ
How much is home insurance in Nevada?
The average annual premium in Nevada came out to $737 which more than $400 lower than the national average. But bear in mind that this is not a guarantee of what you’ll pay when you go shopping for homeowners insurance. A lot can determine your premium from your home’s location to its age. That’s why we recommend getting as many quotes as possible and using our top picks as a starting point.
Is homeowners insurance required in Nevada?
No. Mortgage lenders may require that you have homeowners insurance as part of their approvals process, but you are not required by Nevada law to have a homeowners insurance policy in order to own and live in a home.
How much liability insurance should I have for my home in Nevada?
Most homeowners insurance policies will provide a minimum of $100,000 of liability coverage. We recommend purchasing more than the minimum since you never know the extent of the damage you’ll have to cover or the exact cost. Say that someone slips on your icy driveway or your dog gives a relative a nasty nip. If your minimum liability doesn’t cover the cost of medical treatment, you’ll be forced to take the difference out of your own pocket.
The Best Nevada Homeowners Insurance: Summed Up
|Nevada Homeowners Insurance Market Share|
|A.M. Best Financial Strength Rating|
|Consumer Reports Homeowners Insurance Rating|
|J.D. Power 2018 Homeowners Insurance Customer Satisfaction Ranking|