A Guide to Home Insurance in Nevada (NV)

If you are looking to get comprehensive Nevada Home Insurance then it is important to consider the variety of different companies that are available to service your needs in Nevada.

Here is a list of the Top 10 Largest Home Insurance Companies in Nevada and their 2010 Market Share:

1/ State Farm Fire and Casualty Company – 19.43%
2/ Zurich Insurance – 18.72%
3/ Allstate Insurance – 13%
4/ California State Auto Group – 6.06%
5/ United Services Automobile Association Group (USAA) – 4.92%
6/ Hartford Fire and Casualty Group – 4.73%
7/ Liberty Mutual Group – 4.46%
8/ American Family Insurance Group – 4.4%
9/ Travelers Group – 4%
10/ Country Mutual Insurance Company – 2.36%

Collectively, these ten make up 82.08% of the entire Nevada Home Insurance market.

When you get quotes for homeowners insurance from these, or any other companies it is essential to read the policy documentation very carefully, and make sure that you are fully aware of exactly what is and is not included in the policy.

Often for example, you will find that a standard Nevada Home Insurance policy will not cover you for floods (not necessarily a big problem in many parts of Nevada, but nevertheless something to bear in mind), drains that overflow (a more likely cause of flooding regardless of where you live), problems with your swimming pool, or water that escapes from a dam (like Hoover Dam for example). And so you may need to get specialist cover if you require any of those.

Nevertheless, a homeowners policy will cover you for such factors as fire damage, explosions (such as for example a gas explosion in your home), or from theft, so many of the most common occurrences that could potentially cause you a loss will be covered.

What is the Average Cost of Nevada Home Insurance?

It is a very reasonable question to ask what you can expect to pay for your cover, and fortunately there are some very accurate figures that are available directly from the US Government themselves.

The reason for this is that the different insurance departments in each of the different states are legally able to make the insurance companies in their state reveal average premiums, forms and claim procedures. So there is some very clear information available on a state by state basis of what the average cost of Nevada Home Insurance actually is.

The figures indicate that the average cost of home insurance in Nevada is $692, which is actually amongst the cheapest in the whole country.  It is less than half the cost of Texas and Florida, though not as cheap as Maine, which comes in at just $572.

It is worth reflecting for a moment that whilst real estate values in Nevada have fluctuated in recent years that home insurance premiums are predicated on the rebuilding and replacement costs of a home, rather than the real estate market, which is clearly going to change considerably more.
The insurance market in Nevada has actually stayed relatively stagnant over the last few years, and so there is considerable competition for the existing business that does exist. So it is a good first step to be sure to get a wide variety of Nevada Home Insurance Quotes and compare exactly what is available before finally taking the plunge and paying out your hard-earned money.


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