Getting the answers to Nevada homeowners insurance FAQ (frequently asked questions) has gotten a lot easier with the advances of the Internet. While you might have spent hours phoning various insurers and asking them the same FAQ about your Nevada homeowners insurance quote several years ago, now a few clicks of the mouse can bring the answers right to your fingertips.
While you’ll still want to make sure that you’re comparing apples with apples, and that you understand coverage issues for your specific homeowners insurance policy, Nevada FAQ tend to mirror those of the rest of the country.
Here are some of the bigger ones to get you started:
Nevada Homeowners Insurance FAQ Regarding Premiums
How Much Does Homeowners Insurance Cost In Nevada?
For most people one of the first questions on their minds is “how much is this going to cost?” Your premium will be based on a number of factors which include the assessed value of your home, your proximity to natural disaster zones, and your personal financial history. According to a 2007 report from the Insurance Information Institute:
- The average premium for Nevada homeowners insurance in 2005 was $671
- Nevada’s average premium was 28th highest in the country for that year
- Nevada’s average premium was over $700 lower that the most expensive state
- Nevada’s average premium was $216 higher that the least expensive state
How Does My Deductible Affect My Premium?
This is critically important because one way to lower your premium is to raise your deductible. The deductible is the amount that you must pay before your insurance company will pay anything. So, if smaller monthly payments are important to you, then a higher deductible can help you. However, make sure that you are able to afford that deductible if a disaster occurs. Too many people have raised their deductibles only to regret it when they are truly in need.
Nevada Homeowners Insurance FAQ About Personal Property
Some more of the most FAQ the major insurers get about Nevada homeowners insurance include:
- Am I Covered For Flood And Water Damage?
- Does My Coverage Include Fire Loss Or Damage?
- Is My Boat Covered?
- Are My Antiques Protected?
- Can I Purchase Coverage For My Jewelry?
First of all, everything offered here is a general guideline. You will need to confirm any of this information with your insurer when you get your quote. You’ll also want to double check it before you sign your policy.
Flood insurance is generally separate insurance that you will need to take out in addition to your policy. For most Nevada residents however, flooding is not a main concern. The water damage you’re most likely to experience will probably come from appliance damage. This may be covered by your policy. One thing that most policies will not cover is damage due to improperly maintained appliances. So if you brand new refrigerator’s icemaker suddenly hoses your carpet in the middle of the night, you’ll be OK. If your neglected 20 year old dishwasher fails however, you may be on your own.
Loss due to fire are generally covered under your Nevada homeowner’s policy. However, the personal possessions you lose in a fire are only covered if you can prove that you owned them at the time. Keeping an ongoing inventory of any big ticket or important items, with pictures, in a remote location is a smart move. Boats or any type of watercraft will need to be included on a separate policy. Jewelry and antiques, on the other hand, may be included on your policy. Your policy holder will require that assessed values are included. Before paying on any of the claims your company will confirm that value with an expert.
Nevada Homeowners Insurance FAQ About Policy Cancellation
When And How Can My Insurance Company Cancel My Policy?
Your company has the right to cancel your policy for fraud, non-payment, or at the renewal period. They may do this if you act in an illegal or hazardous way, or if they determine that a change in the property has made it uninsurable. Vacancy is a common example.
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