Nevada Condo Insurance

Nevada Residents Can Find Condo Insurance Savings

Condominiums and townhomes offer an ideal housing alternative for many of this state’s residents, so it is little wonder that there are so many companies in Nevada that offer condo insurance policies. These cooperative-living housing units are usually conveniently located near shopping, dining, and entertainment outlets and offer benefits such as hassle-free maintenance of common areas and shared amenities like swimming pools, clubhouses and fitness centers. Compare condominium insurance quotes in Nevada in order to find a policy that is both inclusive and affordable.

Average Cost of a New Condo in Major NV Cities, March 2014

  • Las Vegas: $326,375
  • North Las Vegas: $234,990
  • Henderson: $227,200
  • Reno: $278,660

What Is Condo Insurance?

Condo insurance is a very specialized form of homeowners insurance, designed to meet the unique needs of those who have co-operative living arrangements, such as those who own condominiums or townhouses. This insurance covers your personal property, as well as the walls, floors and ceilings of your unit, against all perils listed in the policy.

When you buy a condo or townhouse in Nevada, you will pay dues to a condo association. This association will have a master policy that covers the physical structure of your building, as well as all of the common areas, including the walkway just outside your front door. However, these policies do not provide coverage for damage that occurs within your unit, even if it is the direct result of damage to the building’s structure. For walls-in coverage, you will need to rely on condo insurance.

Condo Insurance Can Cover You Against Liability Expenses

Like a traditional homeowners insurance policy, condo insurance can provide you with a measure of protection against liability expenses. Liability coverage can save you thousands of dollars in the event that you need to use it. Some types of situations in which you may need to file a claim include the following:

  • You cause injury to a third party while the party is inside your condo
  • You cause an injury or property damage to a third party while you are engaged in certain activities such as skiing, hunting or riding an ATV
  • Your pets injure someone or damage another’s property
  • Your children cause an injury to someone or cause third-party property damage
  • You are charge with libel or slander, as when you defame another’s character in an online blog

In addition to covering the compensation you may end up owing to injured third parties, your liability coverage can also cover any related court costs and legal defense fees up to the limit of your purchased liability coverage.

Condo Insurance Can Also Cover Your Personal Property

A condominium insurance policy can protect you from the financial burden that accompanies replacing property that is lost or damaged by a catastrophe such as fire, severe weather or property crime. Be certain that you have purchased enough coverage to adequately cover all of your personal belongings, including clothing, kitchenware, furniture, carpeting and appliances. That way, if you should suffer a total loss because of a major disaster, you will have funds sufficient to start over.

Policies frequently have limits on how much coverage you can include under certain categories like electronics, clothing and jewelry. Therefore, if you own any very valuable items that can cause you to exceed these limits, you may want to purchase additional endorsements so that you are fully covered.

NV Property Crime Statistics from Neighborhood Scout, 2014

  • The per capita property crime rate in NV is higher than the national average rate.
  • Burglars strike an average of 8.02 out of 1,000 residences in this state each year.
  • In comparison, burglars strike 6.70 out of 1,000 residences in the U.S. each year.
  • There were more than 22,000 burglaries reported in this state in 2012.
  • The safest cities in Nevada are Dyer, Genoa and Zephyr Cove.
  • The NV city with the highest crime rate is North Las Vegas, with about 11.36 burglaries per 1,000 residences; this is nearly double the national average.

Condominium complexes often have gates or other types of secure-entry systems. Thus, residents have a measure of security against burglary and other property crimes. However, whenever you have a lot of people living in close proximity, criminals can find a way in. Because of the decreased risk of property crime, condos in safer areas such as Zephyr Cove will likely require lower insurance premiums than those in areas such as North Las Vegas.

If someone burglarizes or vandalizes your condo or townhome, you should first secure your family’s safety and your safety and then call the police to file a report. Be sure to get a copy of this report, as you will need it when you file your claim. Next, contact your insurance company or agent with an inventory of your lost or damaged property. They will send an insurance adjuster to meet with you. Being the victim of a burglary can be extremely stressful, but knowing that your insurance company is there to back you up may offer some relief.

Compare a Variety of Condo Insurance Quotes in Nevada

When you are shopping for the right condo insurance policy in Nevada, an independent agent in the Trusted Choice® network may be able to provide assistance. These agents can help you review your condo association’s master policy to ensure that the insurance you are purchasing provides all the coverage you need without your paying for coverage that you already have. These agents can get you quotes from competing insurance companies from which you can choose the most suitable one.

Contact a Trusted Choice agent with an office near you so you can start comparing quotes for condo insurance in Nevada.

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