Insurance companies will calculate your home insurance cost according to how valuable your property is and how likely it is that something bad will happen to it
The higher the probability that a damaging event will affect your property, the more expensive your home insurance policy will be. We call these potential damaging events "risks” or “exposures.”
Let’s take a look at how risky Nevada is compared to the rest of the US.
The burglary rate in Nevada is higher than the national rate. The crime rates in the ZIP code in which your house is located can play a large role in how high your premiums are.
- Average number of burglaries per 1,000 homes in the US: 3.76
- Average number of burglaries per 1,000 homes in NV: 6.41
Some insurance companies offer policy discounts to homeowners who take preventive measures against theft such as by installing secure locks and home security systems. Learn more about this and other potential discounts by talking to an independent agent.
Severe weather events like severe storms and high winds can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
- Number of federally declared disasters in NV since 1953: 96
- Most common causes of disasters in this state: Wildfires, floods, and severe storms
- Average number of tornados per year in Nevada: 1.9
- Amount paid in home insurance claims in NV in 2016: $314,146,000
It is important to note that although floods pose a significant risk in this state, flood damage is not covered by homeowners insurance. For that you will need a supplementary flood insurance policy. A local independent insurance agent can help.
The size of your home can affect your home insurance rates since larger homes tend to have more personal property inside them. The estimated cost to rebuild your home plays a large role in how much your home insurance will cost.
In Nevada, the average home value is higher than the national average.
- Average home value in the US: $188,900
- Average home value in NV: $258,200
Your home insurance premium costs can see large deviations from the state average depending on where you live and the amount of coverage you need to rebuild your home,