According to the most recent U.S. census, there are currently more than 290,000 renter-occupied homes in the state of Nevada. In fact, rental properties make up approximately 35 percent of all housing units in this state. If you are one of the many property owners who rent out homes in Nevada, you can protect your investment by obtaining a suitable landlord insurance policy. Landlord insurance can shield you from the various potential risks you may face as a lessor so that your rental properties can serve as an asset rather than a liability. To ensure that you are getting your coverage at a competitive rate, you may want to compare a variety of landlord insurance quotes in Nevada before making a purchase.
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Median Gross Rent in Nevada’s Largest Cities
- Las Vegas: $934
- Henderson: $1,099
- Reno: $819
- Paradise: $845
- North Las Vegas: $1,052
- Sunrise Manor: $820
- Spring Valley: $1,049
- Enterprise: $1,263
Landlords in Nevada Need Specialized Insurance
If you are a new landlord, you may be surprised to learn that your rental property needs differ from those of your residence. A homeowners insurance company can refuse to pay claims for damage if the damage occurred while the residence was renter-occupied. To ensure that you have suitable coverage, you need a landlord insurance policy.
Landlords are not responsible for covering their tenants’ belongings; tenants are responsible for supplying their own coverage with a renters insurance policy. As a landlord, however, you do need to cover the structure of the rental home as well as any of your own property that you include with it. This includes such things as carpeting, appliances and light fixtures.
When you request quotes for landlord insurance in Nevada, you can expect to receive rates that are about 20 to 25 percent higher than traditional home insurance rates. This may seem counterintuitive since you are purchasing less in contents coverage. The rates are higher because landlords have more inherent risks when it comes to liability and their personal property.
What Landlords in Nevada Are Charging for Rent
- Less than $200: a total of 6,293 renters, making up 2.1%
- $200 to $299: a total of 5,815 renters, making up 2.0%
- $300 to $499: a total of 35,731 renters, making up 12.2%
- $500 to $749: a total of 119,339 renters, making up 40.7%
- $750 to $999: a total of 78,283 renters, making up 26.7%
- $1,000 to $1,499: a total of 33,282 renters, making up 11.4%
- $1,500 or more: a total of 4,754 renters, making up 1.6%
- No cash rent: a total of 9,416 renters, making up 3.2%
- Statewide median cost to rent a home in Nevada: $699
Landlord Insurance Can Shield You from Liability Risk
The most important coverage feature of your landlord insurance policy is the liability coverage it can provide. This coverage protects you from excessive out-of-pocket costs if you are liable for an injury that occurs on your property, or worse, if you are liable for crimes committed in your rental home.
Examples of some problems for which you might find yourself held liable include these:
- Injuries or illnesses that result from living conditions that are not up to code
- Tenants caught engaging in illegal activities such as stealing cable
- Tenants caught using your property to grow, manufacture or distribute illegal substances
Fortunately, in this type of situation, your landlord insurance policy may be able to shield you from the losses associated with these problems and will typically include coverage for court costs and legal defense fees, up to your purchased coverage limit.
Nevada Burglary Statistics
- The per capita property crime rate in Nevada is higher than the national average.
- On average, burglars strike 8.02 out of 1,000 residences in this state each year.
- By 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 over the last year.
- Dyer, Genoa and Zephyr Cove are the safest cities in Nevada.
- North Las Vegas, NV, has the highest burglary rate in the state with about 11.36 burglaries per 1,000 residences; this is nearly double the national average.
Statistically, burglars target rental properties more frequently than they do owner-occupied homes. Your landlord insurance quotes will reflect the fact that the property crime and burglary rate in Nevada is higher than the national average. Of course, if the property you own is in a relatively safe area such as Dyer or Henderson, your rates will likely be lower.
Landlord Insurance Can Cover Property Loss and Damage
A number of events can lead to extensive damage to your rental home. Harsh weather, fire, property crimes and even tenant carelessness can each play a role in damaging your property. In many cases, your landlord insurance policy may be able to cover you against the costs of repair.
Before selecting a policy, be sure that you are familiar with what is and what is not included in its property damage coverage. In nearly all cases, coverage against damage caused by floods and earthquakes will not be included in your landlord insurance policy. Therefore, you should supplement your coverage with additional coverage.
Landlords in Nevada Can Easily Compare Insurance Quotes
When you take the time to review and compare landlord insurance policies and quotes for your Nevada rental properties, you can be certain that you are getting your coverage at a reasonable rate. You can work with an independent insurance agent in the Trusted Choice® network to make comparison-shopping easier.
To get more information on quotes and coverage, contact a Trusted Choice agent near you in Nevada.