The Cheapest and Best Homeowners Insurance in Las Vegas
The Cheapest Home Insurance Companies in Las Vegas
Most insurers offer the same core coverages, so homeowners in Las Vegas need to consider cost when choosing the best home insurance policy.
For the average homeowner, the cheapest insurance companies in Las Vegas for home insurance with $250,000 in dwelling coverage are:
- Travelers: $667 per year
- Farmers: $695 per year
The cheapest insurance companies in Las Vegas for expensive homes with $2,000,000 in dwelling coverage, on average, are:
- American Family: $3,538 per year
- Farmers: $3,917 per year
You can use the table below to see the prices for specific dwelling coverage limits.
The Cheapest Home Insurance in Las Vegas, Ranked
Scroll for more
In this study, all policies have $100,000 in liability coverage. Policies with the initial baseline dwelling coverage have personal property limits of $100,000, while the policies with dwelling coverage of $2 million have personal property limits of $800,000.
If you live in other parts of Nevada, outside of Las Vegas, you can compare rates for the state as a whole.
The Average Cost of Homeowners Insurance in Las Vegas for 2022
In Las Vegas, the average cost of homeowners insurance is $974 per year or $81 per month. Compared to the national average of $2,103, Las Vegas is cheaper by $1,129. However, the Las Vegas homeowners insurance rate is slightly higher than the Nevada state average of $906 per year.
Calculate the Cost of Home Insurance in Las Vegas
The cost of home insurance in Las Vegas depends on various factors, including location, how much dwelling coverage you purchase, your personal property limit and your credit score. To find the cost of homeowners insurance in your state, you can use MoneyGeek’s home insurance calculator to compare quotes.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Las Vegas
When comparing quotes for homeowners insurance in Las Vegas, cost should not be the only consideration. If you make a claim on your policy, you want to be confident that it will be settled fairly and quickly. This means that customer satisfaction ratings and financial stability are also important considerations when picking an insurer.
Based on MoneyGeek’s study, the best homeowners insurance companies in Las Vegas are:
- Best Overall: Travelers
- Runner-up: Farmers
For this ranking, MoneyGeek used a comprehensive rating system that incorporates affordability, customer satisfaction ratings and financial stability ratings.
In addition to affordable prices, Travelers policyholders enjoy unique coverage benefits, including extra coverage for environmentally conscious homeowners who want to undertake repairs using green materials. You also have the option of a $25,000 identity theft coverage to protect you in case of identity fraud.
Travelers is MoneyGeek’s pick for best overall based on its high ratings in affordability and customer service. Travelers let policyholders add water backup and sump pump discharge coverage.Read MoneyGeek's Travelers home Insurance Review
Apart from its stellar customer satisfaction record, Farmers also offers a wide range of coverages to its policyholders, including rewards for having a claim-free track record of at least five years. All Farmers' policies also come with a declining deductible, meaning that you pay less every year for your policy.
Farmers, scored high both in customer satisfaction ratings and affordability. Farmers lets policyholders add Identity Shield coverage to help with the costs of identity theft.Read MoneyGeek's Farmers home Insurance Review
Cheapest Home Insurance Companies in Las Vegas for Newly Constructed Homes
A newly constructed home in Las Vegas is cheaper to insure compared to older homes. This is because the risk of damage associated with new homes constructed with modern materials is much lower compared to older homes. Modern construction materials also tend to be easier to replace.
It costs an average of $713 per year to insure a newly constructed home in Las Vegas compared to $974 for an older home built in 2000.
On average, for newly constructed homes, the cheapest insurance companies in Las Vegas for those with $250,000 in dwelling coverage are:
- Travelers: $421 per year
- Farmers: $490 per year
The Cheapest Home Insurance in Las Vegas for New Homes, Ranked
Scroll for more
Cheapest Home Insurance Companies in Las Vegas if You Have a Lot of Personal Property
Home insurance in Las Vegas includes personal property coverage to cover the items in your home in case of damage. If you want a high property coverage limit, you will pay higher rates for your home insurance.
For home insurance with personal property coverage limits of $250,000, it will cost you an average of $1,065 per year compared to $974 yearly for personal property coverage limits of $100,000.
For homeowners with high personal property limits, the cheapest insurance companies in Las Vegas, on average, are:
- Farmers: $718 per year
- Travelers: $745 per year
Cheap Companies in Las Vegas for Extra Personal Property Coverage
Scroll for more
Cheapest Home Insurance Companies in Las Vegas for High Deductibles
One of the factors that impact the cost of homeowners insurance in Las Vegas is the deductible. A high deductible typically attracts lower premiums because it means that you will pay more money out-of-pocket if you file a claim. Lower deductibles mean less money out-of-pocket when filing a claim, but you pay more in premiums.
It costs an average of $864 per year for a policy with a $2,000 deductible compared to an average of $974 for a $1,000 deductible.
The cheapest insurance companies in Las Vegas for those with policies with $2,000 deductibles, on average, are:
- Travelers: $579 per year
- Farmers: $635 per year
The Cheapest Companies in Las Vegas for High Deductibles, Ranked
Scroll for more
Cheapest Home Insurance Companies in Las Vegas if You Have Poor Credit
One of the factors that insurance companies in Las Vegas use in determining home insurance cost is the homeowner's credit score. A low credit score means higher home insurance premiums, while those with good credit scores pay less for home insurance.
If your credit score is poor, the average cost of home insurance is $1,844 per year compared to an average of $974 yearly for homeowners with good credit.
On average, the cheapest home insurance companies in Las Vegas for homeowners with poor credit are:
- Allstate: $1,206 per year
- Universal North America: $1,225 per year
The Cheapest Companies in Las Vegas for Poor Credit, Ranked
Scroll for more
Getting Online Homeowners Insurance Quotes in Las Vegas
It is possible to find out how much homeowners insurance costs in Las Vegas by getting a quote online. To calculate the cost, the insurer will need detailed information from you, including:
- House specifications: One of the factors impacting the cost of your home insurance is the size of your house. Apart from the square footage, you will also need to provide information on the year your house was built. Your insurer may also request information on any safety features put in the house to calculate the risk of damage.
- Personal information: To get an online quote, you need to provide personal information to the insurer, including your address, information about who lives in your home and your insurance history, among other details.
- The replacement cost of your home: The cost to rebuild your home is an important factor in the cost of home insurance when it comes to dwelling coverage. You can get an estimate of this cost from a construction professional. The replacement cost is not the same as the market value of your home.
- The value of your personal property: Home insurance quotes in Las Vegas vary depending on the personal property coverage limits. Your insurer will therefore need to know how much personal property you want covered when processing your online quote for home insurance.
Homeowners Insurance in Las Vegas Analysis: Methodology
MoneyGeek’s study analyzed home insurance premiums from eight companies in Las Vegas. The data used was provided in partnership with Quadrant. The affordability rankings were measured using quotes collected for a home with varying coverage levels, while the customer satisfaction ratings were drawn from J.D. Power surveys.
The base profile for a homeowner was a 2,500 square foot home, built in 2000 with dwelling coverage of $250,000, personal property coverage of $100,000 and liability coverage of $100,000. Policies had a $1,000 deductible.
MoneyGeek also collected quotes for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.
About Mark Fitzpatrick