The Cheapest and Best Homeowners Insurance in Reno
The Cheapest Home Insurance Companies in Reno
If you look at home insurance policies in Reno, most core coverages that companies offer are similar. Shopping around can help you find the cheapest rates.
In Reno, the cheapest homeowners insurance companies with $250,000 in dwelling coverage are:
- Universal North America: $546 per year
- Farmers: $669 per year
The most affordable companies in Reno for luxury homes with $2 million in dwelling coverage are:
- Farmers: $3,749 per year
- American Family: $3,775 per year
Your home insurance quote changes based on your dwelling coverage. Using the table below, you can see how rates vary in Reno for different dwelling coverage levels.
The Cheapest Home Insurance in Reno, Ranked
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For rate estimates, MoneyGeek used a baseline dwelling coverage of $250,000 and personal property limit of $100,000. Policies with dwelling coverage of $2 million have personal property limits of $800,000. While dwelling and personal property coverages differ, all policies have the same liability coverage of $100,000.
If you’re in Nevada but live outside Reno, you can still figure out the rates of home insurance in Nevada.
The Average Cost of Homeowners Insurance in Reno for 2022
The average homeowners insurance rate in Reno is around $818 per year. This is cheaper than Nevada's average of $906 and significantly lower than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Reno
Location is a factor affecting the cost of your home insurance policy in Reno. Other factors that affect your premiums are credit score, personal property coverage limits and dwelling coverage. If you want to see how prices can differ, you can compare quotes in Nevada using MoneyGeek’s home insurance calculator.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Reno
While cost is an important factor, customer service and financial stability are also worth prioritizing when considering a home insurance company. Because filing claims can be stressful, you want to work with an efficient and fair insurer.
Based on MoneyGeek’s ranking, companies with the best home insurance in Reno are:
- Best Overall: Farmers
- Runner-up: Allstate
When rating home insurance companies in Reno, MoneyGeek looks at affordability, user satisfaction and financial stability data.
Farmers is MoneyGeek’s top pick, with high scores for customer satisfaction and affordability. If you’re claim-free for five years, you don’t get penalized with higher rates if you file a claim.
One of their outstanding features is that all policies have a declining deductible. For every year you keep a Farmers policy, your deductible decreases by $50. Farmers also protects you against identity theft. Another optional coverage is Identity Shield, which will cover identity theft-related expenses.Read MoneyGeek's Farmers home Insurance Review
Allstate garnered a high score for financial stability, ranking and is the runner-up for best in Reno. Although Allstate doesn’t offer flood coverage, they’ll help policyholders get protection through the National Flood Insurance Program.
With Allstate, you’ll be able to find savings, because each year you’re claim-free, your deductible decreases by $100 for up to five years. Even if you’re opening a new policy with Allstate, you get a discount for being claims-free with your former insurer.Read MoneyGeek's Allstate home Insurance Review
Cheapest Home Insurance Companies in Reno for Newly Constructed Homes
Newly constructed homes are cheaper to insure than older houses. One of the reasons for this is that newer houses are more resistant to damage and are built with modern materials. That means new homes are less likely to file a claim and are cheaper to repair.
In Reno, newly constructed homes cost $583 per year on average to insure. Conversely, it costs $818 per year to insure a home built in 2000.
On average, the cheapest insurance companies in Reno for new homes with $250,000 in dwelling coverage are:
- Universal North America: $389 per year
- Farmers: $477 per year
The Cheapest Home Insurance in Reno for New Homes, Ranked
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Cheapest Home Insurance Companies in Reno if You Have a Lot of Personal Property
Personal property is one of the coverages included in your home insurance. If you want more personal property coverage, you’ll need to pay higher premiums.
Homeowners in Reno will need to pay about $886 per year with a personal property limit of $250,000. It costs $818 per year for a $100,000 personal property coverage limit.
For those with high personal property coverage limits, the cheapest insurance companies in Reno are:
- Universal North America: $592 per year
- Farmers: $725 per year
Cheap Companies in Reno for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Reno for High Deductibles
A deductible is the amount you will pay out of pocket before your insurer contributes when you file a claim. Usually, a higher deductible amount means lower premiums.
With a $2,000 deductible, a home insurance policy costs an average of $723 per year compared to paying $818 per year for a deductible of $1,000.
On average, for homes with a $2,000 deductible, the two companies that offer the cheapest homeowners insurance in Reno are:
- Universal North America: $483 per year
- Farmers: $592 per year
The Cheapest Companies in Reno for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Reno if You Have Poor Credit
Your credit score plays a significant role, especially when insurers calculate your home insurance quote in Reno. Individuals with poor credit will pay way more than those with good credit.
A homeowners policy costs an average of $1,525 per year for those with poor credit. Individuals with good credit scores pay an average of $818 each year.
If you have poor credit and need homeowners insurance, the most affordable companies are:
- Universal North America: $864 per year
- Country Financial: $932 per year
The Cheapest Companies in Reno for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Reno
To get the most accurate quote online, you’ll need to supply the following details:
- Home replacement cost: This refers to how much it costs to rebuild your home after significant damage. This is used to determine your dwelling coverage limit. It’s smart to hire a real estate professional or contractor to get an accurate estimate.
- Personal property value: How much are your belongings worth? This will dictate how much personal property coverage you need.
- Personal information: Insurers will ask for your address, how many people live in your home, your insurance history, address and more.
- Details about your home: Share information about any security systems, your house size and its age.
Homeowners Insurance in Reno Analysis: Methodology
Using data from Quadrant, MoneyGeek examined home insurance premiums from eight companies in Reno. J.D. Power surveys were used to determine customer satisfaction while quotes were collected for homes with different coverage levels to estimate affordability.
The baseline profile is an average homeowner in Reno with a 2,500 square-foot house built in 2000, $250,000 in dwelling coverage, personal property for $100,000 and liabilities for $100,000. All of the plans have a $1,000 deductible.
MoneyGeek also evaluated homeowner profiles with increased dwelling or personal property coverage, newly built homes, higher deductibles and low credit scores.
About Mark Fitzpatrick