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CheapRenters InsuranceNevadaThe Best and Cheapest Renters Insurance Companies in Nevada for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceNevadaThe Cheapest Renters Insurance in Nevada
Cheap Renters Insurance Companies in Nevada
If you want the lowest renters insurance rates in Nevada, MoneyGeek ranked the cheapest renters insurance available for personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
The most affordable option is USAA, with an average rate of $97 per year. While this is by far the lowest rate you will find in Nevada, USAA insurance plans are only offered to military members and their families. The best rate for most Nevada drivers is American Family, at $121 per year on average.
Since renters insurance rates vary depending on many factors, these monthly premium rates are averages derived from ZIP codes across the state for personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
$20,000
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Cheapest Renters Insurance Companies in Nevada by City
MoneyGeek examined data from the various providers in Nevada's four most populated cities – Henderson, Las Vegas, North Las Vegas and Reno to determine the cheapest renters insurance companies. American Family is the cheapest renters insurance provider in Nevada.
MoneyGeek found that USAA is the most affordable provider in those locations. However, this provider exclusively covers active-duty and retired military personnel and their families.
Companies With the Cheapest Renters Insurance in Nevada by City
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- CityCheapest CompanyAverage Annual Premium
- American Family$117
- American Family$124
- American Family$127
- State Farm$115
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Best Renters Insurance Companies in Nevada
Based on MoneyGeek's rating systems, USAA is Nevada's best renters insurance company, with a perfect score of 100 out of 100. Keep in mind that USAA only serves veterans, active-duty personnel and their families. American Family came second with a score of 81 out of 100 and is the best widely available option.
Financial stability, customer satisfaction and affordability are factored in by MoneyGeek when rating renters insurance companies in Nevada.
The best Nevada renters insurance providers aren't always the cheapest, but they strike the right balance between affordability and quality service. Choosing the cheapest provider isn't always the best option, and cheap doesn't always equal excellent. It's important to look at the insurer's record and capacity to pay claims quickly.
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USAA
Score:100
USAA got a perfect score of 100 for customer satisfaction, financial stability and affordability and was ranked as the overall best renter insurance company. However, USAA solely serves veterans, active-duty service members and their families. A standard USAA policy offers rare coverage such as flood insurance.
More About USAA
USAA is available in all 50 states and Washington, D.C. USAA renters insurance covers your belongings even outside of the home. For example, USAA will pay for the replacement of your laptop if it were to be stolen from your car. USAA provides a variety of uncommon coverages, including slip-and-fall accidents, refrigerated items and personal property damage anywhere in the world. USAA offers seven optional coverages and four discounts.
USAA has a mobile app and online quote tools that enable you to create an account and verify your renter insurance eligibility. You may also file a claim online with USAA.
Read MoneyGeek's USAA renters Insurance Review2
American Family
Score:81
American Family is the second-best renters insurance provider in Nevada due to its high customer satisfaction and financial stability ratings. American Family offers scheduled personal property coverage as part of its standard coverage policy.
More About American Family
Renters insurance from American Family is available in 28 states, including Nevada. As part of its regular policy, the company offers pet damage liability coverage, which covers damage caused by your pets to other persons on your property. Individuals between the ages of 18 and 30 who have parents who are American Family customers are eligible for a generational discount. American Family’s MyAmFam app lets you pay bills, file and track claims and see documents. When you set up insurance payment discounts for Auto Pay, Full Pay and Paperless billing, you will also be eligible for an annual payment discount.
Read MoneyGeek's American Family renters Insurance Review3
State Farm
Score:75
State Farm is the third-best renters insurance company in Nevada, according to MoneyGeek’s rating systems. Due to its high customer satisfaction and excellent financial stability score, the company ranks as one of Nevada's best renters insurance providers. State Farm provides unique coverage, such as incidental business liability coverage.
More About State Farm
State Farm renters insurance is available nationwide and offers three additional coverage options, such as business property and personal injury. They also provide two discounts for multi-policy and protective device premiums. State Farm's mobile app allows you to manage your insurance and banking accounts and get an estimate via their online quote tool.
Read MoneyGeek's State Farm renters Insurance ReviewMONEYGEEK EXPERT TIP
Low-cost insurance does not necessarily mean excellent customer service. To acquire the best renters insurance coverage, it's best to get a policy that balances affordability with quality service. This assures that you will have a first-rate experience while filing a claim.
Largest Renters Insurance Companies in Nevada
It's usually a good idea to get renters insurance from a reputable company. Large insurance companies are more financially stable because they have more money to spend on customer service and product offerings, which makes things easier for you as a customer. Larger companies can generally settle an insurance claim faster because they have the funds.
Company | Market Share | |
|---|---|---|
1. | State Farm | 19.0% |
2. | Farmers | 13.6% |
3. | Allstate | 10.1% |
4. | American Family | 7.4% |
5. | Liberty Mutual | 6.9% |
Average Cost of Renters Insurance in Nevada
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renters insurance is equal to the average.
The annual average cost of renters insurance in Nevada is $129, which is $30 less than the national average of $159 per year.
This means that renters in Nevada pay an average of $11 per month for renters insurance, which is $2 less than the national average monthly cost of renters insurance. These premiums include a $500 deductible and personal property limits of $20,000 and liability limits of $100,000.
In addition, the average cost of renters insurance in Nevada is based on the amount of personal property coverage you need. For every dollar you pay out in premiums, the higher your personal property coverage. Use the calculator below to calculate how much insurance you need based on the value of your belongings.
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MONEYGEEK EXPERT TIP
You can find an affordable renters insurance provider in Nevada by comparing insurance quotes from several companies. Renters insurance rates in Nevada can vary greatly among providers. The cheapest widely-available provider charges an average of $10 per month on average, while the most expensive provider charges $11 per month on average. You can save an average of $12 on the annual renters insurance rate when you shop around and compare quotes.
What Factors Impact Renters Insurance Cost in Nevada
There is a long list of factors that affect how renters insurance providers compute your annual premiums. But there are a few main areas that drive the price of your renters insurance up or down:
Location
Your exact address, down to the ZIP code, is key information that will affect your insurance rates. Is your rental in an area prone to damaging windstorms and torrential rains? If so, you may need to pay more for insurance.
Coverage Amount
You can find basic renters insurance policies in Nevada for about $11 per month. However, if you need to add optional coverage to protect unique items (such as a rider for expensive jewelry or electronics), your rates will increase.
Deductible
The lower the deductible you choose for your rental insurance, the higher your monthly premiums will be. The deductible is the amount you need to pay to get your insurer to pay out on a claim.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
Whether you choose actual cash value (ACV) or replacement cost value (RCV) will affect your monthly renters insurance rate. With ACV, your insurer will only pay the depreciated value of your items, while RCV coverage provides enough money to replace your items with new ones of similar quality.
Credit Score
In most states, your credit history will play a part in how your insurance company evaluates your premium rates. This includes outstanding debt, payment history and length of debt.
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Renters Insurance in Nevada: What You Need to Know
Many Americans find that purchasing renters insurance is one of the best decisions they can make. With the appropriate Nevada renters insurance plan, you can protect your personal belongings for a relatively low monthly payment.
In Nevada, approximately 41% of the population are renters who spend around $1,170 each month for rent. With a minimal additional cost of $11 monthly, or less than 1% of the average rent amount, a renter can purchase renters insurance with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
What Renters Insurance Typically Covers in Nevada
Whether you want to get coverage for your household items or a few expensive personal pieces, there is a renters insurance plan to suit your needs. As you shop around for the renters insurance that’s right for you, make sure you understand what a typical package includes.
In Nevada, a basic renters insurance policy includes personal property, liability insurance, medical payments coverage and additional living expenses. This insurance ranges from replacing your personal belongings to coverage for someone else’s property and even third-party hospital bills. Your personal property coverage in Nevada will cover damages caused by natural calamities and theft.
What Renters Insurance Typically Does Not Cover in Nevada
You should read your policy carefully before making the final decision, as basic insurance coverage may vary from one insurance provider to another.
There are many different renters insurance packages available in Nevada, but the typical renters insurance has certain limitations. Go through the list below to better understand what a standard renters insurance policy in Nevada does not cover.
- EventDescription
Water damage resulting from natural disasters is not covered
In a standard renters policy, water damage due to burst pipes or other plumbing issues is typically covered. However, if you want coverage for floods due to torrential rain, you’ll need to purchase additional coverage.
Damage to the rental home’s structure is not covered
Your landlord’s insurance will cover damages to the building itself. Your renters insurance is limited only to your personal belongings.
Expensive items that exceed policy limits are not covered
Personal belongings like expensive jewelry and electronics are usually not included in a standard renters insurance plan. You will need to get additional coverage for this.
Your housemate’s property is not covered
Your standard renters insurance is limited only to your personal belongings unless stated in your contract.
MONEYGEEK EXPERT TIP
If you're a first-time renters insurance buyer in Nevada and aren't sure what renters insurance entails or if you actually need it. The Nevada Division of Insurance can provide policyholders with important information about Nevada renters insurance providers and how to avoid being scammed. Pet owners might also consider pet liability renters insurance, which would protect them if their pet injures or damages a guest's property.
The Nevada Division of Insurance can be contacted through the following channels:
Carson City office:
- Phone: (775) 687-0700
- Fax: (775) 687-0787
- Consumer Compliance & Licensing Fax: (775) 687-0797
- 1818 E. College Parkway, Suite 103, Carson City, NV 89706
Las Vegas office:
- Phone:(702) 486-4009
- Fax: (702) 486-4007
- 3300 W. Sahara Ave., Suite 275, Las Vegas, NV 89102
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FAQs About Renters Insurance in Nevada
The best renters insurance company for you is determined by your insurance needs and the level of property coverage you need. MoneyGeek provides answers to the most commonly asked questions about Nevada renters insurance.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Nevada Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from three of the top insurance companies in Nevada provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Nevada. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
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sources
- USAA. "How Renters Insurance Works." Accessed March 30, 2022.
- USAA. "Why get USAA Renters Insurance?." Accessed March 30, 2022.
- NDI. "About the Nevada Division of Insurance." Accessed March 30, 2022.