MoneyGeek ranked the top renters insurance providers in Nevada to help you determine which one is the right choice for you. The rankings are based on the three most important factors that renters look for in an insurance policy: affordability, customer service and financial strength. It is important to have sufficient renters insurance coverage if your property is damaged or stolen.
The Best and Cheapest Renters Insurance in Nevada for 2022: Rankings, Reviews and Rates
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.
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Best Renters Insurance Companies in Nevada
As many renters will agree, choosing the best renters insurance provider goes beyond just the price. It is important to also consider customer reviews and the company’s financial stability. According to MoneyGeek’s data, the best renters insurance company in Nevada for most drivers is American Family, with a total rating of 78 out of 100 points.
USAA offers the lowest renters insurance rates in many states, including coverage options not usually available from other insurance companies. The downside is that USAA insurance is only available to former and current military members and their families. USAA offers coverage for when you move, storage for your belongings, identity theft insurance and even flood and earthquake damages.
American Family offers additional coverage for personal belongings like jewelry and expensive art. The company offers special discounts for existing policyholders who have no claims for at least five years.
A standard renters insurance policy with State Farm coverages damage caused by weather and crime. Therefore, basic coverage protects your belongings from storms, theft and more. State Farm offers an array of customizable renters insurance plans that are reasonably priced and well-rounded. Their basic policy costs around $11 monthly. But for clients who bundle their renters and car insurance, State Farm offers special discounts.
Largest Renters Insurance Companies in Nevada
Several companies offer renters insurance in Nevada, but the company with the biggest market share is State Farm. Larger, more stable companies are more likely to pay claims efficiently in the event of an unforeseen incident.
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Average Cost of Renters Insurance in Nevada
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In Nevada, the average renters insurance rate is $129 per year for personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500. Compared to the national average rate in the United States, the Nevada rates are lower by around $31.
Renters insurance rates also vary within the state depending on factors unique to each company. By getting the cheapest available renters insurance in Nevada, you will be able to save around $14 each year compared to purchasing coverage from the state’s costliest insurer. By comparing quotes, you can secure the best deal in the market for your needs.
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.
- ACV vs. 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.
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
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.
- 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.
You should read your policy carefully before making the final decision, as basic insurance coverage may vary from one insurance provider to another.
FAQs About Renters Insurance in Nevada
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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