Nevada state law does not require a homeowner to carry homeowner’s insurance, but if your home is financed through a bank or other financial institution then you may be forced to carry homeowner’s insurance as part of your mortgage agreement.
But even if you are not forced to carry homeowner’s insurance it really makes good financial sense that you would want to insure what is probably your biggest asset plus a homeowner’s policy also covers the possessions inside your home.
With a homeowner’s policy your home and your possessions are insured against many types of natural disasters (though it is important to note which types of natural disasters are excluded, such as flood and often wind damage) as well as being insured against burglaries and injuries to others on your property.
One of the biggest mistakes many Nevada homeowners make is to underinsure their homes. According to recent statistics, almost 25% of all Nevada homeowners do not carry enough homeowner’s insurance to replace their home and its contents if it were destroyed.
With home prices higher overall today than they were just a few years ago, it is important for homeowners to review their policies and make certain that they are still covered for the full replacement value of their home in today’s market.
Of course, that brings us to the unpleasant part: the need to find affordable homeowner’s insurance.
There are several things you can do to help keep the cost of your insurance as low as possible. Since fire is a big concern for companies writing homeowners’ policies, making your home more fire safe, by installing fire and smoke detectors and at least one fire extinguisher in the kitchen, can significantly reduce your insurance costs.
Burglaries are another big factor in the price of your homeowner’s insurance, so anything you can do to make your home less inviting to a burglar should result in a lower premium payment.
Start by making sure every door to your home has a working deadbolt as well as a standard lock. Make sure every window in your home, including all upstairs windows, are lockable. Trim all bushes around doors and windows to eliminate hiding places for burglars while they do their work.
And, surprisingly, keeping your credit rating good is another way to keep your insurance costs down; homeowners with good credit are better insurance risks.
Once you have done those things it is time to get online and to make comparisons of homeowner’s policies and costs from one company to another. There are several sites on the internet designed to make such comparisons relatively quick and easy and allow you to find the most affordable homeowner’s insurance in Nevada. By spending a few hours one day making comparisons, you can possibly save yourself and your family hundreds of dollars each and every year in insurance premiums.