Choose a free homeowner insurance quote in Nevada for a condo, mobile home, or a stick built house. One automatically assumes that homeowner insurance coverage in Nevada is one of the most expensive in the U.S., considering the fact that it is home to the Gambling Capital of America, namely Las Vegas. Surprisingly though, Nevada is ranked No. 29, with average annual premiums ranging between $534 and $693.
There are two types of homeowner insurance policies in Nevada:
· Peril Coverage: Covers specific hazards that are listed in the policy
· All-Peril Coverage: Has a broader coverage but still excludes floods and earthquakes
For most of the year, Nevada enjoys fine weather. However, occasional heavy rains do occur in the state which could result in damaging flash floods. Because the basic policy does not include flood coverage, it is advisable to purchase a separate policy from the National Flood Insurance Program.
Homeowners who are unsure if their properties are located in flood-prone areas of the state should contact the Federal Emergency Management Agency (FENA) for more information.
It is important to mention in addition that flood insurance has a 30 day waiting period before it could take effect, so it is best to get flood coverage before the rainy season comes.
Next to floods, earthquakes are an ever looming threat in the state of Nebraska. Earthquake coverage is a special add-on to the basic policy which could be availed of at extra cost.
Nevada homeowner insurance policy comes in package that consists of the following types of coverage:
· Homeowner’s-1 (HO-1): Provides only very limited coverage to damages caused by fire, lightning, wind, smoke and theft.
· Homeowner’s-2 (HO-2): Aside from the items mentioned in HO-1, HO-2 also includes damage from falling objects, the weight of ice or snow, water from plumbing systems, freezing of plumbing systems, electrical damage to appliances, and water damage from ruptured water heaters, air-conditioning or heating systems.
· Homeowner’s-3 (HO-3): Also called the Special Form Policy, this is the policy that most Nevada residents purchase.
It protects the home against all risks of physical loss, except for certain perils those that are excluded in the policy, one of them being floods, earthquakes and manmade disasters such as war.
· Tenant’s/Cooperative Owner’s (HO-4): Covers the contents of the apartment including the personal belongings of the renter. Added to this policy are medical and liability coverage.
· Homeowner’s-5 (HO-5): Provides the same coverage as in HO-3, but includes protection for personal possessions
· Condominium Unit Owner’s (HO-6): Covers the contents of the condo unit with added medical and liability coverage.
When purchasing that all-important policy, it is advised that homeowners should get coverage that would allow the home to be replaced in the event of damage after a disaster.
Never get a very basic policy if only to meet requirements by mortgage lenders. Homes that have appreciated in value should also have higher priced overage. Homeowners should also not forget to insure their personal belongings.
When making claims on homeowner insurance in Nevada, homeowners should present insurance companies with an up-to-date itemized inventory of the damages or lost personal belongings. Photographs of the items and receipts of large purchases would also help to speed up the claims process.