Getting Home Insurance in Las Vegas
Homeowner’s insurance covers your house and other structures, and your personal property from damage. In the event that your home is uninhabitable due to damages by an insured event, homeowner’s insurance will pay for loss of use, and cover temporary housing, storage, and food while your house is being repaired or replaced. Homeowner’s insurance also covers costs for claims or lawsuits against you in the event that you are legally responsible for accidental injuries to someone else or damages to someone else’s property. In addition, homeowner’s insurance pays for medical expenses if someone is accidentally injured due to your negligence.
Residents of Las Vegas may require flood insurance, since flooding is a peril that is excluded from coverage in a standard homeowner’s insurance policy. If your community is participating, you may qualify for flood insurance through the National Flood Insurance Program or through a private insurer. A standard flood policy will cover up to $250,000 in structural damage and $100,000 for contents coverage. If your property is on a flood plain, your mortgage lender will likely require you to obtain flood insurance.
Factors of Home Insurance Rates in Las Vegas
The average homeowner’s insurance premium in Nevada as of 2009 was $703, according to the Insurance Information Institute. The national average was reported at $880. Your premium is determined by your home’s cost of replacement, its age, the type of construction (frame houses cost more to insure than brick houses), its distance from local fire protection, its area, your claims history, and your credit score. New homes may qualify for discounts, while old homes may not be able to obtain insurance, or may be offered limited coverage in Las Vegas. The crime rate of your area will also affect the cost of insurance. The U.S. Federal Bureau of Investigation reported 2,960 property crime offenses per 100,000 inhabitants in Las Vegas in 2010, slightly above the national rate — 2,941.9 crime offenses per 100,000 inhabitants.
Your credit score, determined by your past payment history, the number of open credit lines you have, the type of credit in use, any outstanding debt, and the length of your credit history, will factor in to your ability to obtain a homeowner’s policy, and how much your premium will cost. Your claims history will also affect your home insurance premium. A claims-free history may entitle you to a discount on your insurance, while frequent claims may raise the cost of insurance or make it difficult to obtain coverage in Las Vegas.