The State Motto is ‘All for Our Country’, meaning that the State would give all its allegience to the United States of America. Nevada is known as ‘The Silver State’ originating in the mid 1800’s during the silver rush days. With a population of almost 3 million people, it houses the nation’s 7th largest State by surface area and 35th largest State by population residing in Las Vegas, Henderson, Reno, Paradise, Sunrise Manor, Spring Valley, Enterprise, Sparks, Carson City and outer lying areas.
Homeowners Insurance, also known as Hazard Insurance, will cover your home and your personal belongings and contents of the home, such as furniture, appliances, clothing etc…
Although purchasing homeowners insurance is not obligatory by law, mortgage companies all require you to purchase insurance as a condition of the mortgage contract.
Homeowners policies in Nevada commonly include the following coverage:
Note about replacement cost and actual cash value:
Companies may exclude coverage for certain losses. Even the most comprehensive all-risk policy will exclude certain types of damage.
The following chart shows the most common types of losses covered or excluded from a homeowners policy:
Most Policies Cover Losses Caused by
Most Policies Do Not Cover Losses Caused by
|Fire and lightning||Flooding|
|Sudden and accidental damage by smoke||Earthquakes|
|Explosion||Termites, insects, rats, or mice|
|Theft||Freezing pipes while your house is unoccupied (unless you turned off the water or heated the building)|
|Vandalism and malicious mischief||Losses if your house is vacant for the number of days specified by your policy|
|Riot and civil commotion||Wear and tear or maintenance|
|Aircraft and vehicles||Wind or hail damage to trees and shrubs|
|Windstorm, hurricane, and hail (this coverage may be excluded if you live on the Gulf Coast)||Mold, except what is necessary to repair or replace property damage caused by a covered water loss|
|Sudden and accidental water damage||Water damage resulting from continuous and repeated seepage|
A policy’s dollar limits are the maximum amounts your insurance company is obligated to pay in the event of a covered loss. The Declarations Page is the summary page attached to the policy and shows the policy’s dollar limits.
To receive full payment (minus your deductible) for a partial loss (such as a hail-damaged roof) most companies require you to insure your house for at least 80 percent of its replacement cost. If you insure your house for less than 80 percent of the full replacement cost, the insurance company will only pay a portion of the loss; this is known as the coinsurance clause. Most preferred carriers require you to insure your house for 100 percent of its replacement cost.
Homeowners policies provide coverage for your personal property (such as furniture, clothing, and household electronics).
Homeowners policies usually cap the coverage amounts for certain types of personal property, such as jewelry, silverware, furs and art. You may be able to buy additional coverage for these items for an extra premium.
Many people learn after a fire or burglary that they aren’t able to remember exactly what is missing without either a detailed inventory or photos of each room in the home prior to the loss. A written inventory will help one decide how much insurance would be required in the event of a total fire loss.
It would be a great idea for each insured homeowner to digitally photograph or videotape each room, including closets, open drawers, storage buildings, and garage; these digital files can be stored on a cloud based network or simply on a disk with copies in more than one location. A written inventory and receipts for major items should be stored in a fireproof safe or an alternate location.
To view flood maps, visit FEMA’s website at www.floodsmart.gov/floodsmart/.
If you want more coverage than the policy offers, you might be able to add an endorsement to your policy for an extra premium.
The following are common endorsements you can consider adding to your policy:
If you have assets to protect and require more personal liability coverage than a homeowners policy provides, you can buy a separate umbrella policy. The Personal Umbrella Policy provides a secondary layer of coverage picking up where your underlying Homeowners and Automobile limits are exhausted. The Personal Umbrella Insurance will require a minimum underlying limit of liability on both the Homeowners and Automobile policy.
After you buy a policy, review it to ensure that everything is correct. Review the following items listed on the declarations page:
Companies use a process called underwriting to decide whether to offer a policy and what rate to charge. Each company must file its underwriting guidelines with the Washington State Office of the Insurance Commissioner and send updates if the guidelines change. Companies use various factors to determine premium. These include:
Discounts can reduce insurance premium. All companies offer some type of premium discounts when reducing risk. Each company sets the amount of the discounts it offers. A discount may be offered for having:
Some discounts may be automatically offered based on the criteria obtained to get a home insurance quote, whilst others may require proof or certification. Some carriers offer discounts for marital status, age & accredited builder discounts on newer homes.
Many companies use the Comprehensive Loss Underwriting Exchange (CLUE) to review your claims history. CLUE reports list the property insurance claims history of people and houses – regardless of who owned them – for the last seven years.
Companies are only allowed to report information if someone filed a claim. Federal law gives you the right to challenge wrong information. If an insurance company based part of its decision to deny you coverage on a CLUE report, you can get a free copy of the report by calling LexisNexis Personal Reports at 1-866-527-2600 or by visiting its website at https://personalreports.lexisnexis.com/index.jsp.
Before calling, get the CLUE reference number from the company’s denial letter or from the company. Using the reference number will speed the process by making sure you are requesting the right report. CLUE is a registered trademark of Equifax Inc.
In the event of unresolved insurance issues, you may contact the Nevada Division of Insurance Consumer Line at: 1-775-687-0700 or 1-702-486-4009. Customers may also E-Mail an assistance request to: firstname.lastname@example.org