The average cost of home insurance in Las Vegas, NV, is $624. This is significantly lower than the national average premium of $1,438. In fact, the state of Nevada is known for lower home insurance rates, with the average being $641. Homeowners in Las Vegas can further reduce their home insurance rates by choosing the cheapest home insurance company.
Below are some of the factors that homeowners have to consider to choose the cheapest home insurance company based on their coverage needs.
Home insurance quotes vary from one insurance company to another. Home insurance companies consider various factors, such as coverage requirements, home value, home size, age of the home, home construction materials, and deductibles to determine the home insurance rates. Las Vegas homeowners are suggested to compare multiple quotes before choosing the cheapest option. Las Vegas homeowners should find a balance between their coverage requirements and home insurance rates.
Deductibles Vs. Home Insurance Rates
The cost of home insurance varies widely depending on the deductible that homeowners opt to pay. Paying a high deductible lowers home insurance rates. On the other hand, opting for a low deductible increases home insurance rates. For example, Las Vegas residents pay an average home insurance rate of $617 on a deductible of $500. The average cost of home insurance for deductibles of $2,000 and $2,500 are $477 and $448, respectively. Las Vegas homeowners are advised to choose the company that offers the lowest home insurance quotes for the deductible they opt to pay.
Home insurance companies offer additional policies besides the standard home insurance policy. The add-on policies include flood insurance, earthquake insurance, pet insurance, and collectible insurance. The agents of home insurance companies work with homeowners to understand their requirements and customize their policies accordingly. Las Vegas homeowners should go with the service provider that offers the cheapest quotes according to their coverage needs.
Home insurance companies offer multiple discounts to homeowners based on different criteria. Las Vegas homes constructed using sturdy materials receive considerable amounts of discounts on home insurance. Newly constructed Las vegas homes can avail of discounts of up to $168 on home insurance rates. Furthermore, homes equipped with enhanced safety features also attract discounts from home insurance companies.
Claims History of Homeowners
Home insurance companies consider the claims history of homeowners to determine home insurance rates. Las Vegas homeowners who have a claim-free history pay lower home insurance rates. The average cost of home insurance for Las Vegas homeowners with a claim-free history is $549. On the other hand, filing claims increases the cost of home insurance. The average home insurance rates for Las Vegas homeowners with 1 and 2 claims are $655 and $705, respectively.