Las Vegas is home to one of the largest housing markets in the country. There is currently a shortage of homes for sale, which is driving property values up further. Home insurance is vital to protect your financial investment, whether you plan on purchasing a home soon or have already purchased one. Homeowners insurance costs $905 per year for $250,000 in dwelling coverage on average, according to Bankrate’s 2021 study of average quoted annual premiums. If you are able to find affordable home insurance Las Vegas rates, you can beat the average. Bankrate researched to narrow down the field of insurance companies by comparing pricing, policy offerings and customer ratings to bring you five of the best home insurance companies.
Las Vegas’s best home insurance company
Four out of the five carriers we chose for our best and cheapest home insurance companies in Las Vegas have average premiums below the average of $905 per year for coverage. We were able to get the most current quotes for each provider by partnering with Quadrant Information Services. They are also well-ranked in the J.D. The Power Home Insurance Study ranks the best-rated carriers based upon customer reviews.
Travelers is a good choice if you’re looking for a solid policy to protect your Vegas property. A standard HO-3 policy can be extended with additional features such as water back up, sump pumps discharge and overflow, replacement cost, green home coverage, and additional coverage for collectibles and high-value jewelry.
American Family offers a variety of add-ons that Las Vegas residents might like. Equipment breakdown coverage is similar to home warranty policies. It covers the cost of repairing or replacing your home’s appliances and systems, including swimming pools, HVAC, and heating and cooling. The option for matching siding coverage may be especially ideal for Craftsman-inspired homes. AmFam will reimburse you for the cost of replacing damaged siding if your loss is covered up to $20,000
USAA home insurance is available only to military personnel, veterans and their families. A large number of Vegas residents may qualify, as Las Vegas is home to two Air Force bases. USAA is the most affordable home insurance company with an average annual premium $687. However, due to its membership requirements it is not eligible for ranking. An HO-3 from USAA has the option for higher value replacement cost coverage, which allows you to replace items with new versions instead of reimbursing you for an amount that deducts the item’s age and condition.
Allstate offers a variety of unique options for Las Vegas residents. Business property insurance can cover you and your inventory if you work remotely. Extra reimbursement is available for more expensive equipment, such as golf clubs. Another option is yard and garden coverage. It can be costly to replace mature palm trees or high-end landscaping. Optional coverage limits the options for landscaping items such as trees and tools, as well riding lawn mowers and other tools.
Although State Farm’s home-insurance rates in Las Vegas may be higher than those of other providers, the carrier offers discounts that can reduce the cost. You can get roof discounts on newer roofs, as well as ones that are more impact-resistant. There is also a discount for bundling car and home insurance and a home alarm protection discount. You must have smoke detectors, burglar alarms, or a home monitoring device to be eligible for the home alert discount.
Las Vegas home insurance options
You don’t have to insure your Vegas home if you own it free and clear. A policy is worth having, as it will protect you from paying out for any losses or medical bills if something happens, such as a home invasion, fire, or burglary. Consider the following add-ons to your standard homeowner policy:
- Jewellery rider: Your home policy limits the amount it will pay for certain items. A jewelry rider is a way to insure higher-value items such as diamond jewelry and collector’s watches like a Rolex.
- Green rebuild: If you have this optional coverage, your insurance company may pay to repair your home using greener materials after a covered loss. This could include a tankless water heater, or an energy-efficient air conditioner.
- Equipment breakdown coverage: High summer heat and the hot sun can cause home systems to fail faster. Equipment breakdown coverage can be very useful if your pool pump stops working or your refrigerator needs to be repaired or replaced.
Las Vegas Home Insurance Discounts
A majority of home insurance companies offer policyholders a range of discounts. The following are some of the best:
- Bundling: If you buy auto insurance and homeowners policy with the same company, you could get a discount on both.
- New construction: There are over 240 new-build and master-planned communities popping up throughout Las Vegas. Many newer homes qualify for discounts on home insurance policies.
- No claims: Ask your carrier if they can offer a discount for you not having made any claims in the past. Without any problems, you may be eligible for a claim-free discount or a reduction of your deductible.
- Safety: Camera-based wireless home security systems can be easily purchased and installed by you. This could lower your premiums. You could be eligible for the safety discount if you have smoke and carbon monoxide detectors.
Questions frequently asked
Which is the best company for home insurance?
Each homeowner will have unique requirements and find the right company for them. In their search for insurance, homeowners often consider the price of add-ons and availability. You may also consider customer reviews and ease-of-use online tools.
What is the cost of Las Vegas home insurance?
For $250,000 of dwelling coverage, the average cost for home insurance in Vegas is $905 annually. We found four carriers that had lower premiums than the average in the city. Their average annual rates were $490.
Las Vegas: How much do I need to insure my home?
There are several factors that you should consider when deciding how much home insurance coverage you need. Take inventory of all your personal property to determine the amount of coverage. It is a good idea to investigate the costs of building in your area before setting a maximum limit. Liability insurance covers injuries and legal costs for anyone injured on your property. Consider increasing your liability limits if you entertain or have a pool.