Nevada landlord insurance can protect much more than a basic home insurance policy can provided you have the proper coverage limits. Proper coverage limits come from detailed look at your situation including the rental income, building materials, and potential liability risk. We work with professional insurance agents that represent the best landlord insurance companies in Nevada. Use our service to save money and get a policy that protects all your assets.
Condo Landlord Insurance
Many rental property owners in Nevada have condos or townhomes they rent to others. This is an ideal situation where the landlord gets rental income with less maintenance issues. The home owner association will likely maintain the exterior of the home while the landlord is responsible for the interior.
Get condo landlord insurance quotes using our free online service. Compare rates from the best home insurance companies all online.
Landlord Liability Insurance
Without a doubt landlord liability insurance is one of the most important coverage items to have. In the event your renter gets injured due to the lack of maintenance or some other cause that you are liable for this can save your rental business.
Most cases involve a tenant getting hurt when slipping and falling on property. The fall was the cause of a stair case not in proper condition or a walkway not cleared of debris. This is the responsibility of the landlord and therefore you are liable for damages.
Having adequate liability insurance will ensure that any injuries to the renter or his property will be covered. Most policies come with $300,000 in liability coverage but it is very cheap to increase that limit to $1 million usually less than $50 per year.
How to Get The Cheapest Landlord Insurance in NV
Each insurance company is different in the way they determine your rate and how much the average policy will cost but here are ways to ensure the lowest cost premium based on the factors above.
- Good Credit - The better your credit the lower the cost of your insurance. Many states are now allowing credit as a rating criteria so get used to it being used. Try to keep your past payment history spotless and a FICO score above 720 is considered excellent.
- Improve the Location - There is not much you can do about the location once you have purchased the rental property but be sure to keep the home well-kept and surrounding trees cut back to minimize potential hazards. The better your property appears the lower the cost to insure it will be.
- Building type - Condo and townhouse owners will likely have a home owners association which will cover the exterior of the home so you are only responsible for the interior. This can save you hundreds of dollars each year. If the unit includes custom building and expensive materials expect to pay more because the cost to replace those items is greater.
- No Claim history - Try not to make a claim if it is a small value of $2000 or less. Most companies look at multiple claims as a sign that you are prone to making claims in the future. If you are deciding whether to make a claim or not contact your insurance agent and ask them personally. Don't call the claim department and ask them because they are likely to document the call and file it for future use.
- More Discounts - Ask about multiple policy discounts and the combination of auto and home insurance. Sometimes combining your personal auto insurance with this policy can save you 20-30% off each policy.
Nevada's 5 largest cities by population
City
Population
Las Vegas 583,756
Henderson 257,729
Reno 225,221
Paradise 223,167
North Las Vegas 216,961
*Data from 2010 Census Population by the Department of Economic and Community Development.
Common Landlord Insurance Claims in Nevada
Wind
(Most claims cost over $2,500 to repair wind damage)
Water
(Most claims cost over $6,300 to repair damages from water)
Vandalism
(Most claims cost over $7,000 to repair physical damages to property)
Fire
(Most claims cost over $37,500 to repair physical damages to property)
Dog Bite Liability
(Most claims cost over $22,000 to recoup liability damages)
NOTICE: The amounts listed above are for illustrative purposes only and should not be used to decide what coverage limits you need for your landlord policy. Speak with your insurance agent to determine the proper coverage limits.
