Nevada Renters Insurance
Nevada renters insurance will cover the cost of property damage, personal liability, and loss of use if there is an unexpected loss on your rental property.
Written by Aimee Lynn Everett
Reviewed by Melanie Reiff
Renters insurance in
Nevada
costs, on average, $129 per year. While the cost and coverage details may change between different policies, you can expect a basic renters insurance policy to cover your personal property, personal liabilities, and additional living expenses.With all the excitement and stress of signing a lease on a new apartment, it is easy to forget about buying renters insurance. But getting the right
renters insurance
is one of the best ways to protect yourself against damages or losses that happen in your rental home.Insurance comparison
app Jerry
is here to give you all the information you need to know about buying renters insurance in Nevada—from what renters insurance covers to how to build a policy that meets your needs at a low cost.What is renters insurance?
Renters insurance protects a renter by covering the costs of damages, losses, or injuries that happen on the rental property.
Typically, a renters insurance policy will include these coverages:
- Property (Coverage C): This protects your belongings by covering the actual cash value (ACV) or replacement cost of items that are damaged or destroyed by an event that is covered in your policy
- Loss of use (Coverage D): If you have to temporarily stay in a hotel or pay for food delivery as a result of an incident that damages your rental, those bills will be paid through this coverage. Some policies will call this additional living expenses coverage
- Personal liability (Coverage E): If someone else is injured or has their belongings damaged on your rental property, any fee you have to pay as a result of legal proceedings will be covered by your insurer
- Medical payments (Coverage F): This coverage will take care of a portion of any medical expenses that result from an injury that happens on your rental property
What does renters insurance cover?
Renters insurance covers losses that are caused by damaging events, called perils, that are specified in your policy. In Nevada, you can generally expect a standard renters insurance policy to cover losses that are caused by:
- Fire
- Lightning
- Smoke
- Theft or vandalism
- Explosions
- Impact by a vehicle or aircraft
- Falling objects
- Frozen or broken plumbing fixtures
- Accumulated ice or snow weight
- Hail
The named perils can differ between renters insurance policies, so be sure to check what disasters are included in your coverage.
Wildfires are one of the most common natural disasters to impact Nevada and can cause a lot of damage to people’s homes and belongings. While fire damage is covered in most renters insurance policies, you may have to add special wildfire coverage depending on where you live.
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What does renters insurance not cover?
There are exceptions to the coverage provided by a renters insurance policy, and not all disaster damage will be paid for by your insurance company. For example, common natural disasters, like floods and earthquakes, are typically not listed in a standard renters insurance policy.
Portions of Nevada, particularly near Reno and Carson City, are prone to both flooding and earthquakes. Luckily, both flood and earthquake insurance for renters can be relatively inexpensive to add, making them a smart choice for people who live in areas commonly affected by these disasters.
Renters insurance is a great way to protect your belongings, but it’s important to note that some of your items may not be included in your coverage. These can include:
- Items for your job or business: If you run a business or work from home, your renters insurance will not apply to any items related to that business
- Valuables: If you have expensive jewelry, antiques, or artwork in your home, you will usually need additional coverage to protect them
- Your car: Renters insurance coverage won’t extend to your car, even if your car is damaged while it is parked on your rental property. You will need a separatecar insurancepolicy that meets the minimum requirements in Nevada
Key Takeaway Renters insurance will protect your belongings in case of an unexpected loss, but it also provides important personal liability coverage if someone is injured on your rental property
Is renters insurance required in Nevada?
In Nevada, you aren’t required by law to have renters insurance. However, your landlord can require it as a condition of the lease and set a minimum amount that your policy must cover.
Even if your landlord doesn’t ask for you to have it, renters insurance is a smart purchase. It is the best way to be prepared if something does happen to your belongings or you are held responsible for someone else’s injury or loss.
Luckily, getting renters insurance is not likely to break the bank. In Nevada, the average cost of a policy is $129 a year, falling $31 lower than the national average. Though it may vary some each year, the average Nevada renter will only need to pay around $11 each month to cover potentially thousands of dollars worth of losses.
How to build a Nevada renters insurance policy
The first step to building a renters insurance policy is to do a personal asset inventory of your house. You will need to make a list of all of your furniture, electronics, art, and appliances, including known details about each item, such as:
- Quantity
- Purchase date
- Purchase price
- Brand
- Model number
- Serial number
Take a picture of each item as you go. Having pictures to go along with the details of each item will help you if you need to file a claim in the future if you need to.
Choose a personal liability limit. If your landlord requires you to have renters insurance, they may also specify a certain limit for your personal liability coverage. That requirement could be between $300,000 and $500,000, but you may have the option to choose a lower limit.
Actual cash value vs replacement cost
It is up to you whether you want your renters insurance policy to cover the actual cash value (ACV) of your items at the time of loss or to pay for their replacement cost. The ACV will cover the cost of your items at the time of the incident, taking depreciation into account. Conversely, the replacement cost will cover the cost of the item at the time you purchased the policy.
For example, say a pipe in your ceiling burst and poured water all over your laptop—and your policy includes water damage. While you originally purchased that laptop for $1200, a policy that covers the ACV of your belongings may only pay you $500 for the loss of your laptop to account for value lost over time.
In the same situation, a policy that covers the replacement cost of your items will cover the full $1200. Depending on your risk assessment, a renters insurance policy with replacement cost coverage may seem like the better option, but it generally will be more expensive upfront.
MORE: What does actual cash value coverage mean on insurance?
How to find cheap renters and car insurance
Renters insurance won’t cost you very much each year, but you can pay even less by bundling your
renters insurance
and car insurance
together. Many insurance companies offer discounts of 5% to 25% when you bundle your policies.Jerry
can easily find you the best car insurance bundling deals that match your existing coverage while saving you money. And to make bundling your renters and car insurance even simpler, all of your paperwork and questions are taken care of right in the app.
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Is renters insurance worth it?
Yes, renters insurance is a worthwhile purchase. Even though it is not required by law in Nevada, purchasing renters insurance is an inexpensive and smart way to protect yourself from covering costs in the event of property damage, personal liability, or loss of property use.
What is the average cost of renters insurance in Nevada?
The cost can vary yearly, but Nevada renters insurance costs around $129 a year. At this price, you will pay about $31 less than the national average for your policy.
You could save 15% or more on renters insurance by bundling
Bundle your renters and auto insurance with Jerry and save!
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