What’s happening with renters insurance in Nevada?
Renters insurance in Nevada is higher than the national average.
Nevada has the 14th highest renters insurance in the U.S., with an average monthly premium of $175 in 2021, which is the most recent data available, according to the Insurance Information Institute. The national average for renters insurance was $170. Mississippi takes the top spot with the highest average renters insurance premiums at $258.
This affects many Nevadans, as 42 percent of the state’s residents rented their homes based on data from 2017 to 2021, according to the Nevada Housing Division.
Renters insurance isn’t required by law in Nevada, but it can be a requirement for tenants within lease agreements, according to Progressive.
Renters insurance should cover personal liability if a property is damaged, belongings that get damaged and additional living expenses if a residence gets damaged from theft, vandalism, fire, water and smoke.
Insurance for renters is broad in its coverage and may not cover damage to items that aren’t listed in a policy and can exclude damage from floods, earthquakes, war, nuclear hazards, government action, negligence from a tenant and mold and rust, a report from Insurance.com stated.
The exact cost of renters insurance depends on how much a policy is worth, where someone lives with more dangerous areas having higher rates and personal factors such as how many past claims have been filed, according Insurance.com.
Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.
