Las Vegas Home Insurance
For some, Las Vegas home insurance is one of the most valuable insurance policies you can purchase. Your policy not only protects your valuable asset, but also provides coverage in case of legal action against you. Did you know that if someone slips on your driveway you can be held liable for damages? Its strange but true, protect yourself!
We believe our agency offers the most competitive rates in Vegas. We are affiliated with many large insurance groups and use them as leverage to secure the best possible converge and premium for your home.
Rental Home Insurance
Las Vegas has many rental homes available. Our insurance agency offers excellent policies for both Renters seeking insurance as well as the home owners that are renting them. Rental homes are a little different that regular home insurance and many renters can end up paying more that what they could be paying for there policy.
Types of home insurance Policies:
There are essentially five kinds of Homeowners Insurance policies on the market. Each one has coverage’s that may be unique depending on the residence being insured.
Homeowners: traditionally cover owner occupied dwellings with limited rental exposures.
Dwelling Fire: is generally for a non-owner occupied property, such as a rental property.
Renters: cover the personal contents of an insured renting a home or apartment with little to no coverage for the building itself.
Condominium: have characteristics specifically designed to cover building and contents.
Mobile Home: designed specifically for these types of residences that are generally not attached to real property.
Home Insurance Policy Coverages:
Home insurance can have many features and riders. Below is an explanation of the basic coverages in plain English. Remember, this is just a general description and not policy language. The items below will vary based on the policy type you purchase. These general terms can get you started.
COVERAGE A – Building: This coverage is used to protect the physical structure. Your home should ideally be insured to 100% of its Replacement Cost.
COVERAGE B – Other Structures: Used to protect unattached structures such as a shed, detached garage or an inground swimming pool.
COVERAGE C – Contents: This coverage is for your household belongings.
COVERAGE D – Loss of Use: This pays for you and your family to stay in a hotel if your home becomes uninhabitable due to a covered loss.
COVERAGE E – Personal Liability: Coverage for Bodily Injury or Property Damage that an insured is found to be liable.
COVERAGE F – Medical Payments: Coverage for medical payments to another person regardless of the negligence of an insured person.
What to Expect from a home insurance policy:
We will collect information on you as well as your home. The following information will be needed to accurately quote your policy:
- Burglar Alarm? If so, does it report to the police or a responding company?
- Fire Alarm? If so, does it report to the fire department or a responding company?
- Bars on windows? If so, do they have the quick release on the inside of the house?
- or Slides?
- Any updates in the Roof, Heating & Cooling system, Plumbing and Electrical?
- Current mortage company(s)?
- Is your insurance escrowed? (paid through your mortgage payment) or do you pay it?
- Have your latest insurance policy handy (if you have one)
- If you decide to buy you can also expect a Replacement Cost evaluation of your home as part of the process.This is a general estimate only, but will be helpful in determining appropriate coverage.
What to Expect from a home insurance policy:
1. Home Replacement Cost – Always be sure you have an agent or company calculate the replacement cost value of your home. Replacement Cost value is often confused with the Market or Appraised value of your home. Homeowners Insurance typically insures your home not your land. Replacement cost coverage contemplates the cost to replace your home with like kind and quality materials. Market and Appraised values are used for different reasons but are often incorrectly used to determine insurance policy limits.
2. Discounts – Inquire about them; they can range from 2% to 15% depending on the presence of smoke detectors, fire and burglar alarms. Monitored alarm systems go a long way in helping to prevent or detect a potential loss.
3. Content Replacement Cost – Purchase this on your belongings and your home. This will allow for a new for old replacement of covered items.
4. Personal Liability Limits – buy limits that are in line with your Personal Assets – So often customers choose liability limits based on what sounds good or is cheaper. This is the most inexpensive portion of the policy so buy what you need. Consider a Personal Umbrella policy to extend your coverage to 1 million or more.
5. Scheduling Valuable Items – Consider scheduling your valuable items on your policy or on a “rider”. Remember there are limits on a home policy for certain personal items. You can have the comfort of mind knowing specific valuables are covered to their appropriate valued limit by scheduling them.
6. Deductible – It is the amount of expenses that must be paid out of pocket before an insurer will cover expenses. Keep in mind the higher the deductible the lower the premium or the lower the deductible the higher the premium, but less money out of your pocket if you do have a claim. The policy can be quoted both ways and you can decide what best suits your financial situation.