Insurance Group of Nevada Blog
How Much Home Insurance is Enough
The cost to rebuild your home is its replacement value. This can be very different from the estimated market value or actual purchase price. In most cases, it costs more to rebuild the home you own than to buy a new one.
Nevada - How much home insurance is right for you?
Based in Las Vegas, Nevada Insurance Group of Nevada understands the home insurance needs of our customers. We’ll work with you to estimate the replacement cost for your home and to adjust your policy limits from time to time as needed.
It is critical that you provide us with accurate, updated information about your home and contents. If your dwelling limit accurately reflects your home’s true replacement cost, some companies will pay more than the limit if a covered loss is greater than the limit on your policy.
Once a review of your home and possessions indicates you are properly insured, it’s a good idea to reexamine your coverages and limits from time to time, especially whenever you make additions or improvements. Insurance Group of Nevada can help you re-evaluate your insurance needs, just give us a call at (702) 996-6434 to speak with one of our agents.
Nevada - Be Sure You Have Enough Homeowners Insurance
Here are some steps you can take to reduce the danger of being seriously underinsured:
Consider whether you should have more coverage for personal property (contents) than your policy provides. Personal property coverage is usually 70% of the coverage limit for the structure. Your limit may be lower than 70%. Supplemental protection is available for a small additional premium.
Inventory your home. Prepare an inventory of personal property items, update it periodically, and keep it in a safe place outside your home, such as a safe deposit box at your bank. It will save you hours of time trying to list everything damaged or destroyed if you need to make a claim. It will also help ensure you don’t forget some items. (702) 996-6434 can advise you on ways to simplify the job of preparing a personal property inventory such as videotaping each room with descriptive information on the sound track.
Personal LiabilityBesides making sure you have enough protection to cover possible damage to your own home and contents, you should also evaluate your exposure to liability risks. These result from damage to the property of another, or injury to a person, not a member of your household, for which you can be responsible.
In recent years it’s become common for homeowners to be sued for injuries or damages to others, even when there is no evidence of negligence by the homeowner. The reality today is if you have any appreciable assets, you are exposed to the risk of being sued. Even if you ultimately prevail in court, your legal fees and the months or years of worry and uncertainty can be a terrible burden on you and your family.
The Personal Liability coverage provided by your Homeowners Policy usually provides a limit of $100,000 or $300,000. We recommend increasing this protection with a personal umbrella policy. Not only will it increase your personal liability, but also your auto liability. Limits are available from $1 million to $10 million and beyond. The cost of this coverage is usually very reasonable.
Keep in mind that Nevada can require certain minimum levels of coverage. The right coverage for you is unique – talk to Insurance Group of Nevada today to find out how to get the best price and value on home insurance for you.