Nevada is one of the biggest tourist destinations in the world because of its resident city, Las Vegas. While many people own property in the state, more than half of all residents living here have rentals. The average rental in Nevada goes for around $1,200 a month. It’s an affordable alternative to owning your own house and is beneficial to those who don’t want to be tied down to a mortgage. Unlike a mortgage that requires homeowners insurance on the property, rentals don’t require tenants to have this form of coverage. However, just because it isn’t required in the state of Nevada doesn’t mean it isn’t a necessity. Renters insurance has saved countless tenants hundreds of thousands of dollars in damages, loss and injuries.
What Does Renters Insurance Cover?
Renters insurance is similar to homeowners insurance, but it puts more of a focus on your possessions inside the apartment you’re renting. For instance, if you have a flat screen television that gets stolen because of a break-in, your insurance will pay for that television to be replaced. If someone comes into your apartment and gets injured, your policy will cover their medical bills and prevent you from facing this financial devastation. Renters often have the misconception that just because their landlord has insurance on the building, it automatically protects them inside their apartment. Landlords are required by law to have this coverage on the building, but it is a blanket policy that does not protect tenants inside their rented rooms.
How to Determine Eligibility
As long as you rent a home, apartment or room and do not own it outright, you can obtain rental insurance in the state of Nevada. Rental insurance is great for apartment dwellers, college kids in dorms, condo renters, individuals with a time share and seniors living in nursing homes. For anyone who owns the property and has their name on the property’s deed, homeowners insurance is the best option for you.
Getting a Policy
To get a policy for renters insurance, you’ll first need to find a reputable company in the state of Nevada. Rarely will you find a company that only specializes in renters insurance, as many providers bundle homeowners insurance and car insurance together. The beauty about going with a bundled company is that you’ll save money. Let’s say that you have car insurance with a well-known provider who also offers renters insurance. You can take out a policy for your rental and save money by bundling the two policies together.
Like car insurance, rental insurance comes in many forms and coverage types, allowing you to customize the plan to fit both your needs and budget. If you need to spend less money on insurance, you can go with a basic plan that covers the bare minimum in your apartment. If you’d like full coverage, the comprehensive plan is the right choice for you and will protect against everything from fire to theft and everything in between.
When you sign up for a policy, an insurance agent will come to your rental and take pictures and videos of each room. These pictures are used to determine your possessions and the condition they were in when you signed up for the policy. This prevents people from making false claims, such as a television they claim was stolen but they never actually owned.
Filing a claim is effortless with most Nevada insurance companies. In fact, you’ll find that the vast majority of companies out there offer most or all of their services right on their website so that you can file a claim and talk with an agent in real-time. Once you file a claim and your case is approved, you’ll receive the money you need to repair or replace the damage you’ve sustained. Certain companies will offer the full retail value to replace your items and others will only give you small percentage of what the item was worth due to depreciation.
Whether you’re living in the gorgeous city of Las Vegas or one of its neighboring towns, getting renters insurance in Nevada is a must for anyone who is renting property there.