Home insurance rates in Nevada have risen close to a quarter since 2023 up until the end of last year, according to a new report.
Data from Insurify, an online insurance comparison platform, showed that the average price for home insurance in 2023 was $1,407, then jumped to $1,672 two years later. This year, according to the review, home insurance rates for all types of homes in this state are projected to be $1,720, representing a 22.3 percent increase since 2023.
Still, Nevada is one of the cheapest states for overall home insurance, ranking sixth in the country behind Vermont — which came in first — followed by Alaska, Hawaii and Washington, D.C. and Delaware. Julia Taliesin, an economic analyst for Insurify, said the Silver State’s rates have risen for a few specific reasons.
“In Nevada, rebuilding costs and growing wildfire risk are pushing premiums up, particularly in northern parts of the state,” she said. “However, compared to states like Florida, Louisiana and California, Nevada has a lower overall catastrophe risk because it’s not exposed to frequent hurricanes or major coastal storms. As a result, average home insurance premiums in Nevada remain below the national average, even as rates continue to rise.”
Nationally, home insurance rates have climbed because insurers are facing more claims from increasingly frequent and costly natural disasters, she added.
“At the same time, rebuilding and repairing a home has become more expensive as labor and construction material costs have risen,” Taliesin said. “As insurers face higher costs, homeowners are seeing higher insurance premiums.”
Nevada homeowners are also being lumped in with California when it comes to wildfire risk, leading to heightened levels of nonrenewals, cancellations and application denials of policies in parts of the state.
Clark County was second in the state for homeowners insurance policy cancellations and nonrenewals due to wildfire risk, according to a presentation made by the Nevada Division of Insurance in June.
In 2024, the latest data available, 357 Clark County homeowners had coverage canceled or not renewed out of 772,861 policyholders.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
