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.
Think home security in Las Vegas is still about bulky camera equipment and wires running all throughout your home? Think again.
Today, things have changed quite a bit, and the playing field has been leveled. Advanced tools and security systems are more accessible and affordable than ever. (And installing them might get you a discount on your homeowners insurance, too.)
Full-service systems are still a popular option with many people. Companies offer central monitoring, video surveillance, smoke/carbon monoxide detection and more. Some even include home automation tools so you can control appliances from anywhere, and many will send text-message alerts in response to specific occurrences, such as when the kids enter the house after school.
Do-it-yourselfers who don’t want an all-in-one system have many choices as well. Here are three of the newest and most popular security tools:
1. Smart (and small) cameras
Cameras today can be tucked anywhere and don’t require wires. With a good battery and wi-fi connection, you can see what’s happening outside — or inside — with a glance at your phone or computer.
2. Key-free doors
Say you have a friend stopping by to check on your dog while you’re gone for the day. You don’t have to risk leaving a key outside. With a code-based entry system, you can simply provide your friend with temporary access that turns on and off when you want.
3. Home automation products
It’s easier than you think to give yourself remote access to the lights and appliances in your home. At least one available product can be used with your existing power outlets; simply plug it in and control the power to that outlet from an app on your smartphone. Don’t ever worry about forgetting to leave a light on again.
Of course, even “old-school” tools, such as motion-activated outdoor lights, can still have a big impact on security. So whether you choose high-tech tools or stick to the basics, you’ll be making your home here in Las Vegas a less attractive target for burglars.
Shopping for insurance is never fun. There is over 200 different auto insurance companies in Nevada to choose. Many of the insurance companies operate under brand identities such as GEICO, Liberty Mutual, Progressive, Farmers. How do you compare and contrast different rates that are offered to Nevada? Utilizing the Nevada Division of Insurance you can view the insurance companies approved rates in Nevada.
There is a some things you need to consider before diving into the insurance carrier rate filings. First, know what territory you reside in. One of the many characteristics to insurance rates is where someone lives. This is also known as the base rate. Insurance companies with lower base rates then its competitors may provide you with more savings. Second thing to consider is the amount of discounts that are filed with each insurance carrier. Lastly you would need to determine the class factor. The class factor is how different vehicles are rated.
There is additional characteristics to the price of an auto insurance policy that may impact the price you pay. The additional characteristics include things like your driving record, prior insurance history, personal credit.
If your credit has been damaged due to a financial hardship you have the opportunity to contact your insurance company and request that your credit not be used as a rating factor
"NRS 686A.685 came into effect on October 1, 2011. It provides that a personal-lines insurer that uses credit information shall, upon receipt of a written request from an applicant or policyholder, provide reasonable exceptions to the insurer’s rates, rating classifications, company or tier placement, or underwriting rules or guidelines for an applicant or policyholder who has experienced and whose credit information has been directly influenced by any of the following:(a) A catastrophic event, as declared by the Federal or State Government;
(b) A serious illness or injury, or a serious illness or injury to an immediate family member;
(c) The death of a spouse, child or parent;
(d) Divorce or involuntary interruption of legally-owed alimony or support payments;
(e) Identify theft;
(f) Temporary loss of employment for a period of 3 months or more, if it results from involuntary termination;
(g) Military deployment overseas; or
(h) Other events, as determined by the insurer."
Source: Nevada Division of Insurance
If umbrella policies are good for individuals, then they are imperative for business. When a catastrophic liability loss occurs, an umbrella insurance policy can mean the difference between a business surviving, or not.
The rising costs of lawsuits and judgments are important for today's business owner to consider. Catastrophic liability losses can happen to any business at any time, and a commercial umbrella policy protects you when those losses exceed your basic liability coverage. The time and effort you have taken to build your business is too important for it to disappear after one unforeseen event. Call Insurance Group of Nevada at (702) 996-6434 or email us at email@example.com today about a commercial umbrella insurance policy.
Nevada what you need to know about commercial umbrella insurance
Commercial Umbrella helps you protect your assets by providing liability limits above and beyond your other policies. In some cases, it even broadens your protection. Due to the unpredictable nature of jury awards Insurance Group of Nevada recommends that your business insurance program include this coverage.
What is Excess Liability Coverage?This coverage provides extra liability limits over an Umbrella policy. This coverage typically follows the terms of the first underlying insurance policy.
Who needs Excess Liability Coverage?Higher limits may be necessary for businesses with high loss potential, high profile, sizable sales, numerous assets, large auto fleets, worldwide presence, significant public exposure.
Talk to Insurance Group of Nevada today about your business operations and we can advise you what kind of liability coverage you need to protect yourself and your company. Just give us a call at (702) 996-6434 and we’ll help make sure you’re covered.