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Homeowners Insurance Premiums in Henderson, Nevada

By February 7, 2022Insurance
home insurance rates

Homeowners Insurance Premiums In Henderson, Nevada

Many people in Henderson are wondering what’s going on with their homeowners insurance premiums. There are a variety of factors that can affect homeowners insurance in Henderson, NV. Here are a few to consider:

Constructions costs affecting homeowners insurance

We’re noticing a staggering inflation of costs for labor, debris removal, and materials to rebuild homes. All of these combine to affect homeowners insurance claims in Henderson, NV. This extends even further for custom homes where additional coverage may be required to cover the construction site. Each carrier is taking the following (and more) into consideration when determining how to rate homes:

Age of your home and homeowners insurance

Depending on the age of your home, whether or not you’ve done upgrades (for older homes certain carriers require updated plumbing, electric, and replaced roof), and the condition of your home are all important considerations in determining the premium of your homeowners policy. One cost that often gets blamed on insurance companies is maintenance of a home – for example, an insurance carrier does not want to insure a home with a roof that is falling apart, so if you’re insured by them they may threaten to cancel your insurance if you do not replace your roof within a certain time frame. It’s important to keep your home updated so that you’re less likely to have a claim related to plumbing, electric, or roof conditions.

Replacement cost and homeowners insurance

Your homeowners policy Dwelling Limit is based on is what it would cost to rebuild your home in a total loss, also called replacement cost. It makes sense that insurance carriers are increasing the Dwelling Limit on policies so that policyholders are not stuck with paying out of pocket for a dangerous gap in their insurance. If it costs $1M to rebuild a home, but the homeowner only has a Dwelling Limit of $800,000, the homeowner would come out of pocket $200,000. It’s important to pay attention to your Dwelling Limit – that it’s sufficient to rebuild your home in the face of inflation.

Got a swimming pool?

When you own a swimming pool, it’s a wonderfully fun thing to have for family and friends. However, it just adds to your liability exposure. That’s why premiums are often higher for properties with swimming pools. It’s important to note as well that liability insurance is extremely cheap because extreme liability claims are not very likely – however it brings a lot of peace of mind to have high liability limits and even an umbrella which is a separate insurance policy that extends your home and auto insurance coverage.

Other things to consider

You can use this simple clickable coverage page to help you understand more coverages on your homeowners insurance policy that are considered by insurance companies here in Henderson, NV. If you’re uncertain about any of your coverages on your policy, we’re here to help. You can text us or call us at 702-932-3105.

Is your homeowners insurance going up and you need help?

We’re here for you! Because we have a wide selection of homeowners insurance carriers to choose from, we are able to custom fit your coverage and modify to fit your budget. Sometimes a tweak with your deductible, or lowering a coverage that you do not need, are things we can do to help make the premium doable for your budget. That said, if you have the budget, we recommend maximizing your liability coverage on your home and to seriously consider getting an umbrella policy. Give our licensed agents a call or a text today at 702-932-3105 – we look forward to serving you!

 

 

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