Nevada homeowners insurance up over 20% in past 6 years, report says
Homeowners insurance in Nevada saw an increase of over 20 percent over the past six years but still remains below the national average, according to a new report.
According to a new report from LendingTree, homeowners insurance in Nevada saw a cumulative 23.7 percent increase from 2019 to 2024. On average, homeowners pay $1,626 annually, 42 percent below the national average of $2,801.
However, there was a 4.3 percent increase in home insurance rates in 2024 alone, the report said.
Overall, Nevada ranks on the lower end of homeowners insurance costs at No. 45 out of 51 in the United States for the average annual home insurance costs, according to the report. Oklahoma, Nebraska and Kansas were the top three with average annual home insurance costs at $6,133, $5,912 and $5,412, respectively.
This year, multiple insurers, including major providers, have raised their rates.
In April, State Farm Fire and Casualty Company was approved by the Division of Insurance to raise homeowners insurance rates by 9.94 percent, affecting 214,157 policyholders in Nevada. Additionally, a 10.5 percent increase for Lemonade insurance policyholders went into effect on May 30, affecting almost 30,000 Nevadans.
All insurers must go through the Nevada Division of Insurance when requesting a rate change; the actual division-approved rate is typically lower than the rate hike requested. This is due to the division’s mission to “protect the rights of Nevada consumers” and ensure “financial solvency of insurers.” The approved rates cannot be “excessive or discriminatory,” according to the division.
Contact Emerson Drewes at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.