Thanks for taking a moment to review our Official Reno, NV Renters Insurance Guide. As part of our core values, Effective Coverage works to educate renters on how important Nevada Renters Insurance is, how it helps them, and where landlords can require it.
This education campaign has a goal to get 40% of renters insured by the end of 2017. How are we doing this? By spreading the word among residents that Renters Insurance is inexpensive and has significant benefits.
Review our guide on Reno renters insurance, learn a bit about it, and then call Effective Coverage for more information on how easy it is to get renters insurance in Reno, or click above for instant quotes.
Reno, NV Renters Insurance
How Much Does Renters Insurance Cost In Reno, NV?
Nevada Renters Insurance is one of the least expensive things you can do to protect your family. Renters insurance generally costs less than one sixth of the cost of the cheapest auto insurance, averaging about fifteen dollars a month.
Renters insurance credit score can affect the price of Reno, NV renters insurance, just like it can in most other places. On the other hand, it’s not like a credit card or loan – even with terrible credit, you can still get Reno renters insurance at a reasonable price. It’s not as if most carriers decline to insure someone because of credit score, but it can impact the price.
Previous claims can also affect the cost of renters insurance, so it’s important to be aware of any previous claims and disclose them. It’s also important to document when you moved into your apartment or home – if a claim is pulled in based on the address and you can document that you didn’t live there, your Reno renters insurance won’t be affected by that claim, because it’s not yours.
The short answer, of course, is that prices vary a bit, but if you budget $15-$20 a month for renters insurance, you’ll get a great policy that gives you excellent coverage at amounts appropriate for what you have and what you need to protect.
Can I Get Short Term Renters Insurance In Reno?
Generally renters insurance policies are written for a twelve month period. That doesn’t mean you’re obligated to keep it that long. It’s done because removing the time variable from exposure calculations means more accurate underwriting and more accurate pricing.
If you’re in Reno for a job and will only be there for a few months, even if you’re living in company supplied housing, you can and should get Reno, NV renters insurance. Your policy from your permanent home might not protect you, and your landlord’s or company’s insurance policy certainly won’t protect you, especially if you’re an independent contractor.
If you don’t keep the policy for the year that it’s issued for, whatever unearned premium you’ve prepaid will be refunded to you. Insurance companies don’t just hang onto your money, of course. It’s important to remember to cancel the policy when you move, and to follow any established cancellation procedures from the company, such as an electronic or written request. These policies are designed to protect you.
What’s Covered On Reno Renters Insurance?
Renters insurance in Reno follows the coverage of renters insurance in Nevada. This means that the standard coverage applies, giving you protection for your personal property against perils named in the policy, generally at replacement cost. You can also get open perils coverage that gives you much broader personal property protection.
You also get liability coverage on your Reno renters insurance policy, of course. This protects you from any injury or damage you do to someone else through your negligence. It could cover bumping into someone on the street and injuring them, or accidentally starting a fire with your Christmas tree that impacts the building as well as other residents, or any number of other odd scenarios you’d never expect would result in damages to the other party.
Liability coverage on renters insurance in Reno generally starts at $100,000. More coverage is suggested, because in major losses that limit can go quickly. While there are companies out there that sell renters insurance in Reno with less than $100,000 of liability, that’s not sufficient protection for you and your family. Remember that if a loss exceeds the limit of liability on your policy and there’s not a settlement, you can be responsible for the difference! Most people don’t know that, but it’s one of the reasons Effective Coverage always suggests buying as much liability coverage as you can reasonably afford. Liability rarely changes the price of renters insurance much.
You also get a small amount of coverage for injuries others suffer in your apartment or home that doesn’t require a determination of fault. If the costs of an injury exceed that coverage, liability coverage is there to protect you.
Additional living expenses coverage is an important part of Reno renters insurance. If there’s a fire in the apartment next door, you’re likely to be unable to use your apartment for a few days even if the damage doesn’t affect your apartment beyond a bit of smoke smell. Loss of use coverage kicks in to cover your additional living expenses in that sort of situation. If there’s an otherwise covered claim that temporarily prevents you from using the residence premises as a residence, the coverage is there to protect you.
Can My Landlord Require Renters Insurance In Nevada?
Nevada law is silent on the subject of landlords requiring renters insurance, which means that if it’s in the lease, it’s perfectly legal to require. Beyond that, some commercial insurance carriers either mandate that the insured’s (your landlord’s) tenants maintain renters insurance. Some lenders have similar policies, and if the property management company is different from the owner, the owner may require it as well. In many cases, the landlord is just carrying out the wishes of the owner, insurance carrier, mortgage lender, or other party with a vested interest in every tenant having Reno renters insurance to cover their liability to any or all of the above parties.
Renting In Reno, NV
Reno, NV Housing Market
Reno has a population of 231,000 people. It’s a small city as cities go, but heavily populated. Does that mean the rental market is difficult? Not at all! Reno has long been a city that people pass through in the short and medium term, rather than staying. That means that there’s frequent turnover of apartments and rental homes.
The explosive population growth hasn’t hampered the rental market at all, with new apartments being constructed to account for both permanent and transient populations. Some people are here for only a few months for their work, some stay a bit longer, and some make a life here. There are rentals to fit every lifestyle, but the one thing most have in common is that they require Reno renters insurance. Especially with a largely transient population, it’s important to landlords to make sure their tenants can take financial responsibility for any damage their tenants might do to the unit.
Reno landlords also seem to have a habit of viewing as more responsible people who have renters insurance even when it’s not required at their current residence. Potentially, having a Reno renters insurance policy can make you a subjectively more attractive candidate for a particular apartment.
The median gross rent in Reno is only $819, which supports the idea that there is not an excess demand for rental units. Compare that to the median gross rent in a city with a housing shortage like New York, and you can see how significant an impact availability can have on rents.
Many people who rent in Reno eventually transition to home ownership. The median home value in 2012 was $178,000, which leaves purchasing housing as a viable long term goal for residents.
Reno, NV Economy
Known as the “Biggest Little City” in the world, Reno is known for casinos and as the headquarters of Ceasar’s Entertainment. There are plenty of jobs, and unemployment is low. Surprisingly, the high employment rate hasn’t driven up rents to any great degree. Close to Las Vegas, some people commute, but this is rare.
The nearby Lake Tahoe also provides jobs, both seasonal and permanent. Both Reno and the Lake Tahoe area are destinations for tourism as well as places with significant populations of both people and company headquarters.
Reno, NV Lifestyle
With nearby Lake Tahoe and the casinos, there’s always something to do. If you prefer exploring the outdoors, there’s plenty of high desert and the Sierra Nevada mountains. The Reno-Tahoe airport makes it easy to explore the rest of the world, as well, with many direct and connecting flights available to destinations everywhere.
With 90,000 households, 30% of which have children under 18, Reno is a young city. This means there are many entertainment opportunities. It also means that Reno is a sort of unofficial startup hub for many businesses trying to get off the ground.
Reno is a great place to live, and an easy place to find apartments, but wherever you find a home you’ll need Nevada Renters Insurance. Call Effective Coverage or click above today for more information on coverage and cost.