More than 130K Nevadans to see homeowners, renters insurance rates increase
LAS VEGAS, Nev. (FOX5) - It could cost Nevadans more to protect their homes. The Nevada Division of Insurance approved about 10 insurers to raise their rates for more than 130,000 Nevadans.
A DOI spokesperson gave multiple reasons for the increases.
Claims cost insurers more because homes are more expensive to fix since the price of construction materials and labor has gone up. Reinsurance, which is insurance for the insurer, increased as well because of the frequency and severity of natural disasters.
Condo owners with a Country Preferred Insurance Company policy will see their premium go up about 28.59% starting March 9th. The Division of Insurance approved the insurer to raise owner-occupied home rates 9.19 percent for more than 12,000 policyholders. Country Preferred was also approved for a 28.9 percent and 19.41 percent increase for two different “other homeowners” policies.
A DOI said spokesperson said, “other homeowners’ can refer to specialized property insurance policies that do not fit into stand homeowners’ categories,” like rental dwelling insurance which is for landlords renting our their residential properties.
The 1,509 Nevadans with home insurance combination policies under Privilege Underwriters Reciprocal Exchange will see their rates increase by about 13.63 percent starting May 15th.
Farmers Property and Casualty Insurance Company was approved to raise rates 45.3 percent for its nearly 9,000 home insurance combination policyholders. A 16.1% rate increase was approved for Mercury Casualty Company for the same kind of insurance.
Trumbull Insurance Company home insurance combination policyholders will see a 4.86 percent premium increase.
Home insurance combinations policyholders with Hartford Fire, Hartford Accident and Indemnity and Hartford Insurance Company of the Midwest will see increases of about 5.79 percent, 1.69 percent and 4.83 percent respectively.
8,892 mobile homeowners with policies under American Modern Property and Casualty Insurance will see a 4.94 percent increase in their premiums.
Two different owner-occupied home insurance lines under Acuity A Mutual Insurance Company were approved for about 8.04 percent and 4.98 percent increases.
Travelers Property Casualty Insurance Company was approved for a .007 percent increase for home insurance combinations policies. This impacts more than 63,000 Nevadans.
Lastly, the DOI approved about a 21.52 percent increase for owner-occupied home insurance under Foremost Insurance Company Grand Rapids Michigan.
Renters will feel the pinch too. Root Insurance Company was approved to raise rates by 25 percent for renters insurance policies starting January 16, 2025. Country Preferred Insurance Company was also approved to raise renters insurance rates by 4.91 percent starting March 9, 2025.
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