Does a Person Need Full Coverage Auto Insurance in Las Vegas, NV

Full coverage insurance is required by most lending agencies as long as there is any lien on the vehicle. Many car owners carry full coverage simply because it offers them the guarantee of another vehicle of the same value if the original is a total loss. Residents who live in Las Vegas, NV are not required to carry full coverage auto insurance on their own. They must, however, prove they have the minimum amount of coverage to drive legally according to Nevada law.

According to state law, Las Vegas, NV residents are required to carry a minimum amount of vehicle insurance referred to as 15/30/10. The 15/30/10 minimum breaks down to:

  • $15k per person of bodily injury coverage
  • $30k per accident of bodily injury coverage
  • $10k worth of property damage coverage

Residents must provide proof of this amount of coverage if they are stopped by the police, first plate their vehicle, or when the resident renews their tags each year. The right insurance agent can help residents find the right type of coverage that meets the state’s minimum requirements if they own their vehicle outright.

When a vehicle is paid off, and the owner receives the title, they no longer are required to carry full coverage insurance. Dropping from full coverage to PL/PD means losing the opportunity to be reimbursed for any property loss or medical bills that are the result of an accident. The state of Nevada uses an online verification system that can verify whether or not a person has insurance. It is extremely important to make sure the insurance remains in effect during the transition.

Contact Stevens Insurance today for more information. 

 

Home Insurance for Your Rental Property

As a property owner, you may feel the need to rent your property for a little extra cash. If you’ve decided to rent out a few of your homes or apartments, you’re going to need more than your standard homeowner’s insurance policy to cover your investments. You will need what’s known as landlord insurance.

What is Landlord Insurance?

Landlord insurance provides coverage for your rentals that includes property damage, liability, loss of income, and personal injury.

  • Property damage – If there is a storm, fire, vandalism, theft, or damages left by a tenant, property damage insurance is helpful coverage. This usually covers the building itself and not the property inside.
  • Liability insurance – Liability covers injuries that occur on your property. Accidents can happen, and whether it is your tenant or a visitor, liability can protect you from legal and medical costs associated with the individual’s injuries.
  • Loss of income – If you maintain a loss of income coverage, you may be covered for monthly rent you’ve lost. This usually becomes relevant when the property is uninhabitable due to storms or fires. Other covered reason will be included in your policy.
  • Personal injury protection – PIP protects you against libel, slander, wrongful eviction, and invasion of privacy claims made against you.

Other Things to Think About

The property inside of the apartment or house that belong to you, such as the microwave, stove, refrigerator, and washer and dryer may not be covered under your normal policy. Contact your insurance agent to make sure those items are covered, so you can get an adequate replacement value if they are damaged or destroyed.

You may also want to encourage your tenants to get renters insurance. In Las Vegas, NV, landlords insurance does not cover their personal property. Contact Stevens Insurance for more information. 

4 Reasons to Start Your Home Insurance Policy Today

An area of the world that has long since become known for its dedication to the party scene, people who live in Vegas often work just as hard as they play. Indeed, although Las Vegas in unique in many respects, it is not immune to most of the rules and regulations placed on the rest of the country. With that said, the following is a closer look at 4 reasons to start your home insurance policy today. 

Many Banks Require it

First and foremost, many banks require that you acquire and maintain home insurance as a part of the terms given to secure the loan. By skipping the homeowner’s insurance, you may be putting your entire estate in jeopardy. 

When Disaster Strikes 
Moreover, every area of the globe has the potential to be hit with a major natural disaster without warning. By acquiring homeowner’s insurance beforehand, you are ensuring that your home is protected from even the most unfavorable circumstances. 

Home Away from Home 

In addition to that, having home insurance can even protect your home when you are away. No need to be anxious when you travel away from home. By purchasing the right homeowner’s insurance policy, you are ensuring that your home and belongings are safe, even when you are unable to protect them yourself. 

Equity Matters

Lastly, having homeowner’s insurance can help protect the equity of your home. Given that most mortgages are paid off over the course of many years, having a home insurance policy can help protect the value of your home despite some unfavorable market-related issues. 

Overall, if you are in Las Vegas, NV and are looking for high-quality home insurance, Stevens Insurance is the way to go. No matter what type of coverage you are seeking, one of our independent representatives will assist you and hopefully, help you save some cash in the process!