Regardless of your location, if you're a homebuyer, you need homeowner's insurance. A homeowner's insurance policy is actually several types of coverage combined for homeowners, condominium owners and renters.

A standard policy typically provides fire, lightning, windstorm, theft and liability coverage. Various types of "optional coverage" are then made available to tailor the policy to meet a homeowner's specific needs.
Under a typical policy, the first type of property to be covered is the main physical dwelling. In addition to living quarters, this includes structures such as attached and detached garages, additions, tool sheds and other similar buildings.

All homeowner's policy forms include liability coverage, which protects you in the event you are sued by someone who claims your negligence injured them or damaged their property. If a suit is filed, your insurance company covers the cost of your defense, whether you are found liable or not. If you are found liable, your insurer will pay damages assessed against you up to the liability coverage limits on your policy.

Save Money on Your Homeowner's Insurance

• Increase your deductible. This is the amount of money you have to pay toward a loss before insurance money takes effect. If you can afford to pay slightly higher deductibles, you can save more on your premiums.
• Purchase your home, life and auto policies from the same firm. Many companies will offer you a discount for multiple forms of coverage.
• Are you buying a new home or an older home? A newer home is likely to be in better condition, with newer electrical and plumbing installments. Because of this, companies may offer discounts.
• Don't insure your land - just your home. It's not necessary to include the cost of your land when obtaining insurance. Only your home and its contents are at risk for fire, theft and other losses.
• Invest in security systems, such as burglar alarms and smoke detectors. These security measures can reduce your insurance premiums.
• If you smoke, quit. Studies show that more that 23,000 home fires are caused every year as a result of smoking. For this reason, many firms offer discounts to non-smokers.
• Ask your agent whether you qualify for special rates or discounts. Companies have different criteria for rate quotes. You may qualify for a special rate based on your age, the number of years you've been with the company or other factors.
• If you belong to a business organization, alumni association or professional society, you may qualify for special rates. Check with your group's director about possible deals.
• Review you policy every year. If you've added or removed expensive items within your household, it could affect your rates.

Source: Orgill/Singer Insurance Agency

Contrary to popular belief, it does rain in Las Vegas, and some areas of the valley are susceptible to flash flooding. In Nevada, flood insurance is excluded under standard homeowner and renter policies. However, flood insurance is available to all residents of Clark County and the incorporated cities within its boundaries, regardless of whether a property is located within a flood plain. Policies covering damages to personal property are available to renters as well as homeowners.

As part of Nevada's compulsory financial responsibility law, every motorist in Nevada is required to carry auto liability insurance. The minimum amount of liability insurance that satisfies Nevada law is:

• $15,000 for any one person killed or injured in an accident caused by the policyholder
• $30,000 as a total limit for all persons killed or injured in an accident
• $10,000 for property damage caused in an accident

Depending on the amount of driving you do or the amount of protection you want, liability insurance may not be enough. Following is a list of the most common types of insurance coverage available to motorists:
Bodily Injury Liability protects you against the financial consequences of loss arising from injury to another person, up to the dollar amount stated in your policy.

Property Damage Liability is similar to bodily injury, except it protects you against a claim for damage to another person's automobile or property.

Collision Insurance pays for damage to your vehicle caused by impact with another object or an overturn, irrespective of fault.

Comprehensive Insurance pays for damage to your vehicle caused by something other than a collision or upset.

Uninsured/Underinsured Motorists Insurance (UM/UMI) provides injury coverage to you and your passengers up to your policy limit if you're involved in an accident caused by the owner or operator of an uninsured vehicle. This insurance also provides protection against a hit-and-run or when the at-fault driver's policy limits are insufficient to cover losses.

A variety of options are available to Las Vegas residents who need health insurance coverage. If you aren't covered by an employer, you may want to look into temporary health insurance or private health insurance coverage. Here are some questions to consider when selecting a health insurance plan:

• Where are the medical offices and hospitals in the network located?
• How are referrals to specialists handled?
• What arrangements does the plan have for emergency care?
• What health care services are covered?
• What preventive health care services are covered?
• Are there limits on medical treatments or other services?
• How much is the health insurance premium?
• What, if any, are the co-payments for specific services?
• How much more will it cost to use non-network physicians?
• What is the deductible and coinsurance for non-network care?
• Is there an out of pocket maximum?
• How many doctors are there to choose from?
• Are doctors in the network private or group practice physicians?
• There are many multi-line insurance brokerages in Nevada, which will allow you to get all of your
• insurance needs fulfilled with one company.

Source: Orgill/Singer Insurance Agency

Chamber Insurance and Benefits, LLC oversees the Las Vegas Metro Chamber of Commerce Group Health Benefits Program (Chamber Health Plan.) The health plan, offered through Health Plan of Nevada and Sierra Health and Life Insurance Co., is exclusive to Chamber members and gives small business the bargaining power of large business. The Chamber's insurance benefits program makes it easy for small businesses to enjoy affordable premiums and the best possible coverage.

Features of the plan include:

• More than 170 Chamber member insurance agents to assist with insurance needs
• Competitive options
• Coverage for businesses with 2 to 50 employees
• Coverage for dependent spouses and children up to age 26 and handicapped children
• Prescription plan choices
• Included wellness workplace programs to promote employee well-being

To learn more, visit chamberib.com or call 702.586.3889.

In its ongoing commitment to providing Chamber members with cutting edge, cost effective and comprehensive business insurance coverage options, Chamber Insurance & Benefits, LLC recently announced a partnership with Sequoia Insurance Co., a Nevada-domiciled company with a local underwriting and claims office. The company specializes in commercial lines of insurance products including workers' compensation, business owners' policies, business auto policies and commercial umbrella coverage. Sequoia prides itself on "leveraging the collective voice of many for the benefit of one," allowing small businesses to enjoy comprehensive, tailored benefits in the insurance arena usually reserved only for larger companies.

All Chamber members in good standing are eligible for a discount on insurance premiums. All policies are subject to underwriting and eligibility. Enrollment with the program also provides the insured with access to training seminars and online legal resources. Coverage is offered through agents in the Las Vegas community that are Las Vegas Chamber of Commerce members recognized by Chamber Insurance & Benefits, LLC.

Life insurance provides a financial safety net for your family in the event of your death. There is no federal income tax on the payout of life insurance policies, ensuring your family receives its benefits in full.

The first step in choosing the best plan for your needs is to make a list of all of your family's financial responsibilities. From there you can estimate the amount of money your family would need to satisfy financial obligations and make a lifestyle transition after your death. An insurance agent can help you choose the type of insurance policy that best fits your needs. Here are examples of standard coverage options:

• Term insurance is coverage for a specific period of time
• Permanent insurance covers the insured for an entire lifetime

While a term insurance policy can be renewed after expiration, its premium will rise accordingly. Permanent insurance is not a progressive type of policy, meaning you won't have to pay more as you get older.

Common permanent life insurance plans have a "cash value" option that offers the insured a number of choices. For instance, if you cancel your insurance coverage, the cash value option will pay out the lump sum of the premium.

It's also possible to "borrow" against a life insurance plan (based on the total amount of the cash value) and use it as collateral. The "loan" will still require interest and, if not paid back in full, can reduce the amount of death benefit your family would ultimately receive in the event of your death. A permanent life insurance policy allows you to add additional insurance, or "riders," to help specifically tailor your coverage to meet your needs. For more information, visit the following websites:

iii.org
Insurance Information Institute offers clear and basic definitions for insurance coverage types.

doi.state.nv.us
The Nevada Division of Insurance details current information on insurance guidelines and restrictions for the state and provides updated news on legislation pertaining to the insurance industry.