Insurance is one product you purchase, hoping you’ll never have to use. Depending on where you live and what type of lifestyle you lead, you may need different types of insurance coverage to adequately protect you, your loved ones and/or your property from loss or damage.
While some types of insurance are similar from state to state, others may vary slightly according to a state’s laws, policies and practices. In Nevada, all forms of insurance are regulated by the Department of Business and Industry, Division of Insurance (DOI) in Carson City. DOI is in charge of insurer solvency, market conduct and rate requests and is responsible for answering customer inquires.
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 coverages. 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.
When people think of Las Vegas, they don’t immediately think of rain. Contrary to popular belief, it can and 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.
For a single family home, $250,000 coverage for the structure and $100,000 coverage for contents is available. Policies covering damages to personal property are available to renters as well as homeowners.
If you’re moving into a new home, apartment or a business location, make sure you have adequate coverage. Contact your insurance agent for more information on the potential flood risk to your property.
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Regardless of how safe you try to be on the road, it’s impossible to predict the actions of other drivers. That’s why auto insurance coverage is so important.
Private passenger auto insurance accounts for the largest percentage of property/casualty premiums written, followed by homeowner’s insurance. As part of the state’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:
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 that 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.
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While moving to a new city is an exciting time for some, the journey can prove stressful as the little details of starting a new life begin to take shape. Finding new doctors, updating or replacing existing insurance coverage or securing new health insurance may find itself on the list of details for many new residents and their families. David Dahan, CEO of Orgill/Singer & Associates, one of the largest independent, multiline insurance brokerages in Nevada, offers advice on how new residents can find much-needed information on health insurance matters.
"As available insurance information and rates are constantly changing, it is highly beneficial for new residents to consult an insurance agent or broker at the start of their search," said Dahan. "A conscientious insurance professional will be able to help you identify what are the appropriate insurance policies for you and your family, as well as answer any questions that may arise."
While many newcomers may have health insurance from their new employers, there are times when a person may be between jobs, self-employed or simply just cannot afford a comprehensive health insurance plan. Dahan suggests temporary health insurance as an option.
"A temporary health insurance plan is ideal for people in non-traditional careers, temporary employees, people in the middle of a career transition and self-employed individuals, just to name a few," said Dahan. "Ask your insurance broker if temporary health insurance is right for you."
After a new health insurance plan is in place, residents may want to find out more information on the health care professionals servicing this industry. For example, is your doctor board-certified? Has he or she had action taken against them from the state or had complaints filed against them from former patients?
"Before selecting a new physician, you may want additional information on their credentials and practice history," said Dahan. "To find out if a doctor is board-certified, and other general information, consult the Nevada State Board of Medical Examiners for medical doctors and the Nevada State Board of Osteopathic Medicine for doctors of osteopathy."
Members of the Las Vegas Chamber of Commerce can take advantage of power of collective buying through participation in the Chamber’s Group Health Discount Plan. Chamber Insurance & Benefits, LLC (CIB) makes it easy for Chamber member businesses to enjoy the best possible premiums and the best possible coverage. CIB oversees the Las Vegas Chamber of Commerce Group Health Benefits Program (Chamber Health Plan), which is offered through Sierra’s Health Plan of Nevada. Features of the plan include:
For more information, visit chamberib.com or call (702) 586-3887.
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Life insurance provides financial compensation to 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 here you can estimate the amount of money your family would need to satisfy financial obligations and make a lifestyle transition after your death. Your insurance agent can help you choose the type of insurance policy that best fits your needs. Here are examples of standard coverage options:
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.
Where can one go to find information on different types of insurance, as well as coverage guidelines for the Las Vegas area? Websites such as Insurance Information Institute (www.iii.org) offer clear and basic definitions for insurance coverage types. The Nevada Division of Insurance (www.doi.state.nv.us) is helpful to residents just entering the valley, as it details current information on insurance guidelines and restrictions for the state and updated news on legislation pertaining to the insurance industry.
The State of Nevada has a single, comprehensive number you can use when you need health and human service information and referrals. Dial 2-1-1 for the following:
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6671 Las Vegas Blvd. South, Suite 300, Las Vegas, NV 89119
Phone: (702) 641-5822 Info Center (702) 735-1616 Fax: (702) 735-0406