The Best and Cheapest Renters Insurance in Las Vegas, NV, for 2024: Rankings, Reviews and Rates

The cost of renters insurance should be a significant factor for Las Vegas tenants when picking a policy as plenty of companies offer similar coverage. Compare renters insurance quotes before making a decision.

For individuals looking for affordable renters insurance, MoneyGeek found that, on average, these companies offer cheap renters insurance in Las Vegas:

• USAA: $97 per year (only available for current and former military members and their families)
• American Family: $124 per year

Renters with insurance from USAA get even more value for their money as all policies include reimbursements for items at replacement cost, and all policies cover flood and earthquake damage.

MoneyGeek gathered these prices based on $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. The table below shows how prices can change depending on the personal property coverage limits desired.

For individuals who live elsewhere in the state, MoneyGeek also gathered information on the best renters insurance in Nevada.

For those who want to balance cost and quality, MoneyGeek examined the best renters insurance in Las Vegas by looking at the top renters insurance companies This includes:

• Best Overall: American Family
• Runner-Up: State Farm

USAA received the highest score in Las Vegas by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.

These companies were scored by MoneyGeek based on customer satisfaction ratings from JD Power and financial stability ratings from A.M. Best. MoneyGeek also found that these companies offer unique coverage that other renters insurance companies don’t have.

The average cost of renters insurance can vary based on location. The average for renters insurance in Las Vegas is $133 per year, or $11 per month, which is $26 less than the national average of $159.

Las Vegas renters insurance is 19.0% less than the U.S. average.

While there are several factors that impact your renters’ insurance cost, the following are the most impactful to the amount you will spend.

1. Personal property coverage amount – When looking for the best renters insurance in Las Vegas, keep in mind how much coverage to purchase. This is the most significant factor that can affect the cost of a policy.
2. Location within a city – The address and ZIP code of the rental can affect insurance costs, as neighborhood crime rates can have a minor effect on the cost. Areas that are also susceptible to natural calamities may also increase the price of monthly payments.
3. Deductible – Deductibles are the costs you pay before you make a claim. The higher the deductible, the lower the price you pay monthly.
4. ACV vs. RCV – With actual cost value (ACV), insurers will pay for the depreciated cost of your items. On the other hand, replacement cost value (RCV) coverage provides enough value to replace the item with one of similar quality. The latter offers higher payouts and is more expensive than ACV packages.
5. Liability coverage amount – This has a minor impact on the cost of your premiums. Standard policies often have $100,000 in liability coverage, but adding a few dollars per year can add thousands of dollars of extra coverage.

A study by MoneyGeek found that neighborhood locations are indeed taken into consideration in terms of premiums, but it only impacts the cost of renters insurance by a few dollars a month.

Renters insurance is often overlooked if it’s not required by a landlord. However, MoneyGeek strongly encourages purchasing renters insurance in Las Vegas as it is a low-cost way to protect your assets in unforeseen events.

The cheapest insurance is not always the right option. It’s also important to select the right coverage that meets the unique needs of any Las Vegas neighborhood.

The FBI found that Las Vegas has a property crime rate of 2,333 per 100,000 in a year, 23% above the national average. This makes protecting important assets vital in case of damage or theft to property.

Be it an apartment or home, having additional coverage with renters insurance can protect against risks such as fires or water damage, which can happen anywhere. Las Vegas renters can enjoy the following coverage if they get renters insurance:

• Personal property coverage – This adds coverage for the loss or damage of personal items like furniture, appliances, artwork and even clothing.
• Additional living expenses – This protects renters against costs should they find themselves displaced or if their residence is not currently livable due to a covered claim. This coverage covers the cost of staying somewhere else temporarily.
• Liability insurance – This coverage protects tenants in the event that an accident or injuries occur on the rental property that affects other people. It covers any legal expenses related to the incident.
• Medical payments coverage – If an accident or injury occurs on the rented property, this coverage helps pay for any medical-related bills for the injured party.

Tenants should know that renters insurance in Las Vegas and elsewhere only covers certain situations.

For instance, it covers the property itself but not the structure of a home. Certain water damage is covered, but if it’s a result of flooding, then most standard policies don’t cover the losses. However, renters do have the option to buy incremental insurance through the National Flood Insurance Program (NFIP).

Renters insurance also doesn’t cover any roommates’ possessions or damage caused by natural calamities such as earthquakes. Personal possessions that are of high value and beyond the policy limits, like jewelry or similar items are not covered. Any damages caused to a car are also not covered. This is why reading policies carefully is vital, as not all policies are the same and certain situations may not be covered.

Choosing renters insurance wisely and shopping around is critical to finding the best one that suits a tenant’s needs. The following are a few frequently asked questions about renters insurance.

Moneygeek analyzed hundreds of renters insurance quotes in Las Vegas to help you find cheap renters insurance. The best renters insurance rankings were determined using data from JD Power, A.M. Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.