Insurance Unique to Nevada

by Adam Heuer

Northern Nevada is drawing businesses and professionals from all over the world. Nevadans can brag about a plethora of benefits of living and working in this great state and with them come some distinct differences in insurance that both business owners and individuals should be aware of while relocating, living and doing business in Nevada.

Workers’ Compensation
One of the most significant and beneficial differences between Nevada and other states is a payroll cap in workers’ compensation policies. This cap is vital for business owners, especially of larger businesses, to know and understand. The State of Nevada stipulates that a company is required to report only the first $36,000 of payroll for each individual employee to the workers’ compensation carrier. The workers’ compensation carrier will charge the company for premium for no more than $36,000 on payroll for each individual employee. Overlooking this regulation can result in business owners paying more in premiums to workers’ compensation carriers than is necessary. Adopting this state regulation can decrease a current insurance premium and is a tremendous benefit when doing business in Nevada.

Auto Insurance Rates
Nevada is home to some of the higher auto rates in the country. It is a common misconception that insuring a vehicle here will save money, however, that is typically not the case. While higher rates should not be a deterrent to incoming businesses, individuals or families, it is something to be aware of.

In July of last year, the Nevada Division of Insurance and the Nevada Insurance Council enacted new liability insurance minimums. Prior to July of 2018, motorists were required to carry insurance coverage of $15,000 for bodily injury per person, $30,000 for all persons for bodily injury per accident and $10,000 for property damage per crash, also known as 15/30/10. The newly established minimums require 25/50/20 or $25,000 for bodily injury per person, $50,000 for all persons for bodily injury per accident and $20,000 for property damage per accident. The minimums were raised in order to accommodate the rising costs of automotive repairs and medical care and better protect the 2 million licensed drivers in Nevada. The older minimums could no longer adequately accommodate the cost of a crash. This will ultimately be a positive change for anyone involved in an accident.

Homeowners Insurance
In regard to home insurance, the economy is in a position currently where replacement costs and resell values are quite different in most all cases. Current trends show replacement costs to be less than resell values on some homes. It is important to keep in mind that replacement costs do not speak to the value of the land.  While carriers vary on how they address the discrepancy between the two, it is important to make that distinction and understand what you are actually covered for.

Car Registration
Nevada insurance is required in order to register your vehicle in the state of Nevada. For individuals relocating to the state, it is necessary to re-register your vehicle within 30 days of moving, which means Nevada insurance must also be obtained within that first month of residency. Completing and passing a smog test is also a requirement when registering a vehicle in Nevada. Any vehicle that is older than two years must be must complete a smog test prior to registration. Establishing a relationship with a local insurance agency is key in ensuring all state requirements are being met during a busy move and eliminate the need for multiple trips to the DMV.

Nevada is a great place to live and work. There are many variables that make this state a great place to do business as well as some nuances to be aware of so you are properly covered should the worst occur. A Nevada-based agency can help in advising of economic and legislative factors that may guide your decision making. For more information please visit

About Heuer Insurance
The Heuer Insurance Agency offers all lines of insurance, from large commercial lines to simple auto insurance to homeowners or personal umbrella liability insurance.  They are fully automated and fully staffed, give instant quotes and represent some of the industries finest companies.

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