In Mid-February 2010, Farmers  launched our new auto insurance policy in Las Vegas, the FA2.0. With the use of one of the industry’s most sophisticated pricing models, the rates are proving to be  much lower than our competitors.  While most companies are losing money in auto insurance in Las Vegas, and taking significant rate increases, Farmers rates are going down.  In some cases, Farmers rates have dropped over 10%. 

Farmers new auto insurance policy still provides great coverages, and discounts for everything from good students to multi-lines.  If you have recently experienced a rate increase on your auto insurance premiums or are curious if you could be saving money, we at the Sutter Agency would love to provide you with a rate comparison.  Give us a call at 702.260.8589 or click on the link below for a Fast Quote.

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Homeowners insurance coverage isn’t difficult to figure out if you ask the right questions, especially for home owners in Las Vegas. We hear it on the news, read it in the paper: Home values are dropping. According to Zillow®, home values nationally are now down 21 percent from their peak in the second quarter of 2006.

What’s a homeowner to do?
Although it may seem to follow that lower home values might go hand in hand with less homeowners coverage, that’s not true. Why? Well, guess what’s not going down: the cost of rebuilding and repairing houses.

Many of us are looking to reduce expenses, but before you cut back on your homeowners coverage, consider why you have homeowners insurance.

Insurance pays for your covered loss
If your home is damaged or destroyed by certain unexpected, accidental events, such as a fire, a lightning strike, or a windstorm, or the like, more than likely you will want to repair or rebuild your home. Most people can’t afford to rebuild their home on their own without financial help. Your homeowners insurance policy is there to help by paying you for covered damage so you have the money for repairs.

Whether your policy provides coverage on a replacement cost or actual cash value basis is of critical importance. Although there is some variation depending on individual state law and specific policy terms, in general:

Replacement cost is the amount it would take to repair or replace your home with equivalent construction and with materials of like kind and quality — without deducting for depreciation (the difference between what your property was worth “new” versus “used”).

Actual cash value is the amount it would take to repair or replace your home with materials of like kind and quality — less depreciation. For example, in determining the actual cash value of a roof replacement the insurance company would deduct depreciation for the age of a 17-year-old roof with a 20-year life expectancy.
Market value vs. reconstruction cost
Reconstruction cost is not the same as the market value, assessed value, what you paid for your home or even the amount your home would bring if you sold it today. It’s what it would cost to rebuild your home after a loss. While home values have decreased, reconstruction costs have not. It is important that you consider what it would cost to rebuild your home, considering the specific characteristics of your home.

So, if you’re considering reducing your homeowners coverage, check with me first. As your professional Farmers agent, I’ll be glad to provide a free Farmers Friendly Review® that may help you decide whether your policy provides the coverages you want, and give you the opportunity to make adjustments. There are other ways I may be able to help you save money. You could increase your deductible or you may qualify for multiple-line discounts. Contact me today to learn more about your coverage options. However, while I can give you guidance as to coverage options which may be available to insure your property, it is your responsibility to make sure you have purchased coverage amounts sufficient to rebuild your home and replace other property.

How can I keep my auto insurance cheap in Las Vegas?

Generally, the longer you drive without major citations or accidents in Las Vegas, the Cheaper your auto insurance will be. You may also qualify for discounts based on safety features on your vehicle. Farmers also offers an Annual Policy which keeps your rates stable for the entire year. We calculate your insurance costs for the year, and you don’t have to worry about changes for a whole 12 months*. Furthermore, with the FarmersFlex Program you can lock in your base rates, and qualify for accident forgiveness for up to 3 years. Also, if you insure additional cars or your home with Farmers you can save on all your premiums. For further information, contact your Farmers agent.

Why Farmers Homeowners Insurance in Nevada?

Insurance can help you with your peace of mind, knowing that in the event of a covered loss, your damaged home will be rebuilt and your destroyed belongings will be replaced. Types of coverages include:*

Dwellings and other structures
For most of us, our home is the single largest investment we will make. Homeowners insurance provides coverage for damage to your home and other structures on your property such as a shed or detached garage. For townhouse owners, your townhouse and separate structures are covered for almost any type of damages except for a few common exclusions, such as wear and tear, earth movement, flood, nuclear hazard and earthquake.

Dwelling Improvements, Alterations, and Additions
Condominium owners are covered for accidental damage to improvements you make in your unit for which your association’s policy does not provide coverage, subject to your condo insurance policy limits.

Loss assessment
Condominium owners will also receive up to $1,500 for assessments arising from covered damage. This can be used to pay for your share of property damage or injury awards for which your association’s policy does not provide coverage. Typically, up to $50,000 is available, but this may vary depending on your policy.

Personal Property
Homeowners, condominium, or renters insurance also provides coverage for your household contents and personal belongings. You may think your couch, coffee table, sweaters, shoes, coats, TV, VCR and CD player aren’t worth a lot, but those items all add up when you have to replace them.

Personal Liability
Finally, in the event someone is injured on your property or you damage property that belongs to others, you could be held legally liable for the injury or damage. A homeowner, condominium or renter policy provides liability coverage and personal property insurance should this ever occur.