About Nevada Insurance Laws, Auto Insurance, Property Coverage and Health Insurance Reform
The state has its own set of regulations when it comes to the Nevada insurance industry. The state boasts of several promising markets that are favored by insurers, but also some strict regulations that often cause tension between the state government and Nevada insurance companies. The state’s insurance regulations can even run afoul of residents. According to state law, for instance, Nevada homeowners insurance policies are not required to cover home-based businesses, including those that are operated within a garage or other such enclosure.
As in other states, the Nevada auto insurance industry is heavily regulated. Insurers are required to comply with both state and federal regulations or risk facing severe penalties. Insurers regularly propose increases to auto insurance premiums, which must be approved before new rates take effect. If the Nevada Department of Insurance and regulators find that a company’s rate proposal is unjustified, the company may be required to discard the proposal or make significant changes that are more in-line with the economic aspects of the state.
Nevada drivers are required to carry a minimum level of auto insurance coverage. 
This minimum is $15,000 for injury/death of a single person, $30,000 for the injury/death of multiple people, and $10,000 for damage caused to property. Drivers are only authorized to purchase Nevada auto insurance coverage from an insurance company that operates within state. Higher levels of liability coverage are required for persons or businesses that transport others. Those with 10 or more vehicles may qualify for self-insurance, which itself is subjected to its own set of regulations. Nevada does not require drivers to carry personal injury protection (PIP) coverage.
Minimum Liability Limits for Nevada Auto Insurance: $15,000/$30,000 Bodily Injury and $10,000 Property Damage
Nevada insurance law does not require homeowners to carry insurance coverage, but the state strongly recommends that properties are adequately covered in case of natural disasters. Many of the regulations concerning homeowners insurance are in place to manage the business aspects of this market, ensuring that any malicious activity by financial institutions or insurance companies is adequately mitigated.
The state does not yet require residents to purchase or maintain any level of Nevada health insurance coverage, but this will change in 2014. The state is currently working on a Nevada health insurance exchange, which will be a marketplace for residents to find affordable insurance coverage when they are required to purchase policies due to federal law. The state regulates the pricing of health insurance policies meticulously. Health insurers whose rate proposals are deemed excessive are often required to reshape their proposals or discard them entirely.
Despite some controversial regulations concerning homes and businesses, the state has a very strong Nevada business insurance market. This is largely due to the favorable business policies that have been enacted by the state government. Many companies, especially those in the entertainment industry, flock to the state to take advantage of the high tourist population and various tax incentives.
Nevada Insurance Resources:
Nevada Department of Insurance Website: http://www.doi.nv.gov/
Nevada Insurance Commissioner: Barbara Richardson
File a complaint:http://www.doi.nv.gov/scs/complaint.aspx
Nevada Insurance Agent Resources: http://www.doi.nv.gov/producers.aspx
