Renter's Insurance Requirements in Nevada

• Renters insurance is not required--but it is recommended. apartment lease sign image by Aaron Kohr from Fotolia.com

  Renter's insurance is an important and affordable coverage. According to The National Landlord Tenant Guides at the website RentLaw, nearly three out of four renters do not have renter's insurance. Without it, you are at grave risk of losing recompensation on personal property in the event of a destructive event. Renter's insurance requirements in Nevada involve the policy's deductible, policy possession and personal liability.

Policy Deductible

• A deductible may be as low at $100. stack of cash image by jimcox40 from Fotolia.com

  Renter's insurance functions in much the same way as automobile coverage. In Nevada, according to RentLaw, as with auto coverage, in order to lower your monthly rental insurance payment the deductible must increase. For example, if your monthly payment is $50 your deductible may be $1,000. On the other hand, a monthly bill of $75 may reduce your deductible to $500. All deductibles must be paid by the renter before insurance will issue reimbursement on any claim.

Policy Possession

• Joint coverage for a married couple may be reduced if you purchase auto insurance at the same time. married couple image by Mat Hayward from Fotolia.com

  Nevada requires any renter to have his own policy in order to be covered. A common misunderstanding, according to RentLaw, is that tenants believe themselves to be covered by the landlord's policy. This is incorrect. In Nevada, a renter must be covered independently of the landlord. If you live with a partner or roommate, a joint coverage policy can be purchased.

Personal Liability

• A third renter's insurance requirement involves personal liability. In Nevada, as in most states, you are required to be covered for personal liability as well as property destruction. If a friend breaks his arm in your apartment, you may be responsible for medical damages. Thankfully, personal liability and rental coverage together are affordable. According to RentLaw, the standard cost of renter's insurance starts at around $12 a month for approximately $30,000 worth of property coverage and $100,000 worth of liability insurance.