Nevada guide
Nevada condo insurance risk
Nevada condo insurance is shaped by NRS 116.3113–31135 (mandatory association insurance), AB 376 (2025) which lets insurers carve out wildfire coverage, and the absence of any statutory earthquake mandate. The result is wide variation: well-insured Las Vegas urban buildings can sit alongside Reno or Tahoe-adjacent associations carrying wildfire exclusions, surplus-lines placements, or coverage gaps that materially shift exposure back to owners.
Risk Intelligence
Get a Free Risk Report on Your Condo or HOA
Expert Matching
Want help acting on what you found?
Reading the master policy declarations page and exclusions endorsement is one of the higher-leverage diligence steps in a Nevada purchase.
What NRS 116 actually requires
NRS 116.3113 requires associations to insure common elements at minimum 80 percent ACV (excluding land and foundations), carry general liability per the declaration, maintain fidelity coverage of at least $5 million or three months' assessments for associations with employees or significant fund handling, and carry directors-and-officers coverage of at least $1 million. The statute does not require flood, earthquake, or specific wildfire coverage.
AB 376 (2025) and the wildfire carve-out
AB 376 (2025) explicitly permits Nevada insurers to exclude wildfire coverage from homeowners and association policies — a legislative recognition of the state's wildfire-driven market stress, particularly in Northern Nevada. Confirm wildfire treatment on the declarations page and exclusions endorsement. For Reno, Lake Tahoe, Carson, and Sierra-adjacent communities, this is a material diligence point.
Earthquake exposure — usually excluded
Northern Nevada and parts of Southern Nevada sit in active seismic zones. Earthquake coverage is generally excluded from standard master policies. Some associations buy it separately; many do not. For your HO-6, size loss-assessment coverage against realistic seismic exposure if the master policy lacks earthquake coverage.
Flash flood and stormwater
Nevada is inland but flash floods occur, particularly in Las Vegas Washes and after monsoon storms. Standard master policies exclude flood. Associations in flood-prone areas may carry NFIP or private flood coverage on common elements; many do not. Owners in flood zones should plan to carry their own contents and loss-of-use coverage.
Master-policy deductible and financing eligibility
Fannie Mae generally requires master-policy deductibles at or below 5 percent of insured value for the loan to be eligible. Master policies above that threshold create financing problems for buyers. Verify the deductible structure, including named-peril deductibles (wind, hail) which may exceed the all-perils deductible.
Nevada legal references
- NRS 116.3113 — Required association insurance
- AB 376 (2025) — Wildfire coverage carve-outs in insurance policies
- Nevada Division of Insurance
Informational only. Not legal advice. Always confirm against current statute and counsel.
Need help applying these Nevada statutes to your specific situation? We can connect you with state-licensed counsel and specialists familiar with this exact regulatory environment.
Find a Nevada specialist →Reviewer's checklist
- Request the master insurance policy declarations page and exclusions endorsement
- Confirm the deductible is at or below 5 percent for conventional financing eligibility
- Verify wildfire treatment in light of AB 376 (2025) — particularly for Northern Nevada communities
- Identify whether earthquake coverage is in place (usually not)
- Confirm fidelity coverage meets NRS 116.3113 minimums (≥$5M or 3 months' assessments)
- Confirm D&O coverage of at least $1M is in place
- Verify common-element coverage at minimum 80 percent ACV (NRS 116.3113)
- Request the recent claim history for the last 5 years
- Determine whether coverage is all-in or bare-walls
- Size your HO-6 loss-assessment limit against realistic master-policy exposure
Want this same review on your actual documents? We do it free, with page citations you can verify.
Get My Free Risk Report →Risk Intelligence
Get a Free Risk Report on Your Condo or HOA
Free, structured read of what's actually behind a fee change, an insurance renewal, or a pending assessment — with page citations you can verify. No cost, no obligation.
Expert Matching
Want help acting on what you found?
We can connect you with insurance brokers, realtors, and mortgage brokers who can help you respond to what your documents reveal.
- Insurance broker
- Realtor
Related risk areas
Read these next to round out your due diligence
Condo document review
A condo document review is the structured analysis of every disclosure document your seller or association has provided — declaration, bylaws, rules, reserve study, budgets, financials, meeting minutes, insurance summary, estoppel or resale certificate, and any pending special assessment notices.
Special assessments
Special assessments are the single largest source of financial surprise in condo and HOA ownership.
Reserve studies
A reserve study tells you what the association expects to spend on long-term capital repairs and replacements, and whether it is funding those obligations adequately.
FAQ
Frequently asked questions
Risk Intelligence
Get a Free Risk Report on Your Condo or HOA
Free, structured read of what's actually behind a fee change, an insurance renewal, or a pending assessment — with page citations you can verify. No cost, no obligation.
Expert Matching
Want help acting on what you found?
We can connect you with insurance brokers, realtors, and mortgage brokers who can help you respond to what your documents reveal.
- Insurance broker
- Realtor