The Nevada Division of Insurance is looking for ways to help residents who are experiencing increased home insurance rates due to wildfires.
The DOI is looking at what other states are doing with insurance policies to see what could possibly be brought to Nevada to help ensure everyone has insurance.
One way forces insurance companies to be more transparent with their customers.
The DOI says they're considering requiring insurance companies to disclose what composes the level of rate increases they're getting, kind of like an itemized receipt.
"Example, if you have a 15% rate increase and that lands above the threshold, they will have to account for how much is inflation, how much is for the threat of wildfire, how much is the threat of increased water damage due to excess snowfall, and so forth," said Scott Kipper, insurance commissioner for Nevada Division of Insurance.
One of the biggest concerns from the public is the impact on the condo community.
Kipper says a lot of people are having a difficult time finding new insurance or being unable to renew by their insurance company.
Another solution that the DOI is considering, and that several other states have, is a fair plan.
"It's an insurer of last resort. These generally run by the state, or a state-based entity and they provide insurance if no other options are available to consumers," Kipper explains.
Kipper says they're also looking to require public hearings when insurance companies request rate increases.
He encourages everyone to shop around with different insurance brokers or agents who can help find a policy that best suits the consumer's needs at a good price.
Kipper says they're also working on inviting more insurance companies to come into Nevada.
"The more competitive it is, the more pressure is on those companies to keep their prices reasonable or lower," he said. "So, the more carriers the better it is for our consumers."
You can learn more information and find available resources to help get insurance by clicking here.
