Reference
Home, Auto & Renters Insurance Terms Explained
Plain-English definitions of the insurance terms Nevada policyholders meet -- from deductible and endorsement to HO-6, SR-22, and replacement cost.
Updated July 2026 · Reviewed against NAIC and Nevada state source material
"All homeowners insurance policies cover the structure of the home, including attached structures, fixtures and built-in appliances."National Association of Insurance Commissioners — content.naic.org
- 25/50/20 — Nevada's minimum auto liability limits: $25,000 for bodily injury or death of one person, $50,000 for two or more people, and $20,000 for property damage (Nevada DMV). See Liability Coverage.
- $250 to $1,750 — the reinstatement fee range after a lapse in Nevada auto coverage, which can also mean an SR-22 for one to three years (Nevada DMV). Nevada has no grace period.
- $1,000,000 — the minimum transportation network company insurance Nevada requires while a rideshare driver is providing transportation services, for bodily injury, death and property damage in any one accident (NRS 690B.470).
A
- Actual Cash Value (ACV)
- A claim settlement method that pays the depreciated value of property -- replacement cost minus wear and age.
- Additional Living Expenses
- Coverage for added costs -- lodging, meals -- if a covered loss makes your home temporarily uninhabitable; also called loss of use. Read: What is loss of use coverage? →
B
- Bodily Injury Liability
- Auto coverage that pays for others' injuries when you are at fault, up to your policy limits. Read: What does liability coverage do? →
C
- Coverage A (Dwelling)
- On a home policy, the coverage for the structure of your home itself.
D
- Deductible
- The amount you pay out of pocket on a claim before insurance pays the rest.
E
- Endorsement
- An add-on that changes a standard policy -- adding, removing, or adjusting coverage.
H
- HO-3
- The most common homeowners policy form, covering the home on an open-perils basis and belongings on a named-perils basis.
- HO-4 (Renters)
- A renters policy covering personal property, liability, and loss of use -- not the building. See renters insurance.
- HO-5
- A broader homeowners form that covers both the home and personal property on an open-perils basis.
- HO-6 (Condo)
- A condo-unit policy covering the interior, belongings, liability, and loss assessment. See condo insurance.
L
- Liability Coverage
- Protection if you are legally responsible for injury to others or damage to their property.
- Loss Assessment
- Condo coverage for your share of a loss the HOA charges to all unit owners.
M
- Master Policy
- The HOA's insurance on a condo building's structure and common areas; your HO-6 covers what it does not.
N
- Named Perils
- A policy that covers only the specific causes of loss listed in it.
- Non-Owner SR-22
- An SR-22 certificate for drivers who must show financial responsibility but do not own a vehicle.
O
- Open Perils
- A policy that covers all causes of loss except those specifically excluded.
P
- Personal Property
- Your belongings -- furniture, electronics, clothing -- covered under a home or renters policy. Read: What is personal property coverage? →
R
- Replacement Cost
- A settlement method that pays to replace property with new equivalents, without deducting for depreciation.
- Rider
- Another word for an endorsement -- an add-on that modifies a policy.
S
- SR-22
- A certificate a carrier files with the Nevada DMV proving you carry required liability coverage, often after certain violations. See SR-22 in Las Vegas.
U
- Umbrella Policy
- Extra liability coverage that sits above your home and auto limits for large claims.
- Underinsured Motorist
- Coverage that helps pay your costs when an at-fault driver's limits are too low to cover the damage.
- Uninsured Motorist
- Coverage that helps pay your costs when an at-fault driver has no insurance.
W
- Wildland-Urban Interface (WUI)
- The zone where neighborhoods meet open desert or brush, a factor in wildfire underwriting. See Nevada wildfire insurance.
Not sure which coverage you need?
A licensed Nevada agent can explain how any of these apply to your policy -- no pressure.
Request a quoteSources cited
- National Association of Insurance Commissioners — Homeowners insurance
- Nevada Department of Motor Vehicles — Nevada insurance requirements
- Nevada Division of Insurance — Understanding auto insurance
- Nevada Revised Statutes — NRS 690B.470, transportation network company insurance
This glossary is general educational information, not advice, and not a quote or binding offer. Valley West Insurance is a licensed Nevada insurance agency (NV DOI #1021906), not an insurer; coverage is placed through licensed carriers and varies by policy and carrier.