1.  Except as otherwise provided in subsection 3, each insurer which provides a policy for a personal line of property insurance covering a manufactured home or mobile home in Nevada that was manufactured within the immediately preceding 15 years shall offer to an insured, on a form approved by the Commissioner and in addition to any other insurance, the option of purchasing insurance to pay the replacement value of the manufactured home or mobile home in the event of a total loss of the manufactured home or mobile home, including the reasonable costs for:

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(a) Transporting and installing the replacement manufactured home or mobile home; and

(b) Debris removal.

2.  Nothing in this section requires any insurer to offer any insurance on manufactured homes or mobile homes at a premium which is not fair and adequate.

3.  The provisions of this section do not apply to a policy of insurance placed on a manufactured home or a mobile home by a creditor or lender.

4.  As used in this section:

(a) ’Manufactured home’ has the meaning ascribed to it in NRS 489.113.

(b) ’Replacement value’ means the amount needed to repair, replace or rebuild a damaged or destroyed manufactured home or mobile home using new materials of similar kind and quality with no deduction for depreciation. The term does not include the value of land.