It looks like Verizon has started to send out the software updates for Android 7.0 Nougat to the LG G5 on their network as of today. If this is the start of the roll out process, then it could still take a couple of weeks before all LG G5 users on Verizon Wireless are fully updated, but that being said, if you own this device on the US' largest wireless carrier, it might be worth going in and checking manually to see if the Nougat software is available for you to download, if the update alert hasn't already popped up in your status bar.
Whenever the update becomes available to you, it's definitely recommended that you connect to Wi-Fi for the install as the download for the system update is one hefty file, weighing in at almost 1.7GB in size. This won't mean much for taking up space on the phone really, but it is a rather large file to download completely over the cellular network, especially if you don't have a large amount of 4G LTE data at your disposal. In addition to connecting up to Wi-Fi, it's also not a bad idea to make sure you have a mostly full battery before starting the download.
With the installation of Android 7.0 Nougat, LG G5 owners have a good amount of new features and changes to expect, not the least of which is the support for multi-window as well as the new and improved Doze Mode that will help extend the battery life somewhat. Of course, as you can tell from the image below the Nougat update also includes things like a collective of new themes to apply to your phone. If you're the type that likes to personalize their device, then this is likely to be one of your favorite features. You'll also find that LG is enabling the ability to restore any images that you have deleted by accident which is sure to come in handy if you often batch delete your pictures. Naturally, and although it's not required, it's not a bad idea to do a backup of the device just in case something goes wrong, but since this is an official update being sent out from Verizon any chances of a hiccup are much less likely. Still, it never hurts to be prepared anyway. While this update is just hitting the LG G5 on Verizon, it's following the Nougat update that went out to those on T-Mobile just a couple of days ago on November 29th.