Best Wyoming Homeowners Insurance (August 23)

Are you looking for the best home insurance rates in Wyoming? We have analyzed all the major insurers to guide you in finding the best Wyoming homeowners insurance.

Wyoming homeowners insurance: What you need to know

On average, home insurance in Wyoming costs $1,222 yearly. The rate is lower than the national average rate.

From winter blizzards to droughts that lead to wildfires, Wyoming homeowners should always have a solid home insurance policy to cover damage to their homes and property. Are you looking for the best homeowners insurance in Wyoming? We have got that covered!

What does a homeowners insurance policy cover?

Liability, Medical Payments to Others, Dwelling, Personal Property, Other Structures, and Additional Living Expenses are the coverages a home insurance policy ideally offers. But also, you can buy these coverages in the state.

• Flood insurance: It isn’t part of your standard home insurance policy. You can buy it additionally via FEMA’s National Flood Insurance Program or a private insurer.
• Sinkhole insurance: You can buy sinkhole insurance as an add-on to your existing policy. Sinkholes happen randomly across much of Wyoming. The coverage can differ greatly depending on where you live and your chosen insurer.
• Earthquake insurance: You must buy it separately in some high-risk areas. But many home insurance companies offer it as an endorsement, which you can add to your home insurance policy.
• Increased other structures: A standard home insurance policy comprises other structures coverage, with a 10% limit of the dwelling coverage. Suppose you have a shed, garage, barn, or fencing worth more than your policy limit. If so, you must increase your coverage to enhance the protection. Any wildfire that destroys your home may also destroy other structures on your property.

What isn’t covered by a typical homeowners insurance policy?

Home insurance policy doesn’t cover earthquakes, flooding, power outages, nuclear threats, war, wear and tear, insect and vermin infestations, sinkholes, or intentional loss. So you must carefully review your policy before purchasing one to ensure the coverages you receive.

The cheapest home insurance companies in Wyoming

The homeowners insurance rates in Wyoming vary based on the insurance company you choose. With an annual average rate of $752, Safeco offers Wyoming’s most affordable home insurance policy. The rate is $470 less than the state average rate.

The best homeowners insurance in Wyoming for those with poor credit

Some insurers view a low credit score as an indication of risky behavior. So they will charge you higher premiums. Nationwide has the lowest homeowners insurance rates in Wyoming for a homeowner with bad credit, with an average rate of $1,435 annually.

The best homeowners insurance in Wyoming for pool owners

Most insurers consider swimming pools a liability risk, which means there is a higher risk of liability claims. So you can expect your premiums to increase. USAA has the lowest home insurance rates for Wyoming homes with swimming pools, with an annual average rate of $723.

The best homeowners insurance in Wyoming for dog owners

Some insurers consider certain dog breeds as ‘dangerous.’ They will charge you higher premiums if you own a breed your insurer considers so. With an average yearly rate of $723, USAA has the most reasonable home insurance rates in Wyoming for a home with a dangerous dog breed.

Homeowners insurance deductibles in Wyoming

When buying a home insurance policy in Wyoming, homeowners must consider many factors, including how high or low to set their deductible. The deductible is the sum the insured must pay for a covered loss. The deductible level you select impacts how much you pay in insurance premiums.

So, a higher deductible means you pay lower premiums. The following are the typical rates associated with the deductibles offered by most home insurers.

Wyoming home insurance prices by coverage levels

Your coverage level influences the home insurance premiums you pay. Carrying $100,000 in dwelling coverage costs an average of $542 yearly in Wyoming. Carrying additional coverage up to $400K costs $1,549 annually.

Wyoming homeowners insurance costs by city

The area where you live impacts the rate of Wyoming homeowners insurance. Factors like ZIP Code, your area’s theft rate, and the volume of claims filed nearby can influence the rates. The following are the rates in various cities.

Home and auto insurance bundling in Wyoming

How can you lower the homeowners insurance rates in Wyoming? One way is by bundling your auto insurance and home insurance policies.

Home insurance discounts in Wyoming

Using the discounts provided by your insurer is another way by which you lower the rate of Wyoming homeowners insurance. But ensure to check which discounts you qualify for.

Comparing common features across top companies

Are you trying to buy the best Wyoming homeowners insurance? Then check whether your insurer offers these features.

Common causes of home insurance claims in Wyoming

These are a few reasons that lead to home insurance claims in the state.

• Flooding: It affects many parts of the state. So there will be numerous claims yearly for water damage caused by severe storms or melting ice and snow.
• Wildfires: The state experiences around 700 wildfires per year. The state also suffers from draughts though there’s a lot of rain. It’s because wildfires are common in the state.
• Earthquakes: Many earthquakes hit Wyoming due to the state’s numerous fault lines. Each year, the state experiences approximately 2,500 tremors.
• Sinkholes and landslides: Wyoming is vulnerable to sinkholes and landslides. Much of the state is hilly, with many fault lines running through it.
• Tornadoes and severe storms: Wyoming does experience many hurricanes, but around 19 tornadoes hit the state yearly. There are also many severe storms in the winter, spring, and summer.

Does homeowners insurance cover flooding in Wyoming?

Homeowners insurance doesn’t cover flood damage. So you must buy flood insurance additionally via FEMA’s National Flood Insurance Program (NFIP) or a private insurer to protect your house against flood damage. The coverage from private flood insurance companies may differ; however, NFIP flood insurance offers the following coverage.

• Your home's structure - $250,000
• Personal property - $100,000

Does homeowners insurance cover fires in Wyoming?

In Wyoming, a home insurance policy includes coverage for fire damage. If your home gets destroyed by fire, your insurer will pay for the damage up to your policy limits. Around 14% of homes in the state have a threat from wildfires. Also, fires destroyed over 279,000 acres of land in the state in 2018. So, having a home insurance policy is crucial in the state.

Your policy will cover additional living expenses if your home becomes unlivable, in addition to covering damages up to your coverage limits. Your policy won’t cover intentional damage or damage to unoccupied homes. Always review your insurance policy to know whether it covers wildfire damage.

Does homeowners insurance cover fires in Wyoming?

With around 80 earthquakes hitting the state yearly, residents will want to buy earthquake insurance. The coverage isn’t standard in home insurance policies. You can add earthquake coverage to your existing policy, which protects you from damage caused by earthquakes.

Another serious issue is aftershocks. Aftershocks can be quite worrying and regularly continue to cause damage after the initial occurrence. But if you have this coverage, you only have to pay a single deductible for the damage caused by the initial earthquake and any related aftershocks occurring within 72 hours.

Always expect higher homeowners insurance rates in Wyoming if you live in an earthquake-prone area. The following are the earthquake insurance rates you can find in the state.

Factors that affect home insurance rates in Wyoming

Do you want to buy cheap homeowners insurance in Wyoming? Then check for these factors before buying one.

• Your location: Factors like ZIP Code, your area’s theft rate, and the volume of nearby claims can impact the homeowners insurance rates in Wyoming.
• Replacement cost: The cost of home insurance in Wyoming differs based on local labor and construction material rates.
• Age/condition: Older properties are always more expensive to insure than newer properties.
• Claims history: Insurers will view you as a risk if you regularly file claims. So, expect your home insurance premiums to increase then.
• Credit history: Most insurers will verify your credit score before giving home insurance coverage. If your credit score is poor, be prepared to spend more on homeowners insurance in Wyoming.
• Dog breed: Most insurers label certain dog breeds ‘dangerous.’ If your insurer considers your dog so, the rate of Wyoming homeowners insurance will increase.

Tips for buying homeowners insurance

Are you looking to find the best Wyoming home insurance policy? Then follow these tips!

• Assess your rebuilding costs: Speak with an insurance agent or a reputed builder to see how much it would cost to reconstruct your house with low-cost building materials and local labor.
• Review the advantage of replacement cost over actual cash value: You may need to buy replacement cost insurance for your house and other possessions.
• Consider add-on coverage for your expensive items: If you own costly items like musical instruments, high-end electronics, sporting gear, or antiques, you’ll need personal property coverage.
• Evaluate your liability coverage needs: Calculate the needed minimum liability insurance limit.
• Assess coverage gaps: Many insurance companies offer higher coverage limits for landscaping elements like trees and bushes.
• Check financial ratings: Ratings from companies like AM Best and Standard & Poor’s will be available for all home insurance companies. For instance, some companies won’t let you apply for a mortgage if your insurance company doesn’t have a minimum ‘A’ financial strength rating.
• Check for discounts: Ensure to use all the discounts the insurer offers that you qualify for.
• Compare quotes from various insurance companies: Wyoming homeowners insurance premiums may vary based on the insurer. To find the best home insurance in the state, compare quotes from all insurers if possible.

How to get Wyoming home insurance with Way.com

The average home insurance cost in Wyoming is around $1,222 annually. However, you can get a more reasonably priced home insurance policy in Wyoming. But how can you get one? That’s where Way.com can help you!

Use our website or app to get quotes from all insurers in the state. Then you must compare the quotes and buy a policy with the most reasonable rate. Do you require additional help? Then our agents in the state can guide you. They will help you understand the state insurance laws, the most complicated insurance terms, discounts, and coverages.

So, contact our insurance agents if you want to buy the best home insurance in Wyoming.