Wyoming Homeowners Insurance

Fran
Fran Majidi
October 14, 2020

Homeowners Insurance in Wyoming: A Complete Consumer Guide

Do you own a home or are considering buying a home in Wyoming? We have some fun facts for you. Wyoming means “on the big plain” in the Lenape Indian language. It’s the least populous state in the union, and elected the first female governor in 1925! The nickname for Wyoming is “Equality State” because the state pioneered women’s suffrage laws in 1869.

Most of Yellowstone National Park falls within the state borders and so does Old Faithful, the geyser located within the Park. Along the Green River, Yellowstone Lake and Jackson lake you’ll find 32 islands within state borders.

There are only two escalators in the entire state of Wyoming and both are located in Casper. There is also no actual Brokeback Mountain in Wyoming, for fans of the film and book.

This state is a destination for fossil hunters, and large fragments of dinosaur bones have been found in the southeast. The largest coal mines are also found in Wyoming. The state license plate features a man on a bucking bronco.

Types of Homeowners Insurance Policies in Wyoming

It’s important to look at your home insurance declarations page to see what kinds of coverage you have. Most people have Parts A-E and can buy additional coverage that is not included in a standard policy. Here are the components of a basic policy:

Coverage A is Dwelling Coverage, which protects the main structure of the home. It does not include detached structures, like sheds and garages.

Coverage B is Other Structure Coverage, which includes fences, decks and built-in appliances. It also covers sheds and garages and heating systems.

Coverage C is Personal Belongings Coverage, which protects your belongings. It’s sometimes called Contents Coverage. The contents of your shed and garage are covered in this portion of the policy.

Coverage D is Temporary Living Expenses Coverage, which would protect you should you not be able to live in your home while it’s being repaired. This coverage would reimburse you for food and lodging.

Coverage E is Liability Insurance, which would protect you if someone files a lawsuit based on injuries in your home.

There are optional coverages, too, including Sump Pump Overflow Coverage, Credit Theft Protection and Monitoring and Equipment Breakdown, which would cover home systems. These are important coverages to consider because they will otherwise require expensive fixes.

In addition to optional coverages, you may need to buy separate policies that would cover your home in the case of state declared disasters. Flood Insurance and Earthquake Insurance are sold separately from a basic home insurance policy.

What Factors Affect Rates on Homeowners Insurance in Wyoming?

Wyoming experiences thunderstorms and tornadoes in spring and summer. Home insurance would protect your home from losses caused by these storms.

Certain types of construction are less expensive to insure than others. During the application process to buy home insurance you’ll be asked about it, so get familiar. Make sure you answer questions about construction accurately so you don’t have problems during a claims process.

There are typically five types of construction:

  • Frame: Homes with exterior walls, floors and roof of combustible construction, such as wood.
  • Ordinary, Joisted or Brick Joisted (also called Joisted Masonry): Homes with exterior walls of brick, concrete, concrete block or stone. The roof, floors, and supporting joists, beams and columns are combustible wood construction.
  • All Steel or Preengineered: In these homes, both the roof and walls are made of steel or aluminum sheet metal.
  • Masonry Noncombustible: Homes that have walls made of masonry materials like brick, hollow concrete block or concrete. Floors and roof, including supports are entirely non-combustible.
  • Fire Resistive: Homes designed to withstand the damaging effects of fire, typically about 2 hours.

You can lower your homeowners insurance rate by bundling your home and auto insurance. You can also lower your rate if you raise the deductible. However, keep in mind that you’ll have to pay that deductible in order to get a claim paid. Other ways to lower your home insurance rates include securing your home with a home security system.

Top 5 Disasters in the State of Wyoming

Wyoming federally declared Fire as the number one disaster, with 21 counts since 1953, followed by Floods, Severe Storms, Biological, and Tornado disasters. Fire/Lightning disasters are one of 16 perils covered on standard homeowners policies. Here are the top 5 federally declared disasters in the State of Wyoming:

Rank Declaration Title Disaster Number
1 Fire 21
2 Flood 6
3 Severe Storms 3
4 Biological 2
5 Tornado 2

Source: Federal Emergency Management Agency (FEMA)

How Much is Homeowners Insurance in Wyoming?

The average cost of homeowners insurance in Wyoming is $966 a year. Many factors will weigh in to determine your rate, such as construction type, certain breeds of dogs, swimming pools and trampolines and more.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Wyoming a Safe State?

2019 Crime in Wyoming Crime Number Crime Rate*
Property Crime 9,093 1,571.1
Burglary 1,396 241.2
Larceny-Theft 6,984 1,206.7

*Rate per 100,000 inhabitants

Safest Cities in Wyoming by Property Crime*

Green River, WY has a population of 11,927 with a Property Crime rate of 8.1 per 1k. The city average home value is approximately $245,025.

Laramie, WY has a population of 32,669 with a Property Crime rate of 9.7 per 1k. The average home value there is about $256,659.

Rock Springs, WY came in third as the safest city in the state of Wyoming and has a population of 23,092 with a Property Crime rate of 13.4 per 1k. Its home value averaged at about $239,188.

Gillette, WY has a population of 31,960 with a Property Crime rate of 19.6 per 1k. Its average home value is $274,964.

Sheridan, WY has a population of 17,895 with a Property Crime rate of 20.6 per 1k. The city home value averaged $283,396.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Wyoming

Top Homeowners Insurance Companies in Wyoming

USAA has 5 out of 5 stars from J.D. Power and an A++ from AM Best. This insurer has the best customer service ratings and the least number of complaints. If you’re part of a military family, it may be in your interest to look into this company.

Amica Mutual has 5 out of 5 stars from J.D. Power, an A+ from AM Best and an A+ from BBB. With great customer service and low number of complaints, Amica stands out as an insurer in Wyoming.

Allstate has 3 out of 5 stars from J.D. Power, an A+ from AM Best and an A+ from BBB. Not only does Allstate boast great customer service, but they have discounts and add-on options that consumers like.

Home Insurance FAQs

How much homeowners insurance does a lender require?

A lender will usually ask that you carry enough insurance to cover the amount of the loan. So, if you purchased your home for $250,000 and put down $50,000, you’d be required to carry $200,000 worth of insurance, to cover the lender’s risk. That is the minimum you’ll be required to carry but you may decide to carry more, depending on your home and belongings.

Does Wyoming state require home insurance?

While there is no law that requires you to carry home insurance in Wyoming, you may be required to do so by your lender if you have not finished paying off your mortgage. Even after you pay off a mortgage, it’s a good idea to have protection in case you ever need to rebuild your home and/or replace your belongings.

How often should you shop for homeowners insurance?

It’s definitely a good idea to shop for home insurance if your lender assigned you a policy. Chances are you’re not getting the best deal. Otherwise, it’s a good idea to compare rates annually, to see if you can get a better rate. But be careful. You want to look beyond the sticker price too and make sure you have enough coverage from a reputable company. Avoid the hassle of comparing rates yourself and let SmartFinancial do it for you. To begin enter your zip code below.

Get a Free Home Insurance Quote Online Now.

Related Articles

Home Insurance Virginia Homeowners Insurance

The main thing that determines the price of a home insurance policy is what it would cost to rebuild the same house. Find out more about Virginia homeowners insurance.

Home Insurance Washington Homeowners Insurance

Washington homeowners insurance resource for buying or comparing home insurance. Find out the different types of policies. Shop for home insurance rate quotes in WA.

Looking for Home Insurance?

Compare rates from dozens of companies in less than 3 minutes.