Homeowners Insurance in Wyoming
Homeowners insurance in Wyoming should include coverage of fires, windstorms, lightning, and other perils, but you should add differences in conditions insurance.
Written by Talullah Blanco
Reviewed by Melanie Reiff
Wyoming
does not require homeowners insurance by law, but your mortgage lender may require you to carry coverage. Shop for homeowners insurance by comparing quotes from several companies and choosing the policy with the coverage you need. Homeowners insurance is the only way to protect your biggest investment from fires, vandalism, severe storms, and other perils. If you bought a home in Wyoming, you’ll need a homeowners insurance policy that offers coverage for disasters that cause widespread damage in your state.
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e in Wyoming. We’ll break down what it is, the perils it covers, and how much it costs. Let Jerry find your price in only 45 seconds
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What is homeowners insurance?
Homeowners insurance covers losses and damages to your home and its contents in the event of a covered peril. The typical homeowners insurance policy will pay to repair or rebuild your home and even cover legal fees if someone is injured on your property.
Basic components of homeowners insurance
Your standard homeowners insurance policy will include these elements of coverage:
- Structure (Coverage A): Pays to repair or replace damage to the interior or exterior of your house caused by covered disasters like fire, lightning, windstorms, and vandalism.
- Additional structures (Coverage B): Damages to freestanding garages, sheds, fences, or other structures on your property caused by disasters will also be covered by homeowners insurance.
- Personal property (Coverage C): Provides financial compensation for personal belongings destroyed in an insured disaster. From clothing and jewelry to furniture and appliances, your homeowners insurance policy will cover most of the contents of your home.
- Personal liability (Coverage D): Liability coverage protects you from possible lawsuits for bodily injury or property damage that occur on your property.
- Additional living expenses (Coverage E): Reimburses you for rent, hotel rooms, meals, and any other temporary living expenses incurred while you are waiting for your home to be repaired.
When you purchase a homeowners insurance policy, you can choose from three levels of coverage: actual cash value, replacement cost, and guaranteed or extended replacement cost.
The most basic coverage is covering the actual cash value (ACV), which covers the cost of your home, and the belongings in it, at the time of its loss.
The replacement cost is the amount it would cost to repair your home and replace its contents with comparable items up to your coverage limit.
As the most comprehensive policy, the guaranteed or extended replacement cost pays for the cost to rebuild your home at current prices, even if it exceeds your liability limit.
Key Takeaway Your homeowners insurance premium will increase with each level of coverage.
MORE: How to choose the right kind of home insurance for you
Named perils
The named perils are the disasters and circumstances that are covered by your homeowners insurance policy. Here are the perils usually included in a standard homeowners insurance policy:
- Fire and smoke
- Lightening
- Windstorm or hail
- Volcanic eruption
- Weight of ice, snow, and sleet
- Freezing of a plumbing
- Falling objects
- Explosion
- Vandalism, malicious mischief, and theft
- Riot or civil commotion
- Accidental discharge or overflow of water steam
- Accidental tearing, cracking, burning, or bulging
- Sudden and accidental damage from artificially generated electrical current
Review your policy to understand what is and is not covered by your homeowners insurance.
Key Takeaway There may be perils excluded from your homeowners insurance policy that are common causes of widespread property damage.
Is homeowners insurance required in Wyoming?
The state of Wyoming does not require homeowners to purchase insurance, but most lenders will require you to carry coverage for the duration of your mortgage.
How to get homeowners insurance
You can shop for homeowners insurance just like you shop for car insurance. Start by comparing quotes from several companies. Insurance premium quotes will vary between providers for the same coverage, so don’t settle on your first one.
Get a quote from your car insurance provider to bundle your
home and auto
insurance. If you aren’t satisfied with your offer, keep looking. Most insurance companies will offer bundling discounts that will save you between 5% and 15% on both policies. Save time and money by comparing homeowners and car insurance bundles with
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If you own a home in Wyoming, wildfires, tornadoes, sinkholes, and landslides are the most common natural disasters that could cause damage to your home.
While the first two natural disasters are covered, the standard homeowners insurance does not cover earth movement. With its unique geology, hills, and active fault lines, Wyoming is subject to sinkholes, landslides, and earthquakes.
You should purchase these additional coverages to protect your home from possible damage caused by earth movement:
- Earthquake insurance provides coverage for your home if it is damaged by an earthquake. Considering most of Wyoming is located atop an active fault line, most homeowners purchase the additional policy.
- Sinkhole insurance is a policy you can purchase to protect your home from potential sinkhole damage. Sinkholes are common in and around the Laramie Basin.
- Differences in conditions insurance is an all-in-one policy that provides coverage for landslides, mudflows, earthquakes, and floods.
Key Takeaway Depending on where you live in Wyoming, you may need to purchase additional coverage to protect your home from damage.
How much does homeowners insurance cost in Wyoming?
Homeowners in Wyoming can expect to pay around the same for their home insurance as the national average of $1,312 per year.
The average cost of homeowners insurance in Wyoming is $1,300 per year for a standard policy. Here are the factors that cause homeowners insurance in Wyoming to be relatively similar to the national average:
Crime rates
With a property crime rate that is 26% lower than the national average, Wyoming has the second-lowest property crime rate of all the states. Crime rates can affect the price of your insurance premium. Insurance companies consider homes located in states with higher crime rates a risk to insure and vice versa.
Weather
Compared to coastal states, which are subject to hurricanes and tropical storms, Wyoming does not experience severe weather storms that typically cause property damage. When weather-related catastrophes rise in your area, it increases the risk of property damage, and insurance companies will raise premiums to prepare for potential costs.
Your area code, personal claims, credit history, type of home you own, and marital status are factors that could cause your homeowners' insurance premium to be more or less than the statewide average cost.
MORE: How to decipher home insurance quotes
Homeowners insurance discounts in Wyoming
Insurance companies offer a variety of discounts for homeowners. Keep an eye out for these common discounts when you are shopping for homeowners insurance:
Discount | How to get it |
|---|---|
Bundling | Bundling home and auto insurance could earn you a 5% to 10% discount on your policies |
First-time homeowner | If it’s your first time purchasing a home most insurance companies will offer you a discount. |
Claims-free | If you haven’t filed a claim in the last two to three years, you may receive a discounted rate. |
Storm proofing | If you live in an area prone to natural disaster, upgrading your roof or installing weather-related safety measures could earn you a discount on your homeowners policy. |
Security system | Set up a security system to prevent theft and you may be eligible for a discounted insurance rate. |
Upgraded fire alarm | Setting up your fire alarm to contact the fire department directly could earn you a discount. |
How to save on home and auto insurance
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Is earth movement insurance required in Wyoming?
Home insurance isn’t required in Wyoming, but your lender may require it. Since earth movement is an excluded peril in a standard homeowners policy, you may want to purchase additional coverage to ensure your home is protected.
What is the average cost of homeowners insurance in Wyoming?
The average cost of home insurance in Wyoming is about the same as the national average. While costs vary depending on several factors, you can expect to pay about $1,300 a year or $108 a month.
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