Best homeowners insurance in Wyoming of 2021
Homeowners insurance isn’t legally required (although some lenders may require it), but it can save you money if qualifying events happen to your home that would be expensive to fix out of pocket. Wyoming has snow storms, floods and wildfires that could damage your home, which is why working with the best home insurance companies is a must. The average cost of home insurance in Wyoming for a $250k dwelling coverage is $1,144.
When shopping, read the fine print about exclusions, as Wyoming is subject to natural disasters each year. Typical exclusions aside, you may decide you’d like to purchase a separate flood policy or add an earthquake endorsement.
Best home insurance in companies in Wyoming
We chose the best Wyoming homeowners insurance companies by analyzing how each company performed with independent rating companies such as J.D. Power & Associates, which evaluates customer satisfaction, and AM Best, which analyzes a company’s financial stability. We also looked at such things as cost, add-ons and discount options.
|Home insurance company||Average annual premium for $250K liability||J.D. Power customer satisfaction score|
|Amica Mutual||No rates available||853/1,000|
Allstate received an average score from J.D. Power, which means its customer service and satisfaction is about what you would expect with a large scale insurance provider. However, Allstate shines with its discounts and add-on options like identity theft restoration to help pay for legal fees and lost wages if your identity is stolen, electronic data recovery to restore lost files like photos and videos, sports equipment for expensive sports items like golf clubs and yard and garden coverage to increase the financial protection for things like trees and gardening equipment.
Amica Mutual consistently receives top marks with J.D. Power— in fact, J.D. Power scored Amica the highest out of the evaluated providers for eighteen years in a row until it came in second place for the highest rating in 2020 by two points. Amica offers add-on options like home business coverage and discounts for things like paying your premium automatically or having a qualified new or remodelled home.
Nationwide began selling insurance for farms and cars in 1926. It is now a leading insurance provider. As a large home insurer, Nationwide offers coverage for all types of situations including standard coverage options and unique options such as earthquake insurance in certain areas, credit card coverage and ordinance or law insurance to help pay if it will cost more to get your home to current building codes during a repair or rebuild. Homeowners may further save on Nationwide home insurance by applying any of its long list of discounts like Multi-policy, home purchase, roof ratings and more.
State Farm gets the highest marks possible from AM Best, which means it is likely to be able to pay claims if a disaster happens. State Farm offers some discounts that you can see if you are qualified for, such as having eligible home alert protection devices and certain approved roofing materials.
USAA is for military personnel, retired service members and eligible military family members. This provider is known for excellent customer service and dedication to military-specific needs. It also has some helpful options such as earthquake coverage in certain areas, home sharing coverage if you use your home on a service like AirBnB and identify theft coverage. It doesn’t have a wide range of discounts, but the rates are often among the lowest for people who are eligible.
Average cost of homeowners insurance in Wyoming
Homeowners can expect to pay a little less for home insurance in Wyoming. The average cost of homeowners insurance in Wyoming is $1,144. Compared to the national average of $1,477 for home insurance, Wyoming is about $333 cheaper. However, this can be more or less depending on your area code, type of home you have and your background.
Wyoming may be cheaper compared to other states in home insurance because it is not a coastal state that experiences a lot of weather-related hazards like hurricanes. Additionally, the average crime rate is quite low, with Wyoming reporting less concerns about safety than most of the country.
Home insurance considerations in Wyoming
Based on the geographical factors of Wyoming, there are multiple causes of loss in home insurance. Although Wyoming is generally a safe state, it is prone to heavy snow falls at about 60 to 70 inches annually, in the lower elevated areas.
Wyoming common causes of loss
Wyoming is one of the most beautiful states in the country, but it does come with a cost as it is host to numerous natural disasters each year. Located in the Northwestern region of the U.S., Wyoming is prone to heavy snow falls which can cause flooding. It is also prone to the following natural disasters:
- Flooding: Much of Wyoming is subject to floods, so many claims each year revolve around water damage from severe storms or melting ice and snow.
- Earthquakes: Wyoming also has a lot of earthquakes each year because of numerous fault lines in the state. On average the state gets about 2,500 tremors each year. Some of them are severe.
- Wildfires: Wyoming averages about 700 wildfires each year. Though the state gets a lot of rainfall, it does undergo periods of drought as well, which is why wildfires are so constant.
- Tornadoes and severe storms: Wyoming does not get much in regards to hurricanes, but it does get about 19 tornadoes each year, as well as numerous winter, spring and summer severe storms. In fact, Wyoming averages about 99 days a year of precipitation.
- Sinkholes and landslides: Lastly, Wyoming is also subject to sinkholes and landslides because of its unique geology. Much of the state is quite hilly and there are a lot of fault lines throughout, making it a state that is constantly in a state of change.
Common coverages in Wyoming
As a homeowner in Wyoming, you may want to consider protecting your home from some of the weather related damages above, as some of these perils are not automatically covered in a standard homeowner policy. While you should consider your personal situation when choosing the right coverage for your needs, these are coverage options that are generally recommended by some insurance experts to protect yourself from common hazards in the state:
- Flood insurance: Flood insurance is offered through the U.S. government via the National Flood Insurance Program. The federal government determines coverages and rating criteria, but the policies are sold through private insurance companies.
- Earthquake insurance: In some high-risk areas, earthquake insurance may have to be purchased as a separate policy; however, many homeowners insurance companies also offer it as an endorsement that can be added to your home policy. Considering that most of Wyoming is on one fault line or another, many customers choose to purchase this coverage.
- Sinkhole insurance: Similar to earthquake insurance, sinkhole insurance may be purchased as a stand-alone policy or as an endorsement/ add-on that you can add to an existing policy. Sinkholes occur randomly throughout much of Wyoming, and this coverage can vary widely depending on where you live and the insurance company you choose, so if this coverage is important to you, you should examine your policy closely.
- Increased other structures: Other structures’ coverage is automatically included in a standard homeowner’s policy, usually at 10% limit of the dwelling amount. However, if you have a shed, garage, greenhouse, barn or even some nice fencing valued greater than your policy limit, you may consider increasing this coverage. Any wildfire that might damage your home may also damage other buildings or structures you have on your property.
Frequently asked questions
What is the best homeowners insurance in Wyoming?
The company that is best for you may depend on your circumstances. Get several quotes and compare options to find the best fit.
How do I get homeowners insurance in Wyoming?
The best thing to do is to call around and compare rates and coverage options. Companies offer different premiums because they weigh criteria differently. For example, one company may weigh your credit score a lot more than another. Once you’ve narrowed down your choices, look at coverage options and exclusions. You’ll likely end up with a few that are similar and then can choose which meets your needs best.
Do I need flood insurance if I live in Wyoming?
Floods may be more or less of a risk depending on where you live. The FEMA flood map can show you if your home is in a known risk area. Even if they don’t live in a flood risk area, some people feel more comfortable having this coverage, so individuals make the decision to purchase or not purchase flood insurance based on their risk tolerance and location.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2020 Quadrant Information Services data.