Best homeowners insurance in Wyoming for 2023

Compare the best homeowners insurance companies in Wyoming

Per data sourced from Quadrant Information Services, Wyoming homeowners pay an average of $954 annually, or about $80 a month, for $250K in dwelling coverage. This is 33 percent lower than the national average of $1,428 per year. It's also considerably less than neighboring states. Montana's average rate, for example, is $1,736, while residents of Colorado pay an average of $2,152. 

While cost is important, it's not the only factor to consider when you are purchasing Wyoming home insurance. We looked at all the major carriers operating in the state, assessing their coverage and discount options, as well as their customer satisfaction ratings from J.D. Power and financial strength ratings from AM Best. Finally, we reviewed the companies’ websites and mobile apps to see which ones make it easy to do business online. USAA, Allstate and State Farm consistently ranked highest.

*USAA not officially ranked by J.D. Power due to eligibility restrictions

**Premiums are for $250K in dwelling coverage

The top 3 home insurance companies in Wyoming

How Bankrate chose the best home insurance companies in Wyoming

After an in-depth analysis of Wyoming homeowners insurance companies, Bankrate’s insurance editorial team assigned each carrier a Bankrate Score out of 5.0 points. Higher scores were awarded to companies that fared better in terms of coverage options, average premiums, customer service, third-party ratings and more.

How much is home insurance in Wyoming?

Homeowners in the Equality State can expect to pay a little less for home insurance. The average cost of homeowners insurance in Wyoming is $954. Compared to the national average of $1,428, Wyoming is nearly $500 cheaper. However, your rate may vary depending on your home’s location, size and age, the coverage you select and more.

Wyoming home insurance may be cheaper compared to other states because there are fewer concerns about safety. Reports of property crime are lower than the national average. Destructive weather events are less common, too. However, the state is not immune to natural disasters. Historically, parts of Wyoming have experienced flooding, wildfires, earthquakes, tornadoes and more, so experts recommend consulting an insurance professional to help select the best policy for your individual circumstances. 

How to find the best cheap home insurance in Wyoming

Although home insurance is not mandated by law in Wyoming, your lender may require that you purchase it if you have a mortgage. Even if you own your home outright, though, it's important to have a robust policy to protect your finances in the event of loss, damage or unexpected events. Having said that, no one wants to pay more for a policy than they must. Here are a few ways to save money on Wyoming homeowners insurance:

• Keep your roof in good repair: Insurers are likely to ask about the age of your roof when providing quotes. Since older roofs can be the cause of high-cost claims, insurers may reward policyholders who have newer roofs with a significant premium discount. You may also earn a discount from your insurer if your roof is made of storm-resistant materials.
• Shop around: Don't settle for the first price you receive; compare quotes from several insurers to see which company gives you the best rate. Just be sure to ask for the same coverage options from each company so it's an apples-to-apples comparison.
• Work on your credit score: A high credit score tells your insurer that you have a documented history of paying your bills in full and on time, which is likely to earn you a favorable rate. If you have a low credit score, your insurer may question your financial responsibility. To protect themselves, they may charge you more.
•  Bundling: Most insurers offer the opportunity to save money by purchasing more than one policy from them. Most commonly, this will mean homeowners and car insurance, but check with your insurer if you are interested in other insurance products, too.

Common home insurance discounts in Wyoming

While bundling discounts are the most common way to save money on home insurance in Wyoming, many companies offer several other discount opportunities. Here are a few that are worth asking your insurance agent about:

Types of home insurance in Wyoming

In addition to the standard coverage types that come with a homeowners policy, insurers generally offer optional coverages, called endorsements, that you can add for more thorough coverage. But in some cases, you may need to purchase a separate policy altogether to make sure you’re financially protected in the event of certain incidents (floods are one example). Here are a few options to consider when you are choosing your insurance:

• Flood insurance: Flood insurance is offered through the federally-backed National Flood Insurance Program (NFIP). The Federal Emergency Management Agency (FEMA) determines coverage and rating criteria for NFIP policies, but flood coverage is also available through many private insurers.
• Earthquake insurance: In some high-risk areas, earthquake insurance may have to be purchased as a separate policy; however, many home insurance companies also offer it as an endorsement that can be added to your home policy. Considering there are several fault lines in Wyoming, you may want to consider this coverage.
• Sinkhole insurance: Sinkholes occur randomly throughout much of Wyoming. Similar to earthquake insurance, sinkhole insurance may be purchased as a standalone policy or as an endorsement that you can add to an existing policy. 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 homeowners policy, usually at a 10 percent 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 your coverage. It could come in handy if, say, a wildfire damages other buildings or structures you have on your property.

Frequently asked questions