The cost of homeowners insurance in Wyoming is $2,082 a year for the average amount of coverage. Wyoming residents can compare rates from multiple companies with Policygenius.
Published September 17, 2020|6 min read
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Homeowners insurance is essential financial protection for the 69% of Wyoming residents who own a home, especially when you consider the state’s penchant for severe storms.
The statewide average cost of homeowners insurance in Wyoming is $2,082 , but policy premiums can vary considerably based on specific factors related to your home and the details of your policy. Your rates will be directly impacted by your home’s construction type and the age of its roof, its location, your credit and claims history, and the policy deductible amount you choose. Rates will also be different from company to company for the same level of coverage, which is why it’s so important to compare policies from different companies — that’s where we come in.
To help simplify your shopping experience, Policygenius reviewed the five best homeowners insurance companies in Wyoming offered through our website. We also calculated the cheapest and most expensive cities in Wyoming for home insurance based on hundreds of submitted quotes.
The average cost of homeowners insurance in Wyoming is $2,082 per year for $100,000–500,000 in coverage
The most affordable insurance company in Wyoming is Safeco, according to Policygenius quote data
When deciding on policy coverage, Wyoming residents should consider the state’s frequent wildfires and severe storms
Before deciding on a homeowners insurance policy, consider doing a little research on the company that will be insuring your house and all of your assets. A great homeowners insurance company is financially stable, has a good track record when it comes to handling claims, and offers affordable coverage, flexible policy options, and high quality discounts.
Stillwater provides the cheapest Wyoming home insurance quote of any Policygenius partner carrier. The average quote with Stillwater is $1,469 for $100,000–500,000 in coverage, which is significantly cheaper than the state’s annual average of $2,082. Wyoming residents looking for great coverage on a budget should consider homeowners insurance with Stillwater.
Wyoming residents with high-value homes should consider a homeowners insurance policy with AIG. This luxury insurance provider offers guaranteed replacement cost dwelling coverage, replacement cost coverage on all personal property, and additional services like appraisals and risk protection consultations. Keep in mind that AIG only covers homes with an insured value of more than $750k and doesn’t provide monoline home insurance coverage, meaning you’d need to insure your car or boat with AIG as well in order to get a policy.
Read our full review of AIG here
Wyoming residents looking to maximize coverage for their home and personal property against volatile weather should consider Safeco for its excellent replacement cost coverage options. Safeco has four comprehensive tiers of coverage, and all include the option to add extended replacement cost, a policy add-on that increases your home’s coverage limits an additional 25% or 50% if rebuild costs exceed your dwelling coverage amount. Safeco’s “Premier Plan”, its highest level of coverage, includes guaranteed replacement cost, which pays for a rebuild of your home regardless of the price.
Read our full review of Safeco here
In terms of discounts, few Wyoming insurance companies compare to Nationwide. Nationwide offers a generous multi-policy discount if you bundle your home insurance policy with their auto insurance or another type of property insurance. Nationwide also offers discounts for securing and strengthening your home and roof from break-ins and bad weather. If you haven’t filed a claim in three years or if you recently purchased your home, that can also land you a discount with Nationwide.
Read our full review of Nationwide here
One important indicator of an insurance company’s ability to pay out claims in an effective and timely manner is its financial stability, and MetLife is among the highest-rated insurers in that area. With an A+ rating with A.M. Best, MetLife has the second highest score a company can receive with the insurance company credit rating agency. MetLife also has high marks with Standard & Poors, which measures long-term financial stability, as well as Moody’s, which measures what the expected losses would be if a company were to go into default.
Read our full review of MetLife here
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When comparing insurance companies, Wyoming residents may find that rates differ greatly from company to company for the same level of coverage. Higher-priced policies may include coverage add-ons or higher limits than other plans, or it may cost more simply because that insurer charges more for coverage in that particular location.
After reviewing hundreds of quotes submitted with Policygenius, we found that Stillwater is the cheapest insurance company in Wyoming with a $1,469 average annual premium for $100,000–500,000 in coverage. Safeco is the most expensive with an average annual premium of $2,821 for the same amount of coverage.
The average cost of homeowners insurance in Wyoming will also differ considerably based on the amount of insurance you have for your home. Below is the average homeowners insurance quote for five different levels of coverage.
|Coverage Amount||Average Cost|
|Greater than $500,000||$ 3,219|
Insurance companies will also price policies differently based on where in the state you live. We found that the capital city of Cheyenne has the highest rates in the state with a $3,270 average annual premium for $100,000-500,000 in coverage. The city with the cheapest rates is Lander, with an average annual premium of $737 for the same amount of coverage.
|Bar Nunn||$ 1,159|
|Green River||$ 1,056|
We selected the 10 largest cities in Wyoming by population where customers have submitted quotes with Policygenius. Quotes are based on a coverage amount between $100,000 and 500,000.
Wyoming has the lowest population of any U.S. state, so bad weather and natural disasters generally affect a small number of people and leave very little in the way of property damage. But homeowners in the Cowboy State, especially those with homes around the Bighorn Mountains to the north and Uinta Mountains to the south, should consider additional coverage to protect against expensive wildfire damage.
Homeowners insurance does not cover flood damage in Wyoming or any of the other 49 states. Wyoming residents can supplement that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be provided through the same insurance company that insures your home.
Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,00 for the structure of your home and up to $100,000 for personal belongings.
The Wyoming Insurance Department is a valuable resource both for Wyoming homeowners purchasing coverage for the first time or those who are already insured. The WID website has especially pertinent information for first time home insurance shoppers, such as the difference between actual cash value and replacement cost or how policy deductibles work. Shoppers can also compare rates, find flood insurance, and find National Association of Insurance Commissioners (NAIC) customer complaint information about each company, all from the insurance department website.
Homeowners insurance companies can cancel your insurance for a number of reasons — maybe you filed too many claims in a short period of time, maybe the insurance company no longer offers coverage where you live, or maybe they determined your home was too risky to insure after a recent inspection.
If you’re unable to get homeowners insurance with a standard carrier, look into coverage with a surplus or excess lines insurer. Surplus carriers specialize in risks that are typically rejected by traditional insurance companies. A couple of downsides to getting coverage through a surplus carrier are that it’s typically expensive and the companies aren’t admitted with the state, meaning they aren’t subject to the same rules and regulations as traditional insurance companies. But surplus lines coverage is a solid option if you’re a Wyoming resident looking for last minute coverage.
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