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In expanding or starting your investment portfolio, you may choose to purchase a home in Wyoming. While we must congratulate you for taking this step, we must also speak to the risks that you are introducing. What do we mean? Well as you know, disaster can strike at just about any time.

We're talking about theft, vandalism, floods, earthquakes, and more. Any of these occurrences can lead to partial or total losses and other damages. No one wants to see their investment go up in smoke, which is perfectly understandable.

The question is what will you do to ensure that yours is protected? Retaining the services of a homeowners insurance company in Wyoming is the best way forward considering that your policy can be there to help you fully or partially cover the damage you have sustained depending on the agreement that you have.

With that being said, there's the question of how you should choose a home insurance company. Additionally, what coverage limits and options should you be getting?

These are the right questions to be asking, and they are the reason we decided to put this guide together to help you navigate the insurance landscape more clearly than ever before!

Understanding Wyoming Homeowners Insurance

One of the biggest challenges that leads to homeowners not being able to capitalize on what insurance can offer when an unforeseen situation comes up is simply not understanding what they were being offered in the first place.

The best home insurance companies are those that offer a broad spectrum of coverage to handle a series of events, whether this means you'll have to get add-ons or not. However, the baseline is an understanding of what you need and ensuring that the policy you have aligns with these needs.

Average Home Insurance Cost in Wyoming

Let's start with understanding things from a cost perspective. In Wyoming, the average cost of insurance is $954. This is very impressive considering that the national average lies at $1,428. Nevertheless, you may find that you end up paying quite a bit more than this figure. Why is that?

Well naturally, insurance costs aren't set in stone. Several factors go into what you'll have to pay, some of which are:

  • The property's condition
  • The specific types of coverage you need
  • The value of the property
  • Security features
  • When you bought the property
  • Your specific location

Sure, in Wyoming, there are generally fewer safety concerns than there are in some other states. For example, property crime incidents are lower than the national average. The extent of destructive weather events is also significantly less. However, the risk is still not non-existent.

The best move you can make as you evaluate homeowners insurance policies is to have an open discussion with the company before any decisions are made.

Homeowners Insurance Vs. Landlord Insurance

As you saw above, homeowners insurance varies based on different elements. However, what if homeowners insurance in Wyoming isn't the thing you need at all? That's weird considering you're a homeowner who is trying to insure your property, right?

Well, it comes down to how the property is meant to be used. You see, homeowners insurance is just meant to cover your structure, perhaps other structures on the property, and your belongings to some extent.

However, it does not assume that the house will be used in a rental agreement. In fact, renting the house may be the very thing that constitutes a violation of the established agreement, meaning the claims process may end up not going in your favor.

This is where landlord insurance comes into the mix. As the name implies, it's specifically designed for properties that will be used for hire in this way. To this end, it will offer comprehensive coverage for damages and losses incurred that are directly related to the actions of tenants. In fact, there is even coverage for losses related to rent.

Now, you may assume that if you're going to be renting a property at any point or engaging in home sharing, this is the way to go. However, that may not necessarily be the case. This is why you need to have discussions with the insurance company, state your intentions, then get a professional recommendation.

If your property is going to be vacant for a while, then you may not need to have landlord insurance during that time since there would be no tenants in the equation. Similarly, some companies will specifically offer home-sharing coverage as an add-on to a standard homeowners insurance policy in Wyoming.

How to Choose from the Available Homeowners Insurance Companies in Wyoming

Now that you understand the insurance equation a bit better, we need to ensure that your mind is on the right set of factors before a choice is made. The first thing you want to do is think about the specific areas of coverage that you may need based on the fact that you're in Wyoming.

Following that, you want to think about your safety net. These are the attributes of the insurance company that, once present, will mean you're more likely to have a smooth experience.

Unique Policy Needs for Wyoming Homeowners

Let's get started with the unique areas of coverage.

Flood Insurance

Flooding is not something you can rule out. As unlikely as it can be for some, it's best to have the protection if you should ever experience it. There are two ways companies will offer this kind of protection.

The first is through the National Flood Insurance Program (NFIP). It's a government-backed initiative in which the Federal Emergency Management Agency (FEMA) will establish the rating criteria and coverage offered.

Next, companies may simply offer flood insurance privately. Note that while this is a more expensive option, you will typically find that the coverage is way more comprehensive and that the policies are a bit more on the flexible side.

Sinkhole Insurance

Throughout much of Wyoming, you'll find that sinkholes may randomly occur. Normally, this isn't a type of insurance that will be offered with a standard policy, but thankfully, it is often an add-on or a standalone policy that you can purchase to ensure that you are covered for any damage a sinkhole may do to your home.

Earthquake Insurance

Wyoming has several fault lines, which means that the earthquake risk is pretty high. This is also an element of insurance that's not typically a part of the basic homeowner insurance offering, meaning that you'd need to get it as an add-on.

Greater Coverage for Other Structures

When you get homeowners insurance in Wyoming, one of the basic offerings will typically be other structures coverage, which will protect you against damages that structures other than the main home on the property will suffer. However, you will typically find that there is a limit to the coverage offered here.

What you may find is that the value of these structures is well beyond what the policy limit allows for. In these cases, you may want to consider an increase in your coverage here.

Other Factors to Consider When Assessing Wyoming Home Insurance Companies

With the specifics out of the way, let's talk about some of the parameters that make for a good insurance company in Wyoming.

First, there is customer satisfaction. You can look to reviews and recommendations to get all the clarification you need here. When you're in a bind, the last thing you want to deal with is customer service that isn't responsive. This is worse if the claim process is not efficient since you'd likely be depending on it to get back to a sense of normalcy. Try to determine what the customer experience is like.

Cost is next, and while you may not necessarily be looking to ensure that your policy is as cheap as possible, you do want to at least ensure that you're getting good value for your money. Seek quotes from different insurance companies in Wyoming to get a bigger picture.

You may also want to check out financial strength ratings from companies such as AM as these will tell you the extent to which the company is in a position to afford to be able to cover claims whenever they should come in.

Don't forget the spectrum of coverage options that you will need to be properly covered by the insurance company. If you're not seeing the protection that you need being offered, it may simply mean that the company is not for you.

Best Wyoming Homeowners Insurance Companies

At this point, we've given you a high-level overview of just about everything that should be on your mind before you finally pull the proverbial trigger on a homeowners insurance policy. Now, let's briefly go over five of the top insurance companies in Wyoming, specifically focusing on the elements of their policies and the kinds of discounts that you can look forward to as a customer.

1) Chubb

Chubb

Chubb has an A++ AM rating, which is as good as it gets. Therefore, there's no need to be concerned with how it will be able to afford any claim that you may put forth. Additionally, if you're looking for private flood insurance, this is one of the companies that offers it.

Coverage and Features

  • Dwelling
  • Other structures
  • Personal property
  • Smoke
  • Theft
  • Vandalism
  • Hail
  • Wind
  • Lightning
  • Guest medical payments
  • Personal liability coverage
  • Loss of use

Additionally, you can get the following coverage:

  • Earthquake insurance
  • Flood coverage
  • Valuable articles

Discounts

  • Multi-policy
  • New or renovated home
  • Fire and security
  • Claims free
  • Backup generator

2) Farmers

Farmers

Farmers is next on the list and is available in 41 states including Wyoming. The AM rating here is A, which, while not the highest, does mean that you can have peace of mind knowing that you are properly financially covered.

Coverage and Features

  • Dwelling coverage
  • Other structures
  • Additional living expenses (ALE)
  • Personal property
  • Liability coverage
  • Medical payments

Additionally, these add-ons can be purchased:

  • Flood insurance
  • Earthquake coverage
  • Personal articles floater
  • Building ordinance or law coverage
  • Contents replacement cost coverage
  • Identity theft
  • Umbrella coverage

Discounts

  • Multiline discount
  • Claim free discount
  • Electronic funds transfer
  • Good payer discount
  • Protective devices
  • Green certification
  • Rent to own

3) Progressive

Progressive

Next, there is Progressive, which boasts an A+ rating from AM, which speaks to its ability to handily take care of claims from a financial standpoint. This is certainly one of the bigger names in the business and one that has been covering customers for many years.

Coverage and Features

  • Dwelling coverage
  • Other structures
  • Personal property
  • Personal liability
  • Guest medical expenses
  • Loss of use

Other coverage add-ons, such as flood coverage may be purchased upon request. Simply speak to your agent to get an idea of what is available.

Discounts

  • Alarm system
  • Multi-policy
  • Quote in advance
  • New purchase

4) Amica

Amica

Amica is next and boasts an A+ AM rating, ensuring that customers are well covered financially for their claims. There are two general homeowner policy offerings here that will be covered below.

Coverage and Features

First, there's the Standard Choice policy, which includes:

  • Dwelling
  • Other structures
  • Personal property
  • Loss of use
  • Liability

You can opt for the Platinum Choice instead, which will yield:

  • Dwelling cost replacement
  • Personal property replacement
  • Liability and medical payment
  • Valuable items extended coverage
  • Business property coverage
  • Water backup/sump overflow
  • Special computer coverage
  • Credit card coverage
  • Loss assessment plan

Discounts

  • Claim free
  • E-discount
  • Autopay
  • Loyalty
  • Multi-line
  • Alarm system
  • Automatic detection devices
  • New/ remodeled home credit

5) USAA

USAA

Finally, there is USAA, which boasts an A++ AM rating. The caveat here is that insurance is only covered to USAA members, who are effectively active and former military personnel, their children, and their spouses.

Coverage and Features

  • Dwelling coverage
  • Personal property
  • Personal liability
  • Loss of use
  • Identity theft
  • Replacement cost
  • Other structures coverage
  • Military uniforms

Earthquake and home-sharing additions may be purchased upon request

Discounts

  • Bundle and save
  • Claims free
  • Protective device credit

Conclusion

Homeowners insurance, while not legally required in Wyoming, is essential to protect your property investment considering the unfortunate occurrences that can happen. Think about the coverage you need, how desirable the company is, and your risk profile.

It's also good to think about costs and discounts such as those awarded for bundling home and auto insurance. Just remember to ask the insurance agent all the relevant questions before you move forward.

To learn more about DoorLoop and what it can do for you, schedule a free demo today!

David is the co-founder & CMO of DoorLoop, a best-selling author, legal CLE speaker, and real estate investor. When he's not hanging with his three children, he's writing articles here!

Legal Disclaimer

The information on this website is from public sources, for informational purposes only and not intended for legal or accounting advice. DoorLoop does not guarantee its accuracy and is not liable for any damages or inaccuracies.

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