Best homeowners insurance companies in Wyoming for 2024

Compare the best homeowners insurance companies in Wyoming

Per data sourced from Quadrant Information Services, Wyoming homeowners pay an average of $1,352 annually, or about $113 a month, for $300K in dwelling coverage. This is 41 percent less than the national average of $2,304 per year. It's also considerably less than neighboring states. Montana's average rate, for example, is $2,531, while residents of Colorado pay an average of $3,222.

While cost is important, it's not the only factor to consider when looking for the best homeowners insurance in Wyoming. Bankrate explored 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.

The top 3 home insurance companies in Wyoming

Additional Wyoming home insurance companies to consider

Nationwide

Plymouth Rock

The Hartford

Cheapest home insurance companies in Wyoming

Inflation has caused Americans to look for ways to save money in every possible avenue of their lives. Learning about the cheapest home insurance companies in Wyoming can help you find money to put towards other of life’s monthly expenses. Below are the insurance companies with the cheapest average home insurance costs in Wyoming.

How to get cheap Wyoming home 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-based insurance score indicates a lower risk of claims to insurers, which is likely to earn you a favorable rate. On the flip side, a low score signals that you may be a higher risk to insure, so an insurer may charge you more to protect itself.
• 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.

Best 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:

How to save on home insurance policy renewals in Wyoming

Wyoming homeowners tend to pay much less than the national average in homeowners insurance. However, there are some savvy ways to save money on your Wyoming home insurance costs without sacrificing coverage. If you are concerned about your renewal premium, here are a few strategies to consider:  

• Maintain your home: A well-maintained home can lower your risk of small claims and reduce the likelihood of a small claim turning into a bigger one. For example, annual roof and chimney inspections can alert you to repair trouble spots before the severe hail and winter storms common to Wyoming’s climate can turn it into a costly claim.   
• Mitigate your risks: Simple acts like clearing out gutters and building a defensible space around your home, which includes removing dry debris, can mitigate your risk of wildfires impacting your property.
• Minimize your claims: Home insurance is a backup plan for when repairs from covered perils are cost-prohibitive. Filing too many claims will increase your insurance premium and potentially cause your policy to nonrenew.
• Ask about discounts: New discounts can become available without your knowledge. Conduct an annual check-up with your insurance agent to review your policy coverages and learn about new discount opportunities.
• Shop your policy early: You don’t need to wait until your policy renewal to shop for a better rate. By securing a new insurance policy before the old one expires, you may be eligible for early bird or online shopping discounts. 

How much is home insurance in Wyoming?

Homeowners in the Equality State can expect to pay a little less than the national average for home insurance. The average cost of homeowners insurance in Wyoming is $1,352. Compared to the national average of $2,304, Wyoming is 41 percent less. However, your rate may vary depending on your home’s location within the state, size and age, the coverage you select and more.

Wyoming home insurance may be cheaper than other states because it has lower property crime and catastrophic losses. 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 home insurance policy for your individual circumstances. 

Wyoming homeowners insurance rates by city

Homeowners insurance rates are based on risk. If you’re looking for the cheapest home insurance, you’ll want to take steps to limit your risk of filing a claim. However, some things are out of your control. Where you live, based on your ZIP code, can play a big role in determining your insurance rates. For example, areas with higher rates of crime or an increased prevalence of natural disasters will see higher rates on average than locations with very limited crime and mild weather.

Here are a few Wyoming cities where average home insurance premiums are well below or above the state average based on location.

What does home insurance cover in Wyoming?

The type of home insurance you select and endorsements you include determine what perils your home is insured against in Wyoming. A typical HO-3 home insurance policy in Wyoming has common exclusions that include:

• Earthquake
• Flooding
• Government action
• Neglect
• Nuclear hazard
• Ordinance or law
• Power surges originating off the homeowners property
• War

However, every insurance company can make changes to these standardized forms with their own endorsements and exclusions to enhance coverage. HO-3 policies are open perils coverage for your dwelling and other structures, meaning any type of loss is covered except for what your insurer excluded. It is common for personal property to have a different type of coverage called named perils. The 16 named perils also happen to be some of the most common types of covered insurance losses. In Wyoming, a standard home policy will typically cover damage from:

• Fire or lightning (which covers wildfires unless excluded)
• Vandalism or malicious mischief
• Theft
• Falling objects
• Power surges
• Damaged caused by vehicles
• Weight of snow, ice or sleet
• Hail or windstorms (which covers tornadoes unless excluded)
• Freezing of a heating, plumbing, fire sprinkle, or air conditioning system or household appliance
• Accidental water overflow or discharge from a heating, plumbing, fire sprinkler or air conditioning system or household appliance

Make sure to review your policy paperwork to learn the specifics regarding your policy. If you are unsure of what types of risk are inherent to your area, ask your licensed insurance agent for guidance. 

Additional home insurance coverage types in Wyoming

In addition to the standard coverage types that come with a homeowners policy, insurers generally offer optional coverage types, 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:

• Personal property replacement cost: Depending on your insurer, your policy may offer either actual cash value (ACV) for your personal property or replacement cost value (RCV). With ACV coverage, your items are covered with depreciation factored in while RCV offers coverage at the current market value of the item as new. 
• 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.

Common Wyoming home insurance problems

Wyoming is a state largely free from the home insurance troubles that plague other states like Florida and California. However, due to changes in weather patterns, Wyoming homeowners should prepare for big changes. 

First Street, a nonprofit research and technology group focused on predicting climate risk, shows that up to 95 percent of all properties in Wyoming will be at some level of risk for a wildfire loss within the next 30 years. This increased risk could impact future insurance premiums. 

Frequently asked questions

Additional profiles:

• Coverage A, Dwelling: $150,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $35,000, $45,000, &75,000
• Coverage C, Personal Property: $75,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

Bankrate Scores 

Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.