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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Mar 7, 2024

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Buying a home is a huge investment, so it’s important to protect your home with comprehensive insurance coverage. Choose the right home insurance policy for your needs with Obrella. Talk to agents who can explain your options, answer your questions, and even bind your policy once you’ve made your selection.

How much do homeowners pay for insurance in Wyoming?

The average Wyoming homeowner pays $821 each year on home insurance premiums, which is below the national average of $1,034 per year. Because Wyoming residents pay an around $200 less than other Americans, the state is ranked as the 17th least expensive state when it comes to annual home insurance costs.

  • Median Home Value: 195,500
  • Household Income: 55,690
  • Percent of Income on Home Ownership: 23.70%

Wyoming has an average household size of 2.5 people and a median home value of $185,900. The median household income is $58,752, leading Wyoming homeowners to spend nearly 24% of their total household income on home ownership costs. Good home values and a strong average household income both help make Wyoming the seventh least expensive state for home ownership. Whether you’re a new homeowner, or have been enjoying your house for years, you want to make sure you have the protection you need. Consult an insurance expert to find out if your current insurance policy includes everything you want it to at the best possible price.

How to calculate insurance premiums for home insurance in Wyoming?

When it comes to determining the cost of homeowners insurance, there are many factors to consider. The insurance rate you’ll pay for your premium is primarily based on the size of the home, the year it was built, and building costs in the area.

Homeowners insurance premiums are essentially a reflection of the risk that your insurance company assumes by providing coverage for your home, so environmental factors, local crime rates, and your credit score are also taken into account. Therefore, having a home in an area that is prone to flooding or tornadoes, for instance, may make your homeowners insurance policy more expensive, as will one in an area with high burglary rates.

You may pay more if you have a swimming pool or guest house, as well, as these types of amenities make your home more valuable, which increases the potential cost of damages. Although you may not be able to control environmental factors, there are a few things you can do to lower your home insurance rates. One of the best ways to keep your costs manageable is to install extra protection, like motion-sensitive lights, a security system, or surveillance cameras.

What type of Wyoming homeowners insurance is available?

The majority of Wyoming homeowners insurance companies have multiple coverage options to pick between; here are a couple of those options:

  • HO-1: Limited Coverage
    • While an HO-1 policy will cover your home in the event of the first 10 classified disasters—fire or lightning, windstorms or hail, explosions, riots, damage caused by aircrafts, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption—this type of policy is no longer available for purchase in most states.
  • HO-2: Basic Policy
    • A basic policy, HO-2 insures your home in the event of all 16 classified disasters.
  • HO-3: Standard, most popular
    • The standard policy offers the broadest home protection, with a few exceptions.
  • HO-8: Older Home
    • To protect against depreciation, this policy will usually reimburse homeowners for damage on an actual cash value basis. However, some older homes may not qualify for full replacement cost policies.

What is the standard Wyoming homeowners insurance coverage?

Your policy will dictate specific situations that grant you coverage for damages. If a situation is not explicitly covered in your policy, your homeowners insurance will not reimburse you for damages resulting from that situation. So, if your home is damaged in an earthquake, you’ll only be covered if your policy specifies that you have earthquake coverage. To find out more about the coverages available, check out some of the most common home insurance coverage definitions below:

  • Coverage A – Dwelling
    • Coverage A deals with damage to the home itself, any structures attached to the home, and any of the home’s plumbing, heating, wiring, or permanent air conditioning systems.
  • Coverage B – Other Structures
    • Other Structures coverage insures any structures that are not connected to the house, such as tool sheds, guest homes, free-standing garages, and fences.
  • Coverage C – Personal Property
    • Homeowners with Personal Property coverage will receive compensation in the event that a personal possession—like clothes, furniture, or electronic equipment—is lost or damaged. This coverage is valid whether or not the loss or damage occurs on the property—meaning items kept in a storage facility, for example, are still protected.
  • Coverage D – Loss of Use
    • During an extensive home repair, Loss of Use coverage will pay for living expenses.
  • Coverage E – Personal Liability
    • Personal Liability coverage provides financial protection in the event of a lawsuit in which the homeowner is found legally liable for another’s injuries or damages.
  • Coverage F – Medical Payments to Others
    • If someone gets hurt on your property or by your pet, this coverage will take care of any resulting medical bills.

Read more: Choosing The Right Homeowners Insurance In Wyoming

What are some of Wyoming insurance resources?

The Wyoming Insurance Department is the state entity that regulates the business of insurance throughout the Cowboy State. They license and regulate insurance companies, agents, brokers, adjusters, and consultants. The department also investigates consumer complaints and monitors the financial condition and solvency of insurance companies. You can contact the Wyoming Insurance Department for general information about purchasing home insurance or to file complaints.

Shopping for home insurance can be intimidating. There are tons of different options out there, which makes it difficult to decide on the best policy to keep your home protected. That’s where Obrella comes in. Give an experienced insurance agent a call and they’ll get all of your coverage questions answered. They’ll determine your coverage needs, help you review different policies, and discuss your options with you. They can even get your policy bound over the phone! So don’t let shopping for home insurance be more difficult than it needs to be—use Obrella to find what you need quickly and easily.

Call [mapi-phone /] today! Insurance professionals are standing by to help you find the perfect Wyoming home insurance policy for your needs.

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