How much is homeowners insurance in Wyoming?
The average cost of homeowners insurance in Wyoming is $167 per month. But your premium will vary depending on the choices you make surrounding your homeowners insurance.
Your individual rate can be influenced by your home’s location, the type of policy you select, and any additional coverages you choose. That’s why it’s important that you not only identify the exact coverage levels that you need but also comparison shop to find the best rate for your budget.
How your policy choices affect home insurance rates in Wyoming
Here’s a closer look at the components of a policy and how they affect your home insurance rates in Wyoming.
Your policy form
An HO-3 policy is the most common home insurance policy form. It includes broad open-peril coverage for your home and named-peril coverage for your possessions.
A peril is anything that damages or destroys your property or possessions. Perils include events like fires, theft, and natural disasters. It’s common for some policy forms to either name or omit certain perils. For instance, a flood is a peril, though it’s rarely covered under any standard homeowners insurance policy.
Policy forms range in their coverage scope, and they cover perils differently. The comprehensiveness of your coverage influences how much you pay per month for your policy. For instance, HO-5 policies offer the most coverage, while an HO-2 policy may expand upon the coverage of an HO-1 policy yet fall short of the coverage level offered by HO-3 policies.
It’s important that you understand which perils are included or excluded from your homeowners insurance policy. Double-check these perils before purchasing a policy to know exactly how you’re covered.
Learn More: Understanding the 8 Types of Homeowners Insurance
Your coverage level
Higher coverage levels result in higher premiums because you’re asking the insurer to take on more of the risk.
Keep in mind that optional coverages, like flood insurance, will also raise your rates because you’re choosing to increase your coverage beyond the standard limits of your policy.
Here you can see how adjusting your coverage level affects your average monthly cost.
|Dwelling Coverage in Wyoming||Average Monthly Cost|
Your monthly premium is not your only home insurance expense. All homeowners are responsible for paying their deductible: the set amount the owner must pay toward an insured loss before the insurer provides coverage.
For instance, a homeowners insurance policy may cover $10,000 in roof damage, minus a deductible of $1,000. This means that you’ll need to pay $1,000 toward the roof repair before the insurer contributes the remaining $9,000.
Lower deductibles typically lead to higher premiums, while higher deductibles usually lead to lower premiums. This is because raising your deductible means you’re taking on more financial responsibility than the minimum required by your insurer.
While it may be tempting to set a high deductible to lower your premium, make sure it’s a deductible you can afford should you need to make a claim.
Learn More: How Much to Make Your Homeowners Insurance Deductible
How location affects home insurance rates in Wyoming
The price you pay for home insurance is affected not only by the state you live in but by the ZIP code as well. This is because different areas have different risks for perils like theft or natural disasters.
For example, one common way you can lower your rate is by having a home close to a fire department. However, Wyoming only has 114 fire departments within the state’s approximately 98,000 square miles, according to the National Fire Department Registry. Compare that to Michigan, a state of similar size, that has 971 registered fire departments.
Flooding is another concern in Wyoming. Although flooding has impacted all counties in the state, some areas may be more prone to this peril, resulting in higher insurance rates for those with optional flood insurance. The same applies to burglary: Crime rates are generally higher in Casper and Cheyenne than in Saratoga and Moorcroft, which may increase insurance rates.
Here, you can see how average monthly quotes change in a few different Wyoming cities.
|City||Average Monthly Quote|
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.