How Much Is Flood Insurance in Wyoming? Average Flood Insurance Cost and Coverage

You usually don’t have coverage against flood damage with a homeowners or renters insurance policy. A separate flood insurance policy provides essential coverage against floods.

Since October 2021, insurance rates have been calculated using Risk Rating 2.0, which analyzes various factors besides your location to determine the premium. These factors include your home’s dwelling structure, elevation, replacement and repair costs, coverage type and policy deductible.

While Wyoming doesn’t have multiple high-risk flood zones, buying a policy is still beneficial as any property is vulnerable to flooding. The Federal Emergency Management Agency (FEMA) states that even an inch of water can cause damages of up to $25,000.

TABLE OF CONTENTS

• Cost of Flood Insurance in Wyoming
• Flood Insurance Companies in Wyoming
• Flood Insurance Coverage
• Flood Insurance Cost Factors in Wyoming
• Do You Need Flood Insurance?
• Wyoming Flood Insurance FAQs

In Wyoming, a flood insurance policy costs an average of $1,066 per year. However, your average cost might differ since factors like individual property risks or whether you live in a flood-prone area affect the premium. Living in a moderate-risk or high-risk flood zone means you have to pay higher costs.

There may be multiple flood-prone areas in Wyoming, which is why the cost of a flood insurance policy in the state is more than the national average.

MoneyGeek found that Niobrara County in Wyoming has the cheapest flood insurance policy, costing an average of $450 annually. On the other hand, Sweetwater County is the most expensive for flood insurance, at around $2,187 per year.

See the list below for the average cost of flood insurance by county in Wyoming.

The NFIP is an excellent option for flood insurance; however, you can purchase a policy from private insurance companies. These companies may offer you a base policy (same as NFIP) or an excess policy that includes supplemental coverage. You may benefit the most from private insurers if your household isn’t in an NFIP community or you find its coverage insufficient.

The insurance companies partnered with the NFIP are also great options for flood insurance. MoneyGeek compiled the list of such companies in the table below.

It’s not difficult to get a flood insurance policy as there are no special requirements for it. To purchase a policy, you need to call your home insurance agent or the NFIP hotline at 877-336-2627. You can also buy flood insurance from a different provider; however, you need to do it as soon as possible, as private insurers can have a 10-day waiting period, and the NFIP has a 30-day waiting period. It’s best to contact your provider for confirmation.

A flood insurance policy typically covers damages to building structures and contents, which is essential, as even an inch of water can cause up to $25,000 worth of damages.

Before buying a flood policy in Wyoming, understand that it won’t cover you against damages to a swimming pool, decks, patios, landscaping, cash and paperwork, basement items or your vehicle. It’s best to buy comprehensive insurance for coverage on a vehicle.

If a covered peril damages your home’s physical structure, building coverage pays for its repair or replacement. The NFIP offers building coverage of up to $250,000. With this flood insurance coverage, you can cover the following things:

• Foundation walls
• Electrical systems
• Plumbing systems
• Furnaces, central heating and air conditioning
• Built-in appliances
• Permanent carpets
• Built-in-furniture

Contents coverage ensures compensation in case of any damage to your personal belongings due to a covered peril. You can get flood insurance contents coverage worth up to $100,000 through the NFIP, and it can cover the following items:

• Clothing
• Furniture
• Electronic equipment
• Washers and dryers
• Artwork

Before October 2021, your location was the only factor that significantly impacted flood insurance rates. Based on a flood map, the insurers determined whether you were based in a flood zone or not. You can use FEMA's online tool to know Wyoming's historical flood risk.

MoneyGeek's analysis shows that Laramie County in Wyoming has had the most flooding events; a policy in this county costs an average of $1,281 per year. On the other hand, Uinta County has had only one occurrence of a flood; it costs $1,002 per year for flood insurance there.

FEMA introduced the Risk Rating 2.0 system in October 2021. It’s a relatively fair system for determining a flood insurance premium since it doesn’t solely rely on location and considers various individual property risks, including foundation type, dwelling structure, elevation, replacement and repair costs. However, your general location still significantly impacts your monthly premium.

See the table below for a list of essential factors that affect flood insurance costs in Wyoming.

Every property is vulnerable to flooding, which makes it essential to have a flood insurance policy. It not only offers protection against flood damage but also peace of mind.

If you live in a high-risk flood zone, government-backed mortgages and lenders will make it mandatory to have a policy. Even if that’s not the case, FEMA still recommends having flood insurance as it offers an added layer of protection. You should also know that most homeowners and renters insurance policies do not provide coverage against flood damage.

The insurer will settle your claim without a presidential disaster declaration if you have a flood insurance policy. While the federal disaster assistance is not more than $5,000, a flood insurance policy can offer you much more compensation.

MoneyGeek answered the following frequently asked questions to help you understand the essential details of a flood insurance policy in Wyoming.