The Cheapest and Best Homeowners Insurance in Cheyenne
The Cheapest Home Insurance Companies in Cheyenne
Cost is an important factor to keep in mind when deciding on a policy, as there are plenty of companies that offer policies with the same core coverages at different price points.
The companies offering the most affordable homeowners insurance in Cheyenne with the baseline dwelling coverage of $500,000 are:
- USAA: $1,407 per year (only available for military families)
- Allied: $2,610 per year
Residents with pricier homes may opt to get higher dwelling coverage, which is the amount an insurer will pay to rebuild your home’s structure and attachments. The companies in Cheyenne offering the cheapest home insurance with a dwelling coverage of $2 million are:
- State Farm: $5,889 per year
- USAA: $6,040 per year (only available for military families)
To see how varying dwelling coverage limits can affect your premiums, check out the table below.
The Cheapest Home Insurance in Cheyenne, Ranked
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Note that the rates for policies gathered by MoneyGeek with the initial baseline dwelling coverage of $500,000 had $200,000 in personal property limits. In contrast, those with a dwelling coverage of $2 million had $800,000 in personal property limits. All policies had $100,000 in liability coverage.
Readers who live elsewhere within the state may want to check out MoneyGeek’s statewide analysis on home insurance in Wyoming.
The Average Cost of Homeowners Insurance in Cheyenne for 2022
Your location is one of the many factors that can affect the average cost of home insurance. For instance, in Cheyenne, residents pay an average of $4,011 per year, which is $2,046 higher than the Wyoming average of $1,965. This is also $1,908 higher than the national average of $2,103.
Calculate the Cost of Home Insurance in Cheyenne
When it comes to homeowners insurance, Cheyenne rates depend on many factors, such as your location, credit score and preferred coverage limits. If you want to compare quotes in your state, use MoneyGeek’s home insurance calculator to make the best decision for your needs.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Cheyenne
When reviewing various insurance quotes, cost should not be the only factor you consider — the company’s financial stability and user satisfaction should be included too. After all, claims are made during stressful situations, and you’ll want to ensure that yours is handled fairly and efficiently.
Based on MoneyGeek’s unique ranking system, the companies offering the best homeowners insurance in Cheyenne are:
- Best Overall: USAA (only available for military families)
- Runner-up: Allied
We ranked insurance companies in Cheyenne based on three factors: affordability, user satisfaction and financial stability.
USAA is well-known across all states for offering affordable insurance to military families, and they also offer a host of unique offerings. For instance, homeowners can get discounts on their premiums for having home security systems installed and being claims-free for a certain amount of time. They also cover active service members if they lose their uniforms with no deductible applied.
MoneyGeek’s top pick in Cheyenne is USAA, as they score perfectly across all categories. Note, however, that their insurance products are only available for military families.Read MoneyGeek's USAA home Insurance Review
Aside from being affordable, Allied also offers features similar to their partner company Nationwide. For instance, they have replacement cost coverage, which lets policyholders get items of similar quality without considering depreciation if they make a claim. They also have Better Roof Replacement, which lets homeowners get improved materials if their roof is damaged.
Allied is MoneyGeek’s runner-up as they also score well across most categories, particularly in affordability. They are merged with insurance company Nationwide, which is well-known across the country for their insurance offerings.
Cheapest Home Insurance Companies in Cheyenne for Newly Constructed Homes
Residents with newly constructed homes may find cheaper options for home insurance, as the modern materials used to build them are more resistant to damage and easier for insurers to replace. Case in point, newly built homes cost an average of $2,624 to insure in Cheyenne, compared to the average of $4,011 for those with homes built in 2000 — this is a difference of $1,387.
MoneyGeek found that the companies offering cheap homeowners insurance in Cheyenne for those with newly built homes are, on average:
- USAA: $943 per year (only available for military families)
- Allied: $1,727 per year
The Cheapest Home Insurance in Cheyenne for New Homes, Ranked
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Cheapest Home Insurance Companies in Cheyenne if You Have a Lot of Personal Property
Personal property coverage is part of any home insurance policy, and it protects your personal items in case of damage. If you have high-value property, you might want to get more coverage — but note that it costs more. When it comes to homeowners insurance, Cheyenne rates for policies with a personal property limit of $250,000 average $4,392 per year, which is $381 higher than those with limits of $100,000.
For those who want homeowners insurance with high personal property coverage limits, MoneyGeek found that these companies offer the cheapest policies:
- USAA: $1,474 per year (only available for military families)
- Allied: $2,816 per year
Cheap Companies in Cheyenne for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Cheyenne for High Deductibles
One factor that can greatly affect the rate of your home insurance is the deductible, which is the out-of-pocket cost you pay when making a claim. The higher the deductible, the lower the premiums. In Cheyenne, a policy with a deductible of $2,000 costs an average of $3,504 annually, while a deductible of $1,000 has an average rate of $4,011 per year.
On average, the most affordable options for home insurance with high deductibles in Cheyenne are offered by:
- USAA: $1,235 per year (only available for military families)
- Allied: $2,363 per year
The Cheapest Companies in Cheyenne for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Cheyenne if You Have Poor Credit
In Wyoming, insurers look at your credit score as one of the deciding factors for your home insurance premiums. The poorer the score, the more expensive your rates will be. For instance, the average rates in Cheyenne for those with poor credit stand at $6,346 per year, which is $2,335 more than what those with better credit scores pay.
MoneyGeek identified the companies offering the cheapest home insurance for those with poor credit:
- Allied: $3,379 per year
- State Farm: $4,479 per year
The Cheapest Companies in Cheyenne for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Cheyenne
To get the best homeowners insurance in Cheyenne, residents should collect and compare several quotes online. Before doing this, you should gather the following information:
- The replacement cost of your home: This is how much it will cost to rebuild your home, which impacts the dwelling coverage limit of your quoted policy. Construction professionals can help with estimating this cost.
- The value of your personal property: This dictates the appropriate personal property coverage for your needs.
- Personal information: This includes your address and birthdate, along with who lives in the house and if there are any important prior insurance history details.
- Information about your house: This involves the details about the house itself, such as when it was built, how big it is, the systems or attachments installed and more.
Homeowners Insurance in Cheyenne Analysis: Methodology
Home insurance premiums from five insurers in Cheyenne were analyzed in MoneyGeek’s study. Rates were gathered based on a sample profile of a Cheyenne resident with a 2,500-square-foot home built in 2000 looking for a policy with the baseline dwelling coverage of $500,000, a personal property limit of $200,000, a liability limit of $100,000 and a deductible of $1,000.
We collected quotes in order to address various circumstances or preferences, such as for those with newly built homes, different coverage limits, poor credit scores and higher deductibles.
Data for MoneyGeek’s ranking system was gathered in partnership with Quadrant and various quotes were collected to calculate affordability scores. J.D. Power provided information on customer satisfaction ratings.
About Mark Fitzpatrick