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MoneyGeek found that Allied provides the least expensive home insurance in Wyoming. We studied the cheapest home insurance providers in Wyoming to determine the best options for different buyer profiles.
For anyone looking for affordable home insurance alongside quality service, we also know the best homeowners insurance providers in Wyoming based on different homes and profiles, like veterans or people that prioritize service quality.
TABLE OF CONTENTS
How to Estimate the Cost of Your Homeowners Insurance Policy in Wyoming
The buyer profile and their demands may have a significant impact on the cost of homeowners insurance in Wyoming. Your location, credit history and coverage amount, as well as your home's age, safety features and rebuilding costs, all have an impact on your premium.
To receive an estimate of your potential homeowners insurance premium, input the following pertinent information into the MoneyGeek Wyoming home insurance calculator below.
The cost of homeowners insurance varies substantially from region to region in Wyoming. If you live in a high-risk location for crime, fire or natural disasters, you will likely pay more than someone living in a low-risk area.
The amount required to repair/reconstruct your home after damage from a covered peril is the dwelling coverage of the policy. The cost of your homeowners insurance greatly depends on how much dwelling coverage your policy includes.
Your insurance will offer more protection against damage if it has a higher dwelling coverage limit, but it will also cost more.
The average dwelling coverage for homeowners insurance in Wyoming is $250,000.
The deductible is the portion of a claim that you are responsible for paying.
If you have a $1,000 deductible on your homeowners insurance policy and you make a claim for $10,000, you'll have to pay $1,000 out of pocket before your insurer pays the remainder.
The monthly payment for a policy with a high deductible will be lower.
Liability insurance will cover the costs associated with a third party being injured or having their property damaged should you, your pet, or a family member be at fault. It covers death benefits, legal expenditures, maintenance expenses and medical bills.
We suggest that you buy enough liability coverage to protect yourself from possible lawsuits. It's worth noting that increasing your liability limit by tens of thousands of dollars may result in a few dollars extra monthly.
Items inside and outside your home are considered personal property. This provision of your policy reimburses you for personal property that has been lost or stolen.
Using the following calculator, you can assess how much personal property coverage you might need. That ensures your personal belongings are adequately covered.
Your credit score is taken into account when setting Wyoming insurance prices. Homeowners with poor credit scores are thought to be the most likely to file a claim, so insurance companies view them as a higher risk and charge them a higher premium.
Average Cost of Home Insurance in Wyoming
Wyoming is an affordable state for homeowners insurance compared to many other states in the country. A policy that includes $250K dwelling coverage costs an average of $2,260 per year. That is around 7% below the national average.
To find out how much different levels of coverage cost, see the table below, which illustrates the average cost per dwelling coverage amount in Wyoming.
Average Annual Premium in Wyoming for Homeowners Insurance
Dwelling coverage is one of the most significant parts of a homeowners insurance policy. You need to be sure you have enough insurance in case of a big loss so that you can afford to rebuild.
The age, size and shape of your property, among other things, will all play a role in determining how much dwelling coverage you need. You might consult a professional appraiser or approach your insurance company to get an estimate of your home’s replacement cost.
Think about the fact that if you need to rebuild your property, an incorrect estimate could mean paying a lot more money out of pocket. Inflation guard coverage and extended replacement coverage are available for those who want an extra layer of security.
Frequently Asked Questions About Home Insurance in Wyoming
To assist you with the basics of what to expect from homeowners insurance in Wyoming, MoneyGeek has given answers to some frequently asked questions.
To determine the average cost of homeowners insurance in Wyoming, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from a fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
- Insurance Information Institute. "What is Covered by Standard Homeowners Insurance?." Accessed August 25, 2022.