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CheapRenters InsuranceWyomingThe Best and Cheapest Renters Insurance Companies in Wyoming for 2024: Rankings, Reviews and Rates
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CheapRenters InsuranceWyomingThe Cheapest Renters Insurance in Wyoming
Cheap Renters Insurance Companies in Wyoming
Most consumers prioritize cost in choosing an insurance company. On average, the two companies in Wyoming that offer the lowest rates are USAA and State Farm. A USAA policy generally costs $78 per year on average, but their policies are only available to military members and their families. For most Wyoming drivers, State Farm offers the most affordable annual policy, at around $125.
The above quotes are for average monthly and annual renters insurance premiums. This is for personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
$20,000
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If you are looking for renters insurance companies that balance cost and service, MoneyGeek ranked the top renters insurance companies in Wyoming. Our research examined affordability, financial strength and customer service in companies across Wyoming to help you find the best company for your insurance needs.
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Best Renters Insurance Companies in Wyoming
MoneyGeek’s analysis reveals that USAA is the highest-rated renters insurance company in Wyoming. We rated insurers in the state based on customer service ratings from J.D. Power, financial stability scores from AM Best and MoneyGeek’s affordability ratings. Keep in mind that USAA is only available to military families.
Finding the best renters insurance in Wyoming requires you to look beyond pricing. It’s also a good idea to find a provider that balances quality and affordability to ensure efficient service when you’re filing a claim.
1
USAA
Score:100
USAA is the best renters insurance company in Wyoming. They have perfect stability, satisfaction and affordability scores, but they’re only available to veterans, military members and their families. They offer cell phone insurance as an add-on.
More About USAA
Although USAA’s renters insurance is available in all states, only military members and their families are eligible to purchase policies from this company. They offer six add-on coverages and four discount opportunities, which is below the industry standard of seven and five, respectively. In terms of unique coverages, the provider offers collectible insurance.
USAA’s website allows users to obtain quotes and calculate their coverage, while their mobile app allows policyholders to manage their accounts on their smartphones. Customers can file a claim both through the website and the app.
2
State Farm
Score:75
State Farm earned a perfect score for financial stability and a 4.84 out of 5 for customer service. However, they only earned a 3.0 for affordability out of 5. The company offers an add-on personal liability umbrella policy for extra protection against personal claims.
More About State Farm
State Farm’s renters insurance can be found in all states, including Washington, D.C. However, they have fewer coverage options and discount opportunities than the average, at three and two, respectively. Three of their optional coverages are unique, while all their discounts are commonly found among renters insurance providers.
State Farm’s website has all the features that a renter needs such as getting a quote and filing a claim. They also have a mobile app that helps policyholders manage their accounts.
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The best renters insurance for you is not always the cheapest company or policy. Sometimes, paying a bit more can help you save money in the long run if you need to file a claim.
Largest Renters Insurance Companies in Wyoming
Opting to buy renters insurance from an insurer with a large market share can be a wise decision. These types of companies can be more financially stable and tend to invest more in customer service. This can make for a better experience if you ever have to file a claim.
Company | Market Share | |
|---|---|---|
1. | State Farm | 21.4% |
2. | Farmers | 17.1% |
3. | Mountain West Farm Bureau Mutual | 15.5% |
4. | Liberty Mutual | 8.7% |
5. | USAA | 6.2% |
6. | Allstate | 4.8% |
7. | Chubb | 3.6% |
8. | Nationwide | 3.6% |
9. | American National P&C | 3.1% |
10. | AIG | 2.0% |
Average Cost of Renters Insurance in Wyoming
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renters insurance is equal to the average.
In Wyoming, the average cost of renters insurance is $125 per year. Compared to the national average of $159 per year, it’s $34 more affordable.
Note that these rates are for a sample policy that has $100,000 in liability coverage, $20,000 in personal property protection and a $500 deductible. Since costs can vary depending on the value of your personal property, you can use our calculator below to determine how much your personal property is worth.
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Total: $0
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You can save money on your premiums by comparing renters insurance quotes in Wyoming. For example, if you are eligible to purchase a policy from USAA instead of State Farm, you can save up to $47 per year on your renters insurance premiums.
What Factors Impact Renters Insurance Cost in Wyoming
Several factors affect the cost of renters insurance in Wyoming:
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Renters Insurance in Wyoming: What You Need to Know
Renters insurance is a cost-effective way of securing your assets if an unexpected tragedy or incident occurs, like burglary, fire or inclement weather. That is why it’s important that you purchase renters insurance.
In Wyoming, 26% of the population are renters, with a monthly median rent of $822. The average monthly renters insurance premium is $10 for a standard policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, which is a little over 1% of the monthly rental price in this state.
What Renters Insurance Typically Covers in Wyoming
It’s important to determine the extent of coverage offered by a rental insurance policy before deciding on a provider. Your policy could include coverage for personal property, additional living expenses, liability insurance and medical payments.
In Wyoming, personal property coverage includes damages resulting from property theft and natural disasters like floods, wildfires, storms, droughts, landslides and earthquakes that could take place in the state.
What Renters Insurance Typically Does Not Cover in Wyoming
There are certain exclusions in renters insurance coverage in Wyoming. Keep in mind that your renters policy may not cover the following:
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Do you want to know more about renters insurance in Wyoming? The Wyoming Department of Insurance has various resources that can answer your questions. You can also research a carrier, file a complaint and seek assistance through their website.
Aside from their digital platforms, you can reach The Wyoming Department of Insurance via their:
- Office Address: 106 E. Sixth Ave., Cheyenne, WY 82002
- Phone Number: (307) 777-7401
- Fax: (307) 777-2446
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FAQs About Renters Insurance in Wyoming
To help renters find the lowest rates and the best policies, MoneyGeek answered some frequently asked questions about renters insurance in Wyoming.
State Farm has the cheapest widely-available renters insurance policies in Wyoming at roughly $125 per year. USAA also offers affordable policies, but they’re only available to military members and their families.
USAA is MoneyGeek’s highest-rated renters insurance company in Wyoming due to its balance of affordability and quality service. However, their policies are only available to military families. The best widely-available insurer in Wyoming is State Farm.
On average, renters insurance in Wyoming costs $125 per year.
No, you’re not required to get renters insurance in Wyoming. However, your landlord may require you to buy a policy as a part of your lease. That said, we recommend getting renters insurance to protect your property.
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Renters Insurance in Wyoming Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from two of the top insurance companies in Wyoming that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Wyoming. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- Wyoming Department of Insurance. "Home Page." Accessed March 31, 2022.