Renters insurance provides property coverage for your rental unit in case of loss or damage. MoneyGeek ranked the leading renters insurance firms in Wyoming to help you find the best provider for your needs at the cheapest rates. The scoring criteria consider the financial stability, customer service and costs of companies across Wyoming.
The Best and Cheapest Renters Insurance in Wyoming for 2022: Rankings, Reviews and Rates
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.
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Best Renters Insurance Companies in Wyoming
Finding the best renters insurance in Wyoming requires you to analyze more than just pricing. MoneyGeek rated companies based on three items: customer service ratings from J.D. Power, financial stability scores from AM Best and MoneyGeek’s affordability ratings. USAA earned a perfect score of 100 points, while State Farm posted a rating of 71.
USAA garnered the top position because of its perfect scores in affordability, customer service and financial stability. For renters insurance in Wyoming, USAA offers multiple benefits, including coverage for identity theft, moving, storage, floods and earthquakes. USAA’s policy has an average annual premium of $78 with $100,000 liability coverage and $5,000 medical payments coverage. These are standard across the industry. The company earned a B+ rating from the Better Business Bureau (BBB).
State Farm offers well-balanced coverage with a reasonable price. One can get an online quote from this company in 5–10 minutes. The cost of a basic policy is around $125 per year. You can add waterbed and earthquake coverage to State Farm’s renters policy. Most insurers do not offer this feature.
Largest Renters Insurance Companies in Wyoming
The five leading renters insurance companies regarding market share in Wyoming are State Farm with 21%, Farmers Insurance Group with 17%, Mountain Farm West Group with 16%, Liberty Mutual Group with 9% and United Service Automobile Association Group with 6%. These insurance providers make up nearly 70% of renters insurance policies in Wyoming. Choosing a large and stable insurance company ensures that you will get paid quickly for legitimate claims.
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Average Cost of Renters Insurance in Wyoming
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The average cost of renters insurance in Wyoming is $125 annually. This is $34 less than the national average of $159. This Wyoming rate applies to policyholders who choose personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500. Renters in Wyoming can find the lowest price points by comparing renters insurance policies. For instance, a renter who chooses USAA over State Farm saves roughly $3 every month.
What Factors Impact Renters Insurance Cost in Wyoming
Several factors affect the cost of renters insurance in Wyoming:
- Location: Your ZIP code affects renters insurance costs. Expect to pay higher premiums if you live in an area with high crime rates and significant weather risks.
- Coverage Amount: Performing an inventory of your property is advisable before asking for an insurance quote. This allows you to find out the cost of property replacement in case of disasters.
- Deductible: This refers to the amount you need to pay for a covered loss. Your insurer will deduct this amount from your payment claim.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): RCV policies will replace your property with new items, while ACV policies will only pay you the depreciated cost of the items you own.
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:
- Renters insurance coverage insures only the property, not the building.
- A standard renters policy does not cover water damage caused by flooding. As a renter, you can purchase incremental insurance from the National Flood Insurance Program (NFIP).
- It does not cover roommates’ belongings or damages to your car.
FAQs About Renters Insurance in Wyoming
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.
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