Find Affordable Homeowners Insurance In WY

The person next door spends an average of $93 month.

Find Affordable Homeowners Insurance In WY

The person next door spends an average of $93 a month.

Cheap Wyoming Home Insurance Rates & The Best Companies

WYOMING STATS


On average, Wyomingites are paying $1,389 every month on homeownership costs. 


There are 300,000 houses in the Cowboy State, 69% of which are occupied by owners.

  • Population: 577,737
  • Average value of homes that's occupied by owners: $204,900
  • Households: 230,237
  • Average household income: $60,938
  • High school grad or higher, percent of people age 25 years +: 93%
  • Average travel time to work: 18 min

The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.

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The Cowboy State is undoubtedly a favorite destination for adventure tourists like skiers and hikers. But despite its picturesque mountainous landscape, we can’t deny its harsh winters marked by heavy snowfall. Freezing temperatures can lead to burst pipes that can result in severe home damage and peak the insurance rates. However, the home insurance rates in Wyoming are on a moderate range and closer to the national average. Put simply, the rates are not exactly out of the budget, much to the joy of Wyoming homeowners. But still, it’s suggested that you go through different home insurance rates to find the most budgeted and suitable option for you. Our free comparison tool aims to help you find the best rates around by providing you with a list of insurers in your area, saving you the time to look and find for those insurers yourself.


Homeowners insurance is a significant bill that can take away a significant amount of your annual budget. In this article, we will talk about the average premiums that homeowners in Wyoming have to pay and compare that to the national average. We will also discuss some useful tips for saving money by reducing home insurance quotes.

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Wyoming homeowners insurance premium


If we check the data from Insurance Information Institute (III), Wyoming is the 24th state in the country, in terms of homeowners insurance premiums. The annual average rate of homeowners insurance premium in 2015 (latest available data) was $1,088, the national annual average being $1,173. If you check the monthly average, it is $91 for Wyoming homeowners. The national monthly average is $98.


For 2014, Wyoming residents paid an average of $1021 for their insurance premium. This ranks Wyoming 25th in the nation. The national average premium for a homeowner is $1132. In other words, this state is right about average. The states with the most expensive insurance are those that suffer from hurricanes, tornadoes, flooding, earthquakes, and other threats to houses. Because Wyoming has a calmer climate and lacks tectonic activity, it has lower premiums than states like Florida or Texas.


As per the experts, it would be better if you compare multiple quotes from at least 3 home insurers before you finally sign up with one insurer. The mean numbers we listed above is meant to serve as a guide when comparing quotes. It’s helpful to know whether your quotes are falling way above WY’s average. You can ask the agent about certain factors unique to your case as to why your rates are higher. It may be that the company is offering premiums rates or that you or your home has certain factors that the insurer deems high-risk therefore increasing your premium.

Average Wyoming Home Insurance Premiums

 201620152014
Monthly average$93$91$85
Annual average$1,120$1,088$1,021
National annual average$1,192$1,173$1,132
Rank252425
Source: The annual average premiums came from the Insurance Information Institute's latest recorded data. We calculate the estimated monthly insurance costs based on the data provided.


Best 3 Firms By Market Share In WY 


We have provided compact reviews on top 3 homeowners insurance companies in Wyoming on the basis of market share owned by them. Each review highlights the coverage option, discount facility as well as the financial strength of the company. You need to understand the capital strength of your insurer to gauge its capacity to compensate your claims. The financial ratings featured here are from AM Best and S&P. AM Best offers an independent opinion about the financial status of a company and its ability to address the insurance contractual obligations. S&P is one among the 3 leading credit rating agencies.


The reviews also give an idea about the level of customer satisfaction boasted by these companies. In that regard, we have counted on JD Power’s Circles Rating which is the results of their 2018 U.S. Home Insurance Study. The study looked at overall customer satisfaction on all levels of what the company has to offer. JD Power is a renowned international marketing services information organization and assures most unbiased and independent customer ratings.


State Farm


One of the biggest home insurers here, State Farm writes 10%+ of policies in Wyoming. The company holds 22 percent market share in the Wyoming home insurance market. State Farm is widely renowned for flexible coverage options as well as affordable rates. The company is also hailed for its great financial strength. It has received a highly respectable A++ (Superior) rating from AM Best as well as AA (Very Strong capacity) from S&P. State Farm has also impressed its customers with its high end user-friendly claims management service. In light with the high level customer satisfaction observed in the company, JD Power has given it a 3 (About average) rating out of 5 Power Circles.


State Farm offers homeowners insurance for all kinds of standard residential units such as manufactured homes, condos, single-family homes and ranches or farms. The standard coverage policy here assures protection of the dwelling unit from damages caused fire, theft & vandalism as well as extreme weather conditions. You will get add-on coverage facilities for identity theft protection, home business and flood.


State Farm boasts the most extensive and largest claims network around. It has come up with a 24/7 hotline for easy claims reporting anytime. You can report your claim online as well or with some local agent in-person, or through State Farm’s mobile app. The company guarantees fast and timely claim redressal. 


Farmers


With 18 percent market share in the state home insurance market, Farmers is one of the most frequented homeowners insurers in Wyoming. The company features extensive coverage and premium claims management resources which easily make it a favorite among the homeowners here. Farmers also guarantee solid financial footing. AM Best has rated it with an A (Excellent) while it has also received an A (Strong capacity) from S&P. In regards to customer satisfaction, Farmers has earned a decent 3 (About average) rating out of 5 from JD Power.


The standard home insurance coverage from the company is really extensive. It includes protection for property & possessions, liabilities, medical payments needed for people wounded on the homeowner’s premise as well as extra living expenses when the insured unit is uninhabitable. Additional coverage options are available for exceptionally valuable & rare possessions.


Claim filing is a breeze with Farmers. The company enables you to file claim over phone, on its website, via some local agent or through its dedicated mobile app, iClaim. The company even allows policyholders to keep tabs on the progress of the processing of a claim. Besides, the insurance giant holds ties with various expert and reliable contractors around. So, in case you need an emergency repair, Farmers can help with the contact details of these contractors.


The company also offers a versatile range of discounts. You will enjoy rate-cuts for upgrading your home with impact-resistant roof, improving electrical or plumbing systems and for installing home security devices. Then, there are discounts for brand new homes, non-smokers and for installing certified green energy-efficient features at home.


Mountain West Farm Bureau


Founded in 1948, Mountain West Farm Bureau was initially launched for the rural communities in Wyoming. Today, it’s one among the highly popular home insurance providers in Wyoming. Mountain West Farm Bureau holds 17 percent market share in the state home insurance market.


The standard home insurance policy from the company extends coverage for the dwelling unit, attached structures and additional living expenses paid during temporary shelter when the original property is undergoing repair. The coverage even extends to property replacement and liability protection.


Mountain West offers a plethora of discount options for various factors. These include bundled policies, brand new home, installation of impact-resistant roof & home security fixtures and loyalty discounts.


However, Mountain West Farm is passing through a rough phase at present in terms of financial capacity. AM Best has degraded its rating to A- from its previous A (Excellent) rating. However, the company has always been a strong performer and hopefully will regain its previous strong financial foothold soon. 

Wyoming Home Insurance Companies: Market Share and Summary of Ratings

RankInsurerMarket Share %AM BestS&PJD Power
1State Farm22.4A++AA3
2Farmers17.8AA3
3Mountain West16.7A-NRNR
4Liberty Mutual8.5AA3
5USAA5.8A++AA+5
6Allstate4.7A+AA3
7Nationwide4.2A+A+3
8Chubb3.3A++AA3
9Hartford Financial2.3AA3
10American National2.0AANR
NR: Not rated
Source: Insurance Information Institute, AM Best, S&P, JD Power

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Homeownership Assistance programs


Here’s a list of programs designed to help home buyers in Wyoming.


Wyoming Community Development Authority (WCDA) program - helps single families with  the affordable financing of their first homes plus educational tools to aid in retaining and buying their homes. 


Welcome Home program - provides down payment assistance to eligible single family home buyers who will be living in the home as their primary residence.


Habitat for Humanity - An organization that helps people in having a safe and affordable place to live all over the world. To become a Habitat homeowner your living conditions must be poor. If you’re having trouble paying your monthly bills because of high housing costs, or there are  safety issues in the house that you can’t afford to fix at the moment, it’s worth reaching out to them. The organization requires all of their home buyers to participate in their “sweat equity,” which means that you’ll be participating in building your home and of other families or participate in volunteer work. Attending educational classes may also be part of the prerequisite where homebuyers will learn about homeownership.


Ways To Save


Although Wyoming’s average home insurance rates are very close to the national average, that doesn't mean that homeowners are content since the monthly cost of insuring homes in WY is almost $100. There are two main ways to get cheaper Wyoming home insurance. The first is to alter your home. If you get a storm roof or windows, weatherize the home, and otherwise make it a tougher building, you may be eligible for an insurance discount, and these improvements often save on heating bills as well. Call your insurer to see if they can provide you with a list of discounts and improvements that are available to you. For example, you might be able to install an improvement, but the insurance company may only issue a discount if you use a certain installer to do it. You can also make the home safer by removing items that could lead to an accident, such as a trampoline or pool, or by fixing broken stairs, railings, or fences. Anything you do that lowers the chances of you making a claim could be worth a discount on your premium.


The other major way to save on insurance is to change your plan. Shop around and get quotes from different insurers for the same coverage. Compare prices and ask for price-matching. An insurance company is often willing to give you a discount rather than lose you as a customer. You can also save by bundling, in many cases. This is the practice of getting home, auto, and life insurance from the same company. The more individual policy types you get, the bigger the discount on all of them. When comparing prices, then, it is important to not just examine the price for each policy, but to ask if they offer a bundle discount.


Homeowners insurance is hardly the most expensive in the country, but you can still potentially save hundreds of dollars by either improving your home or looking for a better deal. Requesting a list of possible discounts for improvements should help you see if any of them are worth doing. Just mentioning that you are thinking about switching to another company can often lead to an offer of a lower premium.


Resources:


United States Census Bureau  

Insurance Information Institute

Consumers Advocate

For more assistance, please contact your local state department of insurance:

Wyoming Department of Insurance

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