Homes in Wyoming are at risk of fire, storms and flooding, so adequate homeowner’s insurance is important. Even though home insurance is not mandatory in the state of Wyoming, if you have a mortgage, your lender may ask that you secure insurance as part of the loan. In either case, you should look for a quality insurance company that offers complete coverage at a reasonable rate.
While your coverage doesn’t have to be perfect, it should be enough to protect what you have. Consider a policy that covers at least 80 percent of the value of your home. You should also consider your property and possessions when choosing an insurance policy. Keep the value of your home and your budget in mind as you shop for your insurance policy.
Comparing Wyoming Home Insurance Rates
The Wyoming Department of Insurance regulates who can sell insurance in Wyoming. The only entities or individuals that can sell insurance in Wyoming without a license are banks, lawyers, or insurance firms. Regulation is strict and you can file a complaint against anyone who violates the set regulations. For this reason, choosing an insurance policy is relatively easy, but you should shop around for the best prices and options.
Consider the cost and value of your home, and then choose the type of insurance that best suits your needs. Wildfires are common in Wyoming so protection from fire damage is a good start. Severe storms also are quite frequent, so consider wind and hail damage as well. Flooding is an issue, but if you live in the Rocky Mountains, you have less risk of flooding then if you live in a valley. Part of choosing your insurance policy should include deciding what your risks are and then purchasing protection accordingly.
Wyoming insurance rates vary based on basic risks, the cost to rebuild and the following factors:
- Size of insured buildings.
- Materials used to build your home (brick, stone, wood, etc.).
- Crime rates in your neighborhood.
- Distance to the nearest fire hydrant and fire station.
- Credit history of the owner.
- Condition of water, gas, and electric lines in your home.
Some Wyoming insurance companies may offer a discount if you haven’t filed a claim recently. Other companies also may offer a discount if you have new plumbing and electrical systems. Many companies allow you to save on your home insurance by installing a burglar alarm, smoke detector, deadbolts and a carbon monoxide detector. You also can reduce your premiums by installing impact-resistant roof material.
Preparing Your Home for Wildfire
Wildfire is a risk in Wyoming and you should be prepared. Taking a few precautionary steps before looking for insurance can help to keep your premiums low. While there is not a great deal you can do to prevent fire damage, you can work to minimize it as much as possible.
- Enclose eaves, sun decks and porches.
- Install fire resistant siding and roofing.
- Install covers on chimneys.
- Treat doors and windows to resist fire damage.
- Create a fire barrier of 30 to 100 feet around the house.
Reducing the risk of fire to your home can lower your insurance premiums. Most houses in the Great Plains area are at risk of fire because grass fires start easily. Clearing 30 to 100 feet around the house can help to minimize risk. You can view the FEMA website to for a full list of fireproofing suggestions.
Frequently Asked Questions About Wyoming Home Insurance
Here are a few frequently asked questions about Wyoming home insurance:
1. How does a home insurance policy protect against storms?
Storms can be quite rough in Wyoming. Hail and wind damage are among the most common problems in the state. As a result, you require adequate protection from both. You can get a discount on your insurance premium by installing storm shutters and using impact resistant roofing materials.
2. How do you acquire flood insurance?
Almost all home insurance policies do not offer coverage in the event of flooding. If you are in a flood risk area, you may also be required to have flood insurance if you mortgage your home. Check with the National Flood Insurance Program to see if your area is eligible for coverage.
3. What does roofing have to do with an insurance premium?
The type of roofing on your home can greatly affect your premiums. Soft, flammable materials like wood and shingles might increase your premiums. Metal roofing, which is fire resistant and usually not damaged by hail, is most likely to qualify for a discount.
How to Get Great Rates on Wyoming Home Insurance
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Wyoming Home Insurance Resources
WY Insurance Department
State of Wyoming insurance information and regulations