Wyoming Homeowner's Insurance
A standard homeowner's insurance package includes several primary parts, the dwelling, "other" structures on the property, your personal property and the possibility that you will have to spend money out of pocket for loss of use. Average costs to insure a home in Wyoming are about $676. To get the best coverage possible, it is a good idea to understand what the different parts in a policy and to become familiar with the possible perils faced by homes in Wyoming.
The primary home on the insured property is covered under the dwelling portion of your insurance policy. There may be other residential buildings on the property, but only one of them, usually the largest one, is considered the dwelling. On the other hand, any secondary buildings that are built into the dwelling or attached in such a way that they cannot be removed without damaging the home are also included in the dwelling coverage.
All of the other permanent constructions on the property are considered "other structures." These include, but are not limited to, workshops, greenhouses, dog houses, pump enclosures, docks, and special constructions such as handicap ramps. If it is built permanently on the property but not attached to the primary dwelling, it is probably listed as an "other" structure.
Anything you own that can be removed from the insured property is listed as personal property. This includes your clothing, appliances, pictures, electronics, toys, and decorations, to name only some of the categories of possessions. To make it easier to file a claim, make a home inventory that records everything you own, and itemize your receipts for easy reference if you need to file a claim.
Loss of Use
The loss of use section of your home insurance policy covers the reimbursement of funds you have to spend to maintain your standard of living when the home or property is damaged by a peril covered under the policy. This could include any loss of use, such as a place to stay if the home is destroyed, meals eaten at restaurants if your kitchen catches on fire, or incidental costs such as having to do your laundry elsewhere if your wash house is destroyed by a freak storm.
Average Wyoming Homeowner Insurance Rates vs. US
Cheaper Wyoming Home Insurance
Cheaper home insurance is more than a dream for the future. Of course, many of the things that save you money take time, but you can also start by making the home safer today. Along with reducing the risks of the house, you should also reduce your personal risks, and that can be done by keeping your credit score high.
The home burglary rate in Wyoming is one factor that affects the cost of your home insurance, but there are several things you can do to reduce that risk. Installing deadbolts on your ground floor doors and windows is one way to reduce risks, and putting up a fence across the border of your property is another. But most people discover that they get the best home safety discounts by having a professionally monitored alarm system installed.
Reduce Insurance Risks
A home comes with a number of insurance risks. Removing dead trees and limbs makes the home less prone to damages and has the added benefit of reducing the liability risks where neighboring properties are concerned. Another way to save money on insurance by making the home safer is to put in a fence around your pool or a gate across the access to your boat dock.
Credit Score and Insurance Risk
For insurance companies, your credit score is an important way to determine your personal financial risk. Keep your score at 650 or better, and you will also be earning a discount on many of your insurance policies. But it is a good idea to monitor your credit score regularly in case errors creep in or someone attempts to undermine your score by committing identity theft.
Home Characteristics Affecting Wyoming Insurance Rates
Wooden homes face more dangers than brick or stone, and that will play a part in setting your premiums. Similarly, older homes face more dangers than newer ones, especially in the areas of plumbing and electrical systems, because aging pipes and wiring are more likely to fail and have the potential to cause extensive damages when they do. The size of the home is the largest factor, because the basic rates will be set according to the square footage of the property being insured.
Local Natural Disasters Wyoming Homeowners Should Consider Protecting Against
One thing that you need to know about a home insurance policy is that the standard policy does not provide coverage for all the natural disasters your home faces. It is the homeowner's responsibility to know what could happen in Wyoming and to secure any coverage necessary to fill in gaps. One example of this would be flood insurance, which is not provided in any standard policy even though flooding is a possibility in every state in the country.
Ranked at 7 out of 51, Wyoming is in the top list of states most likely to experience an earthquake, and it would be a good idea to purchase earthquake insurance for your home. You may have to buy the coverage from a high risk insurance company or even contact your state department of insurance to find out how to get the protection through a government regulated insurance pool.
Flooding happens in every state and is very rarely part of a standard home insurance policy. As with earthquake coverage, you may have no choice but to get the coverage through a high risk insurer or government monitored pool which all insurance companies are required to participate in.
Hail damage is usually considered a form of wind damage, but check your policy to make sure that it has not been excluded. If it has, your insurance company can tell you how to go about picking up a hail damage insurance rider to give you the protection you need.
Wyoming is not subject to hurricanes, but it is prone to extremely severe winter storms that rival the destructive force of one. Check your policy to make sure that it contains provisions for ice and severe winter storms, and call your insurance company to add such coverage if it is not.
Tornadoes can spring up in Wyoming, but they are rare. To be safe, make sure that tornadoes are not excluded from your policy. Unless that is the case, the peril is included under the wind damage portion of your current policy.
74,749 happen each year, and some of them burn in Wyoming. However, unless your policy lists wildfires as an exclusion, the damage caused by such an event is covered under the fire damage portion of a standard homeowner's policy.
Wyoming Homeowners Insurance Optional Coverages
Actual cash value is the way many standard home insurance policies read, but you need to be aware that actual cash value means the original price minus depreciation over time. A better type of coverage would be to have full replacement cost coverage, which costs a little more, but will completely replace or repair lost or damaged items regardless of the current market values. You might also want to increase the limits of your personal property coverage, because standard coverage typically falls short of the value of your family's possessions.
Important Contact Information
Wyoming Department of Insurance
106 East 6th Avenue
Cheyenne, WY 82002
Phone: (800) 438-5768
Home Insurance Guides for Nearby States
- Colorado Homeowners Insurance
- Idaho Homeowners Insurance
- Montana Homeowners Insurance
- Nebraska Homeowners Insurance
- South Dakota Homeowners Insurance
- Utah Homeowners Insurance