Best Home Insurance Rates In Wyoming

On average, your neighbors pay $91 a month.

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Compare Homeowners Insurance In Wyoming

Wyoming is home to the world’s first national park, Yellowstone, home of the famous Old Faithful geyser. It is also home to Grand Teton National Park, known for great skiing and hiking. The Equality State gets its name for being the first state to extend the right to vote to women. While the least populous state is home to many beautiful landscapes, the home insurance risks are plentiful as well.

Average Wyoming Homeowners Insurance Rates

How much is home insurance in Wyoming? Wyoming has relatively low average homeowners insurance premiums. The average cost of homeowners insurance in the state of Wyoming is $1,088. That's much lower than the national average of $1,173. There are 27 states with lower average home insurance rates than Wyoming.

Wyoming Average Annual Homeowners Insurance Rates
  2013 2014 2015
Wyoming Annual Average $952 $1,021 $1,088
Wyoming Price Per Month $79 $85 $91
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 28 25 24
Source: Facts + Statistics: Homeowners insurance

The graph below shows the change in average Wyoming home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Wyoming homeowners insurance rates increased from $770 in 2011 to $1,088 in 2015, a jump of $318 dollars, or 41.30 percent.

Wyoming average homeowners insurance rates

Choosing a homeowners insurance company in Wyoming should be easier. Actually, it’s already easy. The key to finding the cheapest rates is to get a homeowners insurance quotes comparison in Wyoming from multiple companies.

Best Wyoming Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Wyoming. Out of the 1,759 Wyoming homeowners that used QuoteWizard to request insurance quotes last year, 76 had no home insurance.

  1. Farmers
  2. Allstate Insurance
  3. Progressive Casualty
  4. Geico
  5. Safeco
  6. Hartford Insurance Co.
  7. USAA
  8. AAA Insurance Co.
  9. Nationwide
  10. MetLife
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Best Homeowners Insurance Companies in Wyoming

The above list shows the most popular home insurers in Wyoming according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top Wyoming Home Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Financial Rating Market Share
1 Farmers Insurance A 17.73%
2 Mountain West Farm Group A- 14.97%
3 Liberty Mutual A 8.91%
4 Allstate A+ 5.36%
5 Nationwide A+ 5.02%
6 USAA A++ 4.92
7 Hartford Insurance A+ 3.29%
8 CHUBB Inc. Group A++ 2.67%
9 Metropolitan Group NR 1.85%
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Wyoming Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Wyoming.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price usually means higher premiums in that state. For Wyoming, the average listing price is $287,714 as of July 2015, almost exactly the same as the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums. That's because the likelihood that someone will need to file a claim is higher. In 2013, Wyoming’ average burglary rate was 335.5 per 100,000 people. That's about half the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Wyoming, there are 61.6 law enforcement personnel per 100,000 total citizens, which is almost twice the national median of 32 per 100,000.

Home Insurance Hazards

Wyoming’s weather is marked by freezing cold winters, mild summers, and late springtime thunderstorms, all of which may pose as home insurance hazards. The eastern portion of the state is part of the High Plains. But the majority of the state is mostly quite mountainous, leading to some variations in climate.

Lack of precipitation: Wyoming is the third-driest state, receiving only 14.4 inches of rain on average per year. The rainiest part of the state is the northwest corner, as rain generally increases with elevation. Yellowstone Lake averages 151 days of rain per year, and about 21 inches annually. At Old Faithful, the average is 139 days of rain and 25.4 inches per year. The rest of the state is somewhat uniformly dry, with a slight increase in the southeast corner. For example, in Cheyenne, the average is 104 days and about 16 inches per year. A lack of rain becomes a homeowners insurance hazard when it becomes drought-like. According to the National Drought Monitor, droughts are measured from D0 (abnormally dry) to D4 (exceptional drought). As of July 2015, 18% of Wyoming is experiencing D0 or higher, and 14% is experiencing D1 (moderate drought) or higher. Drought can seriously damage agriculture production and may cause wildfires, so it is a notable homeowners insurance hazard.

Thunderstorms: While Wyoming is mostly very dry, it does experience occasional thunderstorms, mostly in the southeast plains. Most parts of Wyoming average about 35 days with thunderstorm activity, but the southeast corner of the state averages closer to 50 days per year. Precipitation is most common in May and June, and thunderstorms are most common in June, July, and August. In May, the southeast city of Cheyenne averages 12 days of the month with rain. While the northern city of Evanston averages only 8 days.

Thunderstorms are very violent storms, bringing with them heavy rain, strong winds, lightning, and can cause tornadoes and flash floods. Lightning is especially dangerous in Wyoming because of the dry climate. And, because the part of the state that most frequently has thunderstorms is especially dry and flat, lightning strikes could cause wildfires. Wildfires are less of a concern in Wyoming than in nearby states, but still pose a threat. What’s more, some thunderstorms cause tornadoes, and southeast Wyoming is most vulnerable--Wyoming averages 11 tornadoes per year, most of which occur in this region. Finally, flooding can be especially devastating throughout Wyoming. Due to a combination of thunderstorms and snow runoff, floods are one of the most common hazardous weather events in Wyoming. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Very cold winters: Winters are quite cold in Wyoming, and January tends to be the coldest month of all. Wyoming is one of the coldest states. And it's home to seven of the 20 cities with the coldest average annual temperature, all below 35 degrees. Darwin Ranch, Wyoming has the second most days of the year with freezing temperatures in the continental US with 298 days. Throughout winter, northern and western regions of Wyoming get the coldest, while eastern Wyoming is slightly warmer. The January average high is just about freezing, while the average low is  8 degrees. Temperatures usually thaw by May.

Snow takes place in Wyoming from October through May, and in some areas more than others. In the northwest corner, Yellowstone Park receives about 200 inches of snow per year, over about 87 days. Further south in Casper, they average 48 days of snow per year and about 75 days of snow. But, some areas receive even less. At the centrally-located Boysen Reservoir Dam, they only average 12 inches of snow per year over about 8 days of snow. Cold and snow can be a serious homeowners insurance hazard, so be sure to discuss this with your insurance agent.

Wyoming Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Tom Glause
Insurance Hotline:
(800) 438 -- 5768
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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