Wyoming Homeowners Insurance Guide
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Wyoming Homeowners Insurance
Explore Wyoming Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Equality State is the tenth largest state in the country, measured by land area, and the least populous. A combination that makes Wyoming the least densely populated state in the U.S. As such, it comes as no surprise that much of the state is made up of pure, untouched, natural beauty. Its rugged landscape is home to several national parks, Yellowstone and Grand Teton being the most famous. This landscape and open space make Wyoming a target destination for outdoor enthusiast. Not only can some of the best skiing in the country be found on the mountains within the Equality State, but also some of the best rafting, hiking, and rock climbing.
Completely landlocked, Wyoming is protected from many natural disasters. However, with acres of forests, snowcapped mountains, and severe weather, property owners in Wyoming often must prepare for wildfires and floods.
Average Homeowners and Renters Insurance Premium
Property owners in Wyoming pay about average for homeowners insurance when compared to the rest of the country. However, they pay the sixth least amount for renters insurance. So, although the Equality State does experience periodic wildfires and floods, their respective impact is seldomly catastrophic.
| State | Homeowners | Renters |
| Wyoming | $1,187 | $146 |
| USA | $1,249 | $179 |
Source: Insurance Information Institute (2018)
Wyoming’s landlocked nature, coupled with its low risk for catastrophic loss, means most property owners in the state are sufficiently covered by the standard homeowners insurance policy. Loss from fire, wind, theft, and a host of other normal perils are all covered under the homeowners insurance policy. Flood however, is specifically excluded. As such, property owners in the state should look to augment their overall property package with a flood policy from the National Flood Insurance Program (NFIP).
Which Property Insurance Carrier Should I Choose?
The homeowners insurance market in Wyoming is fairly concentrated, with the top three carriers in the region controlling 54% of the market. That said, there is good representation of both national and regional carriers in the market. When looking for the right property insurance partner, make sure to include regional carriers, as they may be able to craft coverage to your specific risk. Also, when comparing carriers and their respective packages, make sure to include each carriers’ reputation for honoring coverage, and speed in which they handle claims.
Top 5 Home Insurance Carriers in Wyoming
| Company | Market Share |
| State Farm | 21.4% |
| Farmers Insurance Group | 17.1% |
| Mountain West Farm Bureau Mutual Insurance Co. | 15.5% |
| Liberty Mutual | 8.7% |
| USAA Insurance Group | 6.2% |
Source: Insurance Information Institute (2019)
The Equality State’s serene nature and picturesque beauty makes it the perfect place to recharge and relax. It may not have bumper-to-bumper traffic, or all-day flashing lights and noise, but it does have raging rivers that’ll make any rafter’s heart race; or mountains like the Devil’s Tower, that’ll make any rock climber excited at first sight. Wyoming’s charm is unique, and those that have visited or are lucky enough to call it home have a visceral understanding of this. In addition to this one-of-a-kind beauty, the Equality State also boast reasonable homeowners insurance rates, and some of the best renters insurance rates in the country.
Wyoming Regulating Agencies And References
