Insurance
Wyoming Homeowners Insurance Calculator: Estimate Your Policy Cost
Updated: November 10, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Rates updated:
Nov 21, 2024
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MONEYGEEK EXPERT TIP
MoneyGeek found that Allied provides the least expensive home insurance in Wyoming. We studied the cheapest home insurance providers in Wyoming to determine the best options for different buyer profiles.
For anyone looking for affordable home insurance alongside quality service, we also know the best homeowners insurance providers in Wyoming based on different homes and profiles, like veterans or people that prioritize service quality.
How to Estimate the Cost of Your Homeowners Insurance Policy in Wyoming
The buyer profile and their demands may have a significant impact on the cost of homeowners insurance in Wyoming. Your location, credit history and coverage amount, as well as your home's age, safety features and rebuilding costs, all have an impact on your premium.
To receive an estimate of your potential homeowners insurance premium, input the following pertinent information into the MoneyGeek Wyoming home insurance calculator below.
Wyoming
The cost of homeowners insurance varies substantially from region to region in Wyoming. If you live in a high-risk location for crime, fire or natural disasters, you will likely pay more than someone living in a low-risk area.
Dwelling Coverage
The amount required to repair/reconstruct your home after damage from a covered peril is the dwelling coverage of the policy. The cost of your homeowners insurance greatly depends on how much dwelling coverage your policy includes.
Your insurance will offer more protection against damage if it has a higher dwelling coverage limit, but it will also cost more.
The average dwelling coverage for homeowners insurance in Wyoming is $250,000.
Deductible
The deductible is the portion of a claim that you are responsible for paying.
If you have a $1,000 deductible on your homeowners insurance policy and you make a claim for $10,000, you'll have to pay $1,000 out of pocket before your insurer pays the remainder.
The monthly payment for a policy with a high deductible will be lower.
Liability
Liability insurance will cover the costs associated with a third party being injured or having their property damaged should you, your pet, or a family member be at fault. It covers death benefits, legal expenditures, maintenance expenses and medical bills.
We suggest that you buy enough liability coverage to protect yourself from possible lawsuits. It's worth noting that increasing your liability limit by tens of thousands of dollars may result in a few dollars extra monthly.
Personal Property
Items inside and outside your home are considered personal property. This provision of your policy reimburses you for personal property that has been lost or stolen.
Using the following calculator, you can assess how much personal property coverage you might need. That ensures your personal belongings are adequately covered.
Credit Score
Your credit score is taken into account when setting Wyoming insurance prices. Homeowners with poor credit scores are thought to be the most likely to file a claim, so insurance companies view them as a higher risk and charge them a higher premium.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Wyoming
Wyoming is an affordable state for homeowners insurance compared to many other states in the country. A policy that includes $250K dwelling coverage costs an average of $2,260 per year. That is around 7% below the national average.
To find out how much different levels of coverage cost, see the table below, which illustrates the average cost per dwelling coverage amount in Wyoming.
Average Annual Premium in Wyoming for Homeowners Insurance
| $100,000 | $1,522 |
| $250,000 | $2,260 |
| $500,000 | $5,178 |
| $750,000 | $7,611 |
| $1,000,000 | $9,669 |
| $2,000,000 | $20,052 |
| $3,000,000 | $30,539 |
MONEYGEEK EXPERT TIP
Dwelling coverage is one of the most significant parts of a homeowners insurance policy. You need to be sure you have enough insurance in case of a big loss so that you can afford to rebuild.
The age, size and shape of your property, among other things, will all play a role in determining how much dwelling coverage you need. You might consult a professional appraiser or approach your insurance company to get an estimate of your home’s replacement cost.
Think about the fact that if you need to rebuild your property, an incorrect estimate could mean paying a lot more money out of pocket. Inflation guard coverage and extended replacement coverage are available for those who want an extra layer of security.
Frequently Asked Questions About Home Insurance in Wyoming
To assist you with the basics of what to expect from homeowners insurance in Wyoming, MoneyGeek has given answers to some frequently asked questions.
How much does homeowners insurance cost in Wyoming?
The average annual cost of homeowners insurance in Wyoming is $2,260. That’s around 7% less than the national average.
How do I know how much dwelling coverage to get?
The standard dwelling coverage in Wyoming is $250,000. To establish the amount of dwelling coverage needed for your home, you must understand how much it costs to rebuild it. The cost involves the current costs of labor, materials and construction. Your insurance provider or a professional appraiser can help you with an assessment.
Insurance
Methodology
To determine the average cost of homeowners insurance in Wyoming, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from a fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Insurance Information Institute. "What is Covered by Standard Homeowners Insurance?." Accessed August 25, 2022.