The Best and Cheapest Renters Insurance in Cheyenne, WY, for 2024: Rankings, Reviews and Rates

bestrenters insuranceCheyenne

2024

The Cheapest and Best Renters Insurance in Cheyenne

Cheapest renters insurance in Cheyenne - USAA

Best renters insurance in Cheyenne - USAA

Renters insurance companies in Cheyenne offer the same core coverages, so cost should be a main factor to consider. It’s easier to find a policy and price that suits your needs when you compare renters insurance companies.

In Cheyenne, on average, the cheapest renters insurance companies are:

• USAA: $78 per year (only available to military personnel and their families)
• State Farm: $125 per year

If you’re an eligible military member, USAA is your best option. With USAA, you get great value for your money since a renters policy includes item reimbursement at replacement cost, and you have coverage for flood and earthquake damage.

The sample policy for this guide has $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. In the table below, you can see how prices change based on personal property coverage limits.

If you don't live in Cheyenne, you can browse the best and cheapest renters insurance in Wyoming.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

USAA

Score:100

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COMPARE QUOTES

by MoneyGeek

5/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

With a perfect score in each category, USAA is our top pick for renters insurance in Cheyenne for eligible current and former military members.

More About USAA

USAA is the cheapest option for renters insurance in Cheyenne, as in many cities and states, but you must have a military background to get a policy. USAA covers policyholders even if they’re deployed abroad or move outside the country. If you’re actively serving in the military, you can make your renters policy more affordable with a discount.

2

State Farm

Score:71

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COMPARE QUOTES

by MoneyGeek

3/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

State Farm is our runner-up in Cheyenne, garnering a perfect score in financial stability and high customer satisfaction score. With State Farm, you can add identity restoration coverage to your renters policy.

More About State Farm

State Farm often has the cheapest renters insurance in the country. To protect against identity theft costs, you can get identity restoration coverage through State Farm. Plus, while getting a quote online, you can immediately see how increasing the coverage amount for valuables and business personal property affects your rate. Policyholders can also purchase inflation coverage, so your personal property coverage limit increases over time.

In Cheyenne, renters insurance costs an average of $125 per year. Compared to the national average cost of renters insurance of $159 per year, a policy in Cheyenne is around $34 cheaper.

Many different factors can impact the cost of renters insurance in Cheyenne. Below, MoneyGeek listed those with the biggest impact on a premium.

1. Personal property coverage amount. This is one of the most important factors that influence the cost of your policy — the higher your personal property coverage, the more expensive your renters insurance.
2. Location. Insurance companies consider where you live when calculating your premium. Each city has varying crime rates and weather patterns, although these have a minor effect on your rate.
3. Deductible. This refers to how much you pay your insurance provider once they accept a claim to replace your belongings. If you have a high deductible, you pay a lower monthly premium since you pay more out-of-pocket in a claim.
4. ACV vs. RCV. There are two ways that insurance companies usually reimburse their policyholders, either through actual cash value (ACV) or replacement cost value (RCV). You’re reimbursed for the depreciated value of your items with ACV, while you’re reimbursed for the cost of a new item with RCV.
5. Liability coverage amount. This factor has the smallest impact on your renters insurance rate. The standard limit is $100,000. However, you can add thousands of dollars of coverage for only a couple of dollars more a year.

Calculate How Much Renters Insurance You Need

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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Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.

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The neighborhood in which you live has a limited impact on the cost of renters insurance in Cheyenne. MoneyGeek’s research shows your ZIP code impacts your monthly payments by a few dollars.

Even if you’re not legally required to have renters insurance in Wyoming, MoneyGeek strongly encourages that you still buy a policy. Renters insurance in Cheyenne protects your assets at a very affordable price.

To find a policy that suits your needs, it’s best to shop around for renters insurance in Cheyenne. Renters insurance covers perils like theft. According to FBI data from 2017, Cheyenne has a property crime rate of 3,215 for every 100,000 people. That is 51.28% above the national average.

Consider purchasing renters insurance whether you’re renting an apartment or a home since it can protect you against risks like fire and water damage, too. In Cheyenne, standard renters insurance policies include the following coverages:

• Personal property coverage: With this coverage, belongings, like your furniture, electronics and clothing, have protection from certain perils (i.e., theft, vandalism and fire).
• Additional living expenses: If your rented property is uninhabitable, you have coverage for the costs of temporary housing to policy limits.
• Liability insurance: Imagine an accident happens within your rented unit and it injures someone or causes damage. If you’re sued, you have legal expenses and court judgment coverage.
• Medical payments coverage: You can file a claim for this if a third party is injured on your rented property and requires medical attention. It pays to the policy limit.

Renters insurance covers your personal property but not the building’s structure. The owner of your rented property usually has insurance for that. Renters insurance also excludes your roommate’s items, damage from earthquakes (unless the policy states otherwise, such as with USAA), damage to your car, jewelry or similar items that cost more than your policy’s coverage limit.

While certain water damage is covered, flood damage isn’t included in renters insurance with most companies. Instead, you can get incremental insurance through the National Flood Insurance Program (NFIP).

Overall, it’s best to carefully read your policy terms since not all policies are exactly the same.

MoneyGeek found the best renters insurance providers in Cheyenne that balance affordability and quality. We also answered the most commonly asked questions about renters insurance in Cheyenne.

About Mark Fitzpatrick

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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.

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