Wyoming is located in the mountain region of the Western United States. It’s climate, which includes heavy rains and snows, means homeowners should consider purchasing home insurance to protect their homes against the elements and other, non-weather-related damages.
How Much Does Home Insurance Cost?
According to the Insurance Information Institute, in 2010, the average annual premium for homeowners insurance in Wyoming was $748. But insurance companies consider numerous factors when deciding the cost of a homeowner’s insurance.
A home’s location can have an effect on the price of insurance. If it is located in an area that is frequently flooded, then it will be more expensive to insure. Even the home’s proximity to a fire station or a fire hydrant can change the price. If a home is far from a fire station, then it will take firefighters longer to respond to a fire. The longer it takes for them to arrive, the greater the chance more property will be lost.
A home’s composition may change the cost as well. If a home is made from primarily brick, it may be less expensive to insure compared to wood because it is more fire resistant. The type of dog you have may play a role as well. If you own a breed of dog that is considered high risk, such as a pit bull or rottweiler, then your premiums may be more expensive. Insurance companies may also weigh your credit score and claims history into how much they decide to charge as well.
What Does It Cover?
Home insurance in Wyoming typically protects you from catastrophic damage that occurs to your home and property from forces out of your control. Damage from fires, lightning strikes, windstorms, hail, frozen pipes, falling objects, the weight of snow and ice, and vandalism are typically covered by most policies. That protection includes the structure of your home, your home’s contents, and other structures on your property. Home insurance usually provides liability protection in case you are found at fault for injuring someone or damaging their property. Protection against flooding and earthquakes are not covered in most policies.
Do I Have to Get Home Insurance?
Home insurance is not required by law in Wyoming. However, buying insurance can help protect your house and property against damage from unforeseen circumstances, and liability for accidents that injure other people or damage their property. The Wyoming Insurance Department has more information for consumers about home insurance.
Optional Coverage to Consider
- Flood. Damage caused by flooding is not typically covered by most policies. In Wyoming, floods are one of the more significant environmental hazards, especially in the spring when the state sees spring rains, heavy thunderstorms, and winter snow thaws. According to the University of Wyoming, every county and many communities in the state have experienced flooding. Because of the likelihood of flooding, you may want to consider adding flood insurance on to your existing policy. Flood insurance may be purchased through your insurance company or through the National Flood Insurance Program (NFIP).
- Earthquake. Most policies don’t cover damage caused by earthquakes. Wyoming has a history of either being hit by earthquakes or feeling the effects of ones that happen in neighboring states. The strongest to hit Wyoming was a magnitude 6.5that occurred in 1959. Sixteen years later, a magnitude 6.1, considered strong by seismologists, occurred in Yellowstone National Park and caused minor damage. According to the United States Geological Survey (USGS), the western third of the state is a moderately-high seismic hazard. Yet regardless of where you live in the state, you may want to consider buying earthquake insurance, which you can purchase through your insurance company. The cost of insurance will vary depending on the threat of an earthquake, so check with your insurance provider to see how much it will cost.
Mobile Home Insurance
Mobile home insurance, also known as manufactured home insurance, functions similarly to homeowner’s insurance. It covers the structure of your home and the furniture, clothing, and appliances within it from damage caused by fire, lightning, smoke, falling objects, weight of ice and snow, vandalism, and theft. Some mobile plans may also include liability insurance and coverage for credit card and check forgery, debris removal, trip coverage when moving your home, and additional living expenses. Some companies may require a mobile home to rest on concrete blocks or a permanent structure, while other companies include collision coverage if the home is mobile. Because of the differences, it’s recommended that you talk to your insurance agent or company to decide what coverage works best for you.