A Guide to Home Insurance in Wyoming (WY)

If you own a home in the Cowboy State then it is a must to get comprehensive Wyoming Home Insurance that properly protects you, your home and your investment in it.

The average property prices in Laramie County in Feb 2012 were $229,266 according to real estate statistics, and as most people’s wealth is tied up in their homes there is a very high likelihood that the bulk of that represents those buyers’ entire life savings.

This being the case it only seems sensible to get a good homeowners insurance policy that properly safeguards that investment, and ensures that you cannot be financially wiped out because of some unforeseen event like a fire. Because whilst Wyoming is the smallest state in terms of population at just over half a million inhabitants, statistics from the Wyoming Fire Department show that they still have almost 35,000 total incidents every year (many of which are not fire related, but still involve callouts to problems at properties in Wyoming); and so being properly prepared by getting good Wyoming Home Insurance Cover simply makes a lot of sense.

What is the Average Cost of Wyoming Home Insurance?

Just as the fire service in Wyoming publishes statistics related to its callouts, the US Government also collects statistics related to the costs of insurance in all of the different states.

It is therefore possible to get some sense of what homeowner’s insurance costs on average, and what the typical range is amongst the states.

The average cost of home insurance in Wyoming is $676 a year.

This is actually quite a bit lower than the national average rate which is $791.

In some ways the most expensive states and the cheapest states to get home insurance in the United States somewhat skew the figures for the overall average, because there are five states that cost in excess of $1000 and five states where the average cost of cover is less than $503.

If you exclude those from the calculations then the average cost of home insurance in the United States comes out a little cheaper at $740.

In practice though home insurance is a very personal type of insurance, because what you will end up paying is often dependent on a considerable number of factors such as:

  • Your Credit Score – This can either add up to a third onto the cost of your home insurance, or save you a third depending on whether you have good or bad credit. One of the best ways to lower the amounts that you pay for insurance of any kind is to take steps to improve your credit score.

  • Your Zip Code – Even within a relatively sparsely populated state like Wyoming there are zip codes which have higher crime rates, and those which are more desirable in which to live. Depending on which you happen to live in, the costs of your Wyoming Home Insurance Cover will be affected.

  • The Security Features of Your Home – If your home has double glazing throughout and double-bolted windows, then this is going to have a positive effect on how much you pay for cover.

  • If there are any Smokers in the House – If you smoke then you can expect to pay more for your home insurance, because the statistics are quite clear that smoking puts the house at increased risk from fire. This may make in the region of a two to five per cent difference in the overall price of the policy.

It is a good idea to get a variety of Wyoming Home Insurance Quotes so that you can see what is on offer, and then compare the different features, benefits and price of each before deciding.


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