There are plenty of things to do and see in Wyoming, such as visiting Yellowstone Park or Jackson Hole, or hiking the Rockies or even seeing a rodeo. But you do not want to go anywhere or do anything until you are sure you have an insurance program that is going to protect you, your family and your assets. You may need coverage for an apartment and one car or you may need coverage for a home, several vehicles and a business.
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Buying Auto Insurance in Wyoming
Wyoming's automobile financial responsibility law requires minimum liability limits of $25,000 per person, $50,000 per accident bodily injury and $20,000 property damage. These are the minimum limits, but most persons will opt to carry much more coverage. In addition to liability coverage, your standard auto insurance policy will include these options:
- Uninsured and underinsured motorist coverage in case someone with no insurance or with inadequate insurance strikes you
- Medical payments coverage, which pays the medical bills of someone hurt in your car, regardless of your legal liability
- Collision coverage
- Comprehensive coverage for other losses, like vandalism or theft
- Optional coverages, which can include towing coverage, roadside assistance and emergency rental coverage
Wyoming Homeowners Insurance
One of the benefits of a standard homeowners policy is that in the case of a total loss of the home, the policy will pay the full replacement cost to rebuild the home. Unfortunately, many homeowners fail to carry enough coverage to take advantage of this feature. A typical homeowners policy will provide the following coverages:
- Coverage on your home, including any attached structures
- Coverage on unattached structures on the same premises
- Limited coverage on trees, shrubs and plants
- Coverage on your personal property anywhere on the premises, with limited coverage on property off premises
- Additional living expenses resulting from an insured loss
- Liability coverage for a person's bodily injury or property damage due to being on your property or due to your actions
All policies have conditions and exclusions. It is always a good idea to read the contract. Some of the exclusions that most people are not aware of are the following:
- Your homeowners policy will not cover loss by flood or earthquake.
- The policy will provide only limited coverage for certain valuables such as jewelry, furs, fine art, silverware and stamp and coin collections.
- Some companies have restrictions on things like swimming pools, trampolines and certain dog breeds
To obtain coverage for these items plus any other unusual exposures, you will have to buy a separate policy or add a rider to the basic homeowners policy.
Wyoming Business Insurance
You will need to construct a good business insurance plan in order to protect your company. There are certain basic coverages that you will need to consider for your business:
- Coverage on any owned real property
- Coverage on business personal property on your premises
- Coverage for property off premises such as mobile equipment, goods being shipped and property in storage
- Lost income and extra expenses resulting from an insured loss
- Liability exposure arising from business activities on or off your premises
- Professional liability if you have an errors or omissions exposure
- Workers compensation coverage for employees who may suffer a job-related injury
- Umbrella liability to increase your basic limits
- Life, health and disability coverages if you want to add these options to your employee benefits plan
- Company-owned life insurance for such things as insuring key personnel or funding a buy-sell agreement
Buying Wyoming Life Insurance
Life insurance can get complicated. You may need term, whole life, universal life insurance or some other variation. If you are in the market for life insurance, you probably have one of three objectives:
- You want personal life insurance to protect your family.
- You may want to add life insurance as an option for your employee benefits program.
- You may want life insurance owned by your business to cover the life of a key person or to fund a business perpetuation plan.
Searching for Health Insurance in Wyoming
With the advent of the Affordable Care Act, the U.S. health insurance industry is going through many changes. Beginning in 2014, if you have no coverage or if your coverage does not meet the requirements of the ACA, you will be subject to a fine. If you are looking for health insurance in Wyoming, you have three basic options:
- If you presently obtain your health insurance through your employer, your plan will probably stay in force subject to possible changes in coverage or rates starting in 2014.
- If you do not have employer-sponsored health insurance, then you can access coverage through the Wyoming insurance exchange starting on October 1, 2013. Go to www.healthinsurance.org/wyoming.
- Your final option is to try to find coverage on the open market.
Getting Wyoming ATV Insurance
Wyoming has no insurance requirement for ATVs, and only those ATVs used on certain designated trails have to be registered. There were 67 deaths associated with ATV use in Wyoming in the period 1982 to 2011. Even though insurance is not required, you would be foolish to venture out on your ATV without adequate protection. A basic ATV insurance policy will include these protections:
- Liability for bodily injury and property damage in case you are in an at-fault accident
- Coverage on the ATV itself for collision and other risks such as vandalism and theft
- Optional coverages for things like special equipment and towing
There are several things you can do to lower your risk of an accident:
- Take an approved ATV safety course. The course may save you money on your insurance.
- Be sure all drivers and riders wear safety helmets at all times.
- Do not carry any passengers unless the ATV is a multi-passenger vehicle.
- Stay on approved trails.
- Be sure you train children to handle the vehicles they are driving properly.
Buying Wyoming Insurance
Whatever you own and whatever you do, you want an affordable insurance plan for your peace of mind and protection. An independent agent will work with you to build the Wyoming insurance plan that is right for you.
Contact a member agent of the Trusted Choice network today to get the protection you need.