Insurance companies calculate your home insurance costs based, in part, on the likelihood that something bad will happen to your home or property. The more likely it is that a harmful event can damage your house, the more expensive your home insurance policy will be.
These potential disasters are called "risks” or “exposures.” Let’s take a look at how risky Wyoming is compared to the rest of the country.
The good news is that the burglary rate in Wyoming is lower than the national average. Insurance companies will look at crime rates in your ZIP code when calculating your costs.
- Average number of burglaries per 1,000 homes in WY: 2.64
- Average number of burglaries per 1,000 homes in the US: 3.76
You can reduce your likelihood of being targeted by burglars by keeping your doors and windows securely locked, maintaining entryways that are well-lit and unobstructed from view, and installing a burglar alarm or home security system. Taking extra steps to safeguard your house can often result in reduced prices on your homeowners insurance rates.
Damaging weather events, such as storms and torrential downpours, can wreak havoc on residential properties in this state. About every 15 years, the western half of this state is hit by gale-force winds, sometimes in excess of 120 mph. These storms can cause billions of dollars in destruction when they hit.
Be sure that your home insurance provides all the coverage you need to fully rebuild and replace your property before disaster strikes.
- Number of federally declared disasters in WY since 1953: 37
- Most common causes of disasters in the state: Wildfires, floods, and severe storms
- Average number of tornados per year in the state: 10.9
- Amount paid in home insurance claims in 2016: $132,496,000
Be aware that not all risks are covered by homeowners insurance. Floods and earthquakes need to be covered by supplemental policies. A local independent insurance agent can help you be certain that your property is covered against all its potential exposures.
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Wyoming, the average home value is higher than the national average.
- Average home value in WY: $214,300
- Average home value in the US: $188,900
The size of your home can also affect your rates, because the bigger your house is, the more property you are likely to have inside. That is why contents insurance coverage amounts are typically calculated as a percentage of the home’s dwelling coverage.