Landlord Insurance in Wyoming
Experts break down landlord insurance costs, coverage, companies, and more in Wyoming.
Renting out property is a smart way to earn extra income. In Wyoming, there are more than 280,000 housing units, only 70% of which are owner-occupied. So if you're renting your home or apartment to others, you need landlord insurance to keep your liabilities and property covered against financial loss.
A local independent insurance agent can help you get quotes on a landlord insurance policy that is tailored to fit your rental. Agents can answer any questions you have and guide you in the best policies available in your area.
What Is Landlord Insurance?
Landlord insurance covers the structure of a rental property and the owner's property within the rental from potential risks such as natural disasters, liabilities, and other unexpected events.
Landlord insurance differs from Wyoming homeowners insurance in the coverages it offers which are tailored to property and events that would occur in a rental property versus an owner-occupied home. Homeowners insurance is also only available to individuals who occupy their home, so once you decide to rent your property, you need a landlord policy.
What Does Landlord Insurance Cover in Wyoming?
With any home, many things can cause damage that are out of the owner's control. With a rented home, there are added risks of having someone else in charge of taking care of your property. Through a landlord insurance policy, you receive coverage for property damage caused by the tenants or natural causes and liability claims.
These coverages are offered through the following policies that make up the base of most landlord insurance packages.
Landlord liability insurance: This covers legal fees and medical bills if the tenant is injured on your property and can prove that it was a result of negligence on the owner's part, or if a visitor is injured while visiting the rental. Landlord liability insurance will also pay to repair any third-party property damage that occurs.
Property insurance: Pays for any damage that occurs to the building, detached structures, and appliances you own inside the home from events such as fire, wind, lightning, hail, falling trees, flying debris, vandalism, and burglary. It will also cover damage that is caused by the tenant occupying the home.
Other Landlord Insurance Coverage Options in Wyoming
In addition to these coverages, there are several policies that can be added to your landlord insurance to fill any gaps or meet any unique situation you may have. The following coverages can provide added protection.
- Loss of income coverage: Helps you out financially if a covered event, such as a fire, displaces your tenants and you stop receiving payments.
- Loss of rent coverage: Helps pay for ongoing costs and supplement rental payments if the tenant stops making payments or becomes unable to pay their rent.
- Flood insurance: Pays for any damage that is caused by natural floodwaters.
- Umbrella liability: Additional liability coverage that extends your coverage beyond your standard liability landlord insurance policy. Umbrella liability is beneficial for property owners renting out multiple units or housing numerous employees.
A local agent can work with you to discuss your policy options and help complete your insurance package.
How Much Does Landlord Insurance Cost in Wyoming?
On average, landlord insurance costs 15%-20% more than traditional homeowners insurance. This is because there is typically more at risk when you are renting out your home to a third party. In Wyoming, the average homeowners insurance premium is $1,159 a year.
Landlord insurance carriers will consider multiple factors when determining insurance quotes, all of which impact your rates. These include:
- The size of the property and number of units if you're renting out an apartment or condominium
- The type and amount of coverage you purchase
- The location of the property
- The age of the property
- Potential catastrophic weather risks
- Your deductible
- If you have installed any safety measures
- If the property has amenities such as a pool
Installing burglar alarms, sprinkler systems, and other safety measures can help lower the costs of your insurance premiums. Your agent can also determine if there are additional discount opportunities you qualify for.
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Can a Landlord Require Renters Insurance in Wyoming?
Yes, as the property owner you can require your tenants to get renters insurance, and it's not a bad idea. Any personal property that your tenant brings inside the rental will be their responsibility to insure. Without their own coverage, the renter would be financially responsible if a catastrophic event or other unexpected risk occurred.
It's recommended that landlords require tenants to have $100,000 in personal liability coverage, $30,000 in personal property coverage, and $1,000 in medical bills coverage. Of course, these numbers will vary depending on the value of the renter's property.
Does Landlord Insurance Cover Tenant Damage in Wyoming?
Property damage coverage is the main provision in landlord coverage. Tenant damage is covered under perils but only if it's accidental, not intentional.
Accidental damage would include something like a kitchen fire or if the tenant unintentionally breaks the shower. If the incident is deemed to be intentional, insurance would not cover the damage.
There are some restrictions to tenant damage that is covered and it varies by policy. It's a good idea to sit down with your agent and determine when tenant damage would be covered and what you'd be left paying on your own.
What Are the Best Landlord Insurance Companies in Wyoming?
Shopping for landlord insurance policies is critical in finding an affordable policy that fits your needs. Since every company has its own algorithm for calculating premiums, it helps to work with an independent insurance agent who has experience with the best landlord insurance companies in Wyoming.
Agents know which companies have a good reputation for customer service, reliable coverage, and an easy-to-navigate claims process.
Why Shop Landlord Insurance with a Wyoming Independent Insurance Agent?
Independent insurance agents in Wyoming are familiar with local laws and regulations for property owners and know the best types of coverage for individuals wanting to rent out their property. Agents have worked with top-rated carriers across the state and know where to shop for the best landlord insurance quotes in Wyoming.
Agents will work with you, free of charge, to help you navigate the insurance system. They'll compare insurance quotes and assist you in selecting a policy that suits your individual needs and that of your rental properties.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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