Umbrella Insurance in Wyoming

Experts break down umbrella insurance costs, coverages, companies, and more in Wyoming.

Written by Sara East
Written by Sara East

Insurance doesn’t have to be boring. That’s why we hired Sara East to be our BA insurance writer. Maggie specializes in making mundane subjects hella-entertaining.

New property development street in Wyoming. Find Wyoming umbrella insurance.

Lawsuits happen every day, and if you find yourself being sued by someone claiming you caused them personal injury or property damage, everything you own could be at stake. In these scenarios, an umbrella insurance policy can protect you. 

An independent insurance agent in Wyoming can speak with you about several benefits of purchasing an umbrella insurance policy. Agents know the ins and out of liability coverage and can ensure you're protected with enough coverage.

What Is Umbrella Insurance?

Umbrella insurance is a secondary liability policy that increases the amount of personal liability coverage you have on your Wyoming homeowners or auto insurance policy. For example, If you currently have $500,000 liability coverage on your homeowners insurance and add a $1 million umbrella policy, you'd have a combined $1.5 million worth of liability coverage.

Umbrella insurance only steps in when you've reached the limits of your standard home or auto liability coverage. It only covers liability claims and does not extend to personal property damage. 

What Does Umbrella Insurance Cover in Wyoming?

Since umbrella insurance is an extension of existing liability coverage, it covers the same scenarios but at a higher level that goes above and beyond your underlying policy limits. Umbrella insurance will cover things like:

  • Injuries or property damage that may take place in your home
  • injuries or property damage due to you operating your vehicle
  • Funeral costs
  • Legal fees, including court fees, settlement costs, and judgment fees
  • Any financial responsibility in a libel or slander case

To purchase umbrella insurance, you're usually required first to buy the maximum liability coverage offered through your primary home and auto insurance policies. In Wyoming, these maximums include:

  • $300,000 of underlying coverage on your homeowners insurance policy
  • $250,000 of underlying coverage on your auto policy

An umbrella policy only kicks in once you've hit your limits on your existing policy and if you still have financial obligations to meet. 


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Who Needs Umbrella Insurance in Wyoming?

Anyone can be sued at any time, and whether someone is injured in your house or by your vehicle, they can go after a lot more than your car and what's in your home. So while nearly everyone could benefit from an umbrella policy, the added limits are more valuable to some than others. The following individuals are usually at an increased risk of lawsuits: 

  • Landlords
  • Homeowners
  • Public figures
  • Professional coaches
  • Business owners
  • Public figures
  • Parents

The easiest way to determine if you would benefit from an umbrella policy is to speak with an independent insurance agent. They can assess your personal situation and advise you on whether purchasing this added protection is of value to you.

How Much Umbrella Insurance Do I Need in Wyoming?

The recommended amount of umbrella coverage will vary from person to person. Everyone has their own risks that they face, and some potential outcomes can be costlier than others. A good rule of thumb is to purchase as much coverage as your net worth. 

Umbrella policies are typically sold in $1 million increments, but here are some things to consider when determining how much to purchase.

  • The risks you face
  • The total value of your assets
  • Any potential loss of future income

Your agent can guide you in an adequate amount of umbrella coverage to purchase that will protect you from any potential risks you may face. 

Can You Deduct Umbrella Insurance on Your Taxes in Wyoming?

The only time you can deduct your umbrella insurance premium from your taxes is if you're a business owner who has purchased a business umbrella policy.

For individuals who are purchasing a personal umbrella policy, the premiums cannot be deducted. The same goes for other personal insurance policies. 

What Are the Best Umbrella Insurance Companies in Wyoming?

When searching for the best umbrella insurance companies in Wyoming, you want a company that has a good reputation for offering reliable coverage at an affordable price. Top-rated companies also provide great customer service and make the claims process easy to navigate.

Best Umbrella Insurance Companies in Wyoming Star Ratings
4.5/5 star rating
5 star rating
5 star rating
4.5/5 star rating

It can be difficult to nail down the good from the bad, which is why an independent insurance agent can help. They've worked with companies across the state and will know the best umbrella insurance companies available. 

Why Shop Umbrella Insurance with a Wyoming Independent Insurance Agent?

You've worked hard to build your wealth, and the thought of it all going away by an accident can be devastating. Umbrella insurance is an affordable way to increase your liability limits. When working with a new insurance policy, a Wyoming independent insurance agent is the best way to know you're getting accurate information.

Agents will chat with you, free of charge, to learn about your personal situation and help determine the best coverage. They can look at your existing policies and advise you on the amount of umbrella coverage to purchase. They'll then shop multiple quotes to find you the most affordable umbrella policy in Wyoming. Work with an agent in your area today.

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