Getting a Condo Insurance Quote in Wyoming
Many residents of Wyoming choose the convenience of living in condos. But choosing the right insurance for your condo could be confusing. No need to fret, we have got your back. We will help you find the right policy for your needs at the best price. What influences the price of a yearly condo insurance in Wyoming? We have listed the key factors for you so you can keep them mind as you negotiate the final cost of your condo insurance. Our goal is to make the purchasing process for you as easy as can be.
Wyoming Condo Insurance Statistics at a Glance
Given the numerous factors that affect the price of condo insurance in Wyoming and considering that property values are on the rise, insurance policies can be on the expensive side. As a matter of fact, Wyoming is rated the 34th most expensive state in the country for condo insurance. Wyoming residents pay an average of $85 per month or $1,015 annually in condo insurance premiums. Despite Wyomingites spending more on condo insurance, its good to know that market trends show that the rates are becoming more affordable. Overall, most cities in Wyoming have comparable average monthly rates for condo insurance, with Green River, WY shown to be the lowest priced city at $41.08 per month or $493 annually. Cheyenne, WY, on the other hand, has the highest condo insurance rates in the state at $68.42 per month or $821 annually. The rates in condo insurance also differ significantly depending on the insurance company, which is why its important to do a bit of research to find the best condo insurance in Wyoming.
$545
Average Annual Cost of Condo Insurance in Wyoming
The average cost of condo insurance in Wyoming on an annual basis is $545.
$45
Average Monthly Cost of Condo Insurance in Wyoming
The cost of condo insurance in Wyoming is roughly $45 per month.
25%
Percentage of Income on Ownership for Condos in Wyoming
Residents of Wyoming spend an average of 25% of their income on condo ownership.
29 years
Median Age of a Property Which Requires Wyoming Condo Insurance
The average age of a property requiring condo insurance in Wyoming is roughly 29 years.
What Affects the Costs of Your Condo Insurance in Wyoming
There are several variables that cause shifts in condo insurance prices in Wyoming. Insurance companies use these variables to calculate your individual risk and policy requirements and provide you with a precise quote for your condo insurance coverage. But there are many factors beyond your control that could also influence the cost of your condo insurance in Wyoming. These factors include the location of your condo, the age of your condo, and its construction quality. In some cases, you may even be eligible for discounts. It's important to note that condos located in high-risk areas for floods are mandated to have flood insurance to qualify for a mortgage.
But there are also some factors in your control that could harm or benefit the final price of your Wyoming condo insurance cost, such as your credit history, your claims history along with other condo insurance suppliers, your driving record, the sum of personal belongings in your condo, other residents of your condo, and whether you rent or own the condo. To enable you to obtain the best possible quotation for your Wyoming condo insurance, we advise you to be well prepared with this information beforehand.
But there are also some factors in your control that could harm or benefit the final price of your Wyoming condo insurance cost, such as your credit history, your claims history along with other condo insurance suppliers, your driving record, the sum of personal belongings in your condo, other residents of your condo, and whether you rent or own the condo. To enable you to obtain the best possible quotation for your Wyoming condo insurance, we advise you to be well prepared with this information beforehand.
Average Cost of Condo Insurance in Wyoming by City
The most conventional type of condo insurance in Wyoming is the HO6 insurance plan. Whether you are living the big city life in Cheyenne or Casper, or even own a condo in a smaller city like Powell, you will probably require H06 insurance for your condo. To give you an idea of how much it will cost to insure your condo, we have done the hard work for you and gathered a complete list of estimated condo insurance quotes for the city of Wyoming. As these averages are based on all insurance prices per individual town or city in Wyoming, the final price of your condo insurance may differ to that quoted below, and will depend on the location of your condo.
| City in Wyoming | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Cheyenne, WY | $68 | $821 |
| Casper, WY | $59 | $702 |
| Laramie, WY | $49 | $585 |
| Gillette, WY | $62 | $750 |
| Rock Springs, WY | $41 | $493 |
| Sheridan, WY | $54 | $650 |
| Green River, WY | $41 | $493 |
| Evanston, WY | $42 | $508 |
| Riverton, WY | $44 | $525 |
| Jackson, WY | $44 | $526 |
| Cody, WY | $45 | $543 |
| Rawlins, WY | $45 | $540 |
| Lander, WY | $43 | $514 |
| Torrington, WY | $62 | $744 |
| Powell, WY | $43 | $519 |
Choosing the Best Condo Insurance Company in Wyoming for Your Needs
Buying your long-term peace of mind means spending time and effort now in finding the best condo insurance provider for your needs. Be diligent in your search for the most extensive condo insurance, do not just settle for the cheapest. Insuring your condo means insuring yourself, your space, and your possessions. The best strategy for finding the most suitable condo insurance provider for your property is comparing different insurance providers in Wyoming. A reliable insurance provider will not force you to make a quick decision or pay for what you do not need. Look for condo insurance companies that benefit their long-term customers with discounts or provide bundle insurance discounts. Make sure that your chosen provider is licensed. You can check the Wyoming Department of Insurance website to find out the licensing status, financial stability, and criticism history of your chosen insurance provider.
The Top Rated Condo Insurance Companies in Wyoming Based off Consumer Ratings
State Farm holds the top place at being the largest condo insurance provider in the United States for more than 50 decades. In Wyoming, a study done by JD Power showed that State Farm scored a 4 out of 5 (higher than the average) in the coverage offerings, billing and payment, customer support and claims. State Farm also obtained a NAIC criticism ratio of 0.2. Like many condo insurance companies in Wyoming, they offer premium discounts on condos that were built or renovated to withstand any natural disasters that may occur in The Equality or Cowboy State. When considering pure metrics of condo insurance companies in Wyoming independently, USAA has the highest JD Power rating in the state at 5, while Chubb has the cheapest at 2. AIG comes in as the condo insurance provider in Wyoming which has the cheapest NAIC criticism ratio at 0.09, while Mountain West Farm Bureau has the highest NAIC criticism ratio at 1.84.
| Wyoming Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Wyoming | 4/5 | 0.2 |
| Farmers Ratings for Condo Insurance in Wyoming | 3/5 | 0.46 |
| Mountain West Farm Bureau Ratings for Condo Insurance in Wyoming | N/A | 1.84 |
| Liberty Mutual Ratings for Condo Insurance in Wyoming | 2/5 | 0.45 |
| USAA Ratings for Condo Insurance in Wyoming | 5/5 | 0.14 |
| Allstate Ratings for Condo Insurance in Wyoming | 3/5 | 0.34 |
| Allied Ratings for Condo Insurance in Wyoming | N/A | 0.67 |
| Chubb Ratings for Condo Insurance in Wyoming | 2/5 | 0 |
| American National Ratings for Condo Insurance in Wyoming | N/A | 0.69 |
| AIG Ratings for Condo Insurance in Wyoming | 2/5 | 0.09 |
Wyoming Condo Insurance Requirements
Under the Condominium Ownership Act Uniform, a condo unit resident in Wyoming is permitted to obtain their own personal insurance but is not required to do so. The Act states that if at the time of claim, the condo resident has an insurance policy that covers exactly the same risks as the owner's coverage, then the owner's policy will take precedence and provide the primary insurance. Wyoming law demands condo owners obtain insurance for the entire condominium construction. However, condo unit residents may still need to consider purchasing insurance policies to cover their accountability, their possessions, any condo changes they install, or any event not insured by the owner's coverage.
What's Covered with Your Condo Insurance in Wyoming
While researching condo insurance policies, you will notice that most condo insurance companies in Wyoming will provide standard coverage consisting of construction property policy, personal property policy, liability policy, and loss of use policy. Construction property policy protects you financially from damage to the interior of your condo (walls, floors, tiles) and damage of permanent fixtures caused by a covered event, such as fire. Personal property policy protects your personal belongings, such as clothing, furniture, and electronics, that are lost due to a covered event. With liability policy, you are protected if you are held legally accountable for property damage or injury. Generally, a condo insurance policy in Wyoming covers $100,000 in liability compensation. Loss of use policy will cover your higher living expenses should your condo in Wyoming become uninhabitable due to a covered event, forcing you to move out into a more expensive condo.
| Average Costs of Condo Insurance in Wyoming by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Laramie County, WY | $68.00 | $821.00 |
| Natrona County, WY | $59.00 | $702.00 |
| Sweetwater County, WY | $41.00 | $493.00 |
| Albany County, WY | $49.00 | $585.00 |
| Campbell County, WY | $62.00 | $750.00 |
| Fremont County, WY | $43.50 | $519.50 |
| Sheridan County, WY | $54.00 | $650.00 |
| Park County, WY | $44.00 | $531.00 |
| Uinta County, WY | $42.00 | $508.00 |
| Teton County, WY | $44.00 | $526.00 |
| Carbon County, WY | $45.00 | $540.00 |
| Goshen County, WY | $62.00 | $744.00 |
How to Get Wyoming Condo Insurance Discounts
Every insurance provider in Wyoming has their own discount or loyalty program. As you research difference providers, make sure to inquire about discounts that may be available for you and your family. These may include bundled and multi-policy discounts, new client discounts, loyalty discounts, and paid-in-full discounts.
| Condo Insurance Deductible | Average Wyoming Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $89 |
| $1,000 | $82 |
| $1,500 | $79 |
| $2,000 | $71 |
| $5,000 | $60 |
Getting the Best Wyoming Condo Insurance Rates
Doing the research and asking the right insurance questions is key to finding the best condo insurance policy in Wyoming to fit your savings. Give us a call and we will help you check if any insurance companies can beat what you are paying. You would be surprised! You may also consider asking a friend to consult with their current condo insurance provider and get you a referral discount. You can also save a few dollars a month if you spend a little more on your deductible as the higher the deductible, the lower the cost of your insurance plan. Just make sure your deductible is not too high as in the event of a loss you are responsible for paying any sum up to the deductible. Bundling multiple insurance policies, like a condo insurance and an auto insurance, can also save you some money, so check with your insurance provider if they offer premium discounts on bundles. They may also provide discounts for long-time clients and some of those discounts may save you up to 10% on your premiums. You can also get a lower insurance premium if you focus on keeping your credit rating high, as this is a factor insurance companies consider when providing your condo insurance premium.