Wyoming Landlord Insurance
Get a complete analysis of Wyoming landlord insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Find the Best Landlord Insurance Rates & Companies in Wyoming
If you rent your home or apartment out to others, you need landlord insurance to keep your property covered against financial losses. Wyoming landlord insurance can also protect you against expenses in the event of a tenant lawsuit. Without the proper coverage, you could end up having to pay for unexpected disasters out of your own savings.
Fortunately, a Wyoming independent insurance agent can help get you equipped with all the landlord insurance you need. They'll make sure you get set up with the ideal amount of coverage. But until then, here's a deep dive into Wyoming landlord insurance requirements, costs, and more.
Best Landlord Insurance Companies in Wyoming
While you could find landlord insurance sold by many different carriers in Wyoming, you're understandably looking for the best coverage around. Here are some of our top picks for the best landlord insurance in Wyoming for your convenience.
- Stillwater: This insurance company sells landlord insurance and many other types of personal and business insurance. Stillwater has great ratings from AM Best and the Better Business Bureau (BBB) and offers nationwide coverage and 24/7 claims reporting services.
- REinsure Pro: This insurance company sells landlord insurance and many other types of property insurance. REInsure Pro has an excellent rating from the BBB and is known for its fast claim responses.
- Foremost Insurance: This insurance company sells landlord insurance and many other types of personal insurance. Foremost has top-notch ratings from AM Best and the BBB and offers numerous discounts and 24/7 claims reporting services.
A Wyoming independent insurance agent can provide you with several landlord insurance quotes from these excellent carriers and any others you're interested in comparing.
What Is Landlord Insurance?
Landlord insurance covers the structure of the rental property from losses due to potential risks such as natural disasters, vandalism, explosions, fire, and more. Though it's similar to homeowners insurance, it's not exactly the same. Both policies provide coverage that can reimburse you for property damage and destruction.
Further, both policies also offer liability protection against third-party lawsuits. However, landlords have greater risks of property damage and lawsuits, which means their coverage must compensate for this.
How Is Landlord Insurance Different from Home Insurance?
Loss of income coverage, an aspect of business insurance, is also included in landlord insurance but not home insurance. Landlords can get reimbursed for temporary periods in which tenants aren't able to rent from them due to covered perils that affect their rental property, such as fire damage or vandalism. Loss of income coverage can replace the rental income lost during such periods and also cover other continued expenses.
Is Landlord Insurance Required in Wyoming?
There's no state law in Wyoming that requires landlord insurance. But many landlords still choose to get coverage to protect themselves against unexpected and common financial losses. Without a policy, you could have to pay out of your own pocket to repair your rental property or for lawsuit expenses if you get sued. In comparison, the cost of landlord insurance can be relatively inexpensive.
What Landlord Insurance in Wyoming Can Cover
Your Wyoming landlord insurance policy must be designed in a way that makes sense for you. When building your policy, you'll often have the following coverage options to choose from:
- Dwelling coverage: Covers repairs to your rental property's dwelling and attached structures in case fire, smoke, vandalism, windstorms, hail, or tenants cause damage or destruction.
- Loss of income coverage: Covers lost rental income and provides a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Liability insurance: Covers tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Other structures coverage: Covers losses related to the damage or destruction of detached structures against the same perils as dwelling coverage.
- Premises medical protection coverage: Covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Optional coverage: Some additional coverage options for landlords to choose from include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
A Wyoming independent insurance agent can help you decide which kinds of coverage you need most.
What Landlord Insurance in Wyoming Will Not Cover
Don't expect your landlord insurance to come without certain coverage exclusions. In Wyoming, landlord insurance tends not to cover the following:
- Routine maintenance costs due to normal wear and tear
- Loss, theft, damage, or destruction of your personal property
- Intentional or malicious acts to third parties
- Flood or earthquake damage or destruction
- Water or sewer backup damage or destruction
Though this coverage isn't typically included in landlord insurance policies, you can often purchase endorsements that can increase your policy's protection. For example, you may be able to add a sewer backup endorsement to your coverage.
Save on Landlord Insurance
Our independent agents shop around to find you the best coverage.
Average Cost of Landlord Insurance in Wyoming
The average cost of landlord insurance is about $1,484 annually. It's necessary to understand, however, that the cost of your unique coverage may vary based on the following:
- The number of rental units you own
- Your claims history
- The age, size, and condition of your rental units
- Any potential risk features present at your rental units, such as pools
- The exact location of your rental units
Wyoming landlord insurance discounts may be available to help you bring down the cost of your premiums. Be sure to ask your independent insurance agent about any discounts you may qualify for.
Popular Questions about Wyoming Landlord Insurance
You don't need landlord insurance by state law in Wyoming. Many landlords still opt to get coverage to protect themselves against losses, though.
Tenant damage to your rental property's structure is covered by landlord insurance in Wyoming. However, your personal property is typically not covered against tenant damage.
Landlord insurance in Wyoming costs about $1,484 annually. The cost of your specific policy can vary, though, depending on the number of rental units you own and many other factors.
We found that Stillwater has the best landlord insurance in Wyoming this year. Stillwater offers great coverage options, competitive rates, and excellent customer service.
Landlords aren't required to cover renters' personal property, and landlord insurance doesn't provide this coverage. As such, most landlords require tenants to provide proof of renters insurance before signing their lease.
In Wyoming, landlord insurance doesn't typically cover eviction-related expenses. However, this coverage is sometimes available as an endorsement or a separate policy.
Wyoming independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
Down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Cheyenne or wherever you reside.
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