Wyoming Condo Insurance
Get a complete analysis of Wyoming condo 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 Condo Insurance Rates & Companies in Wyoming
For Wyoming residents looking for a place to live without the hassle of landscaping and maintenance, a condo can be the perfect solution. Even though condominiums are part of a homeowners association, you're still responsible for your personal property and your specific unit, so it's important to get a comprehensive condo insurance policy. This coverage can help reimburse you after expensive, common, and unexpected disasters like vandalism, lawsuits, fire damage, and much more.
Fortunately, a local independent insurance agent in Wyoming can help you get set up with all the condo insurance you need. Your agent knows exactly where to find a policy that offers the best blend of coverage and cost. But first, here's a deep dive into Wyoming condominium insurance requirements, average costs, and more.
Best Condo Insurance Companies in Wyoming
You can find a condo insurance policy from many different insurers in Wyoming. But when you want to find the best coverage around, it's helpful to know where to look. Here are some of our top picks for the best condo insurance companies in Wyoming.
- Stillwater: This carrier sells condo insurance and many other types of personal and business insurance. Stillwater has superior ratings from AM Best and the Better Business Bureau (BBB), sells coverage nationwide, and has 24/7 claims reporting.
- Travelers: This carrier sells many types of personal and business insurance, including condo insurance. Travelers has a rich history in the industry as well as excellent ratings from the BBB and AM Best and many discount options.
- Foremost: Foremost has excellent ratings from AM Best and the BBB, offers numerous discounts, and has 24/7 claims reporting. They provide excellent condo insurance coverage options.
An independent insurance agent in Wyoming can help you shop and compare quotes and policies from each of these top-rated carriers and any others you're interested in.
What's the Difference Between HO3 and HO6 Insurance?
Condo insurance, also known as HO6 insurance, is a combination of insurance policies that protect you from costs associated with liability claims, personal property damage, and additional living expenses. Condo insurance supplements the coverage offered by the homeowners association, known as the HOA master policy.
The main difference between condo insurance and another type of homeowners insurance, known as HO3 coverage, is protection for the structure or dwelling and common areas. As a homeowner, you're responsible for every part of your property. Condo owners don't need to insure common areas or the structure of the units since the HOA's master policy typically covers dwelling damage and any common areas.
What Does Condo Insurance Cover in Wyoming?
Condo insurance comprises several types of coverage that protect you from multiple angles. In Wyoming, condo insurance tends to include the following:
- Personal property coverage: This covers damage, loss, and destruction to your personal property, including clothing and furniture, if it gets stolen, vandalized, or damaged by fire and other covered perils.
- Liability insurance: This covers lawsuit expenses if a third party sues you for claims of bodily injury or personal property damage.
- Loss of use coverage: This covers costs associated with temporary housing, storage fees, meals, pet boarding, and other expenses that result from being temporarily displaced from your condo by a covered event, such as fire damage.
The following perils are typically covered by Wyoming condo insurance:
- Fire and lightning
- Wind and hail
- Tornadoes
- Theft and vandalism
- Explosions
Take some time to review the specific perils listed in your Wyoming condo insurance policy to ensure that you know exactly what's covered.
What's Not Covered by Condo Insurance in Wyoming?
Condo insurance is designed to protect you against a number of potential disasters, but there are a few incidents that are typically excluded. In Wyoming, condo insurance often will not cover:
- Flood damage from natural waters
- Certain natural disasters like earthquakes or mudslides
- Insect infestation and damage
- General wear and tear
- Damage from nuclear war
- Malicious and intentional acts against third parties
Some of these exclusions can be covered through add-on coverage, like flood insurance and sewer backup endorsements. Your independent insurance agent can help you secure additional coverage if your condo is at risk of damage from natural disasters.
How Much Does Condo Insurance Cost in Wyoming?
Many Wyoming condominium owners can benefit from affordable insurance rates well below the current national average cost of condo insurance.
- National average cost of condo insurance: $455 per year
- Average condo insurance cost in Wyoming: $350 per year
However, since every person has different assets and individual risks, the cost of your condo insurance policy may vary considerably. When calculating condo insurance quotes in Wyoming, carriers consider the following factors:
- Your condo's location, size, and value
- The value of your personal belongings
- Installed safety features
- The type and amount of coverage you need
- Your deductible
- Local crime rates and weather risks
Your independent insurance agent can help you determine the amount of coverage you need and find affordable policies. Be sure to ask about common Wyoming condo insurance discounts to save even more on your policy.
Save on Condo Insurance
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Popular Questions about Wyoming Condo Insurance
Even though condo insurance isn't mandatory by state law in Wyoming, it's often required anyway. Many condo associations and mortgage lenders in Wyoming require you to have this coverage.
The current average cost of condo insurance in Wyoming is about $350 annually. This breaks down to about $29 monthly.
Our finding is that Stillwater is the best condo insurance company in Wyoming. Stillwater has excellent official ratings, discount options, and premium rates.
Wyoming independent insurance agents can help you find the condo 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 condo insurance quotes from several carriers for you.
And down the road, they can help you file condo insurance claims or update your coverage as needed. Your agent can help you find condo insurance in Cheyenne or wherever you reside.
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