Stats in Your State
Getting a clear picture of Wyoming’s housing market can be difficult without an easy way to visualize it, which is why we’ve laid out key statistics for housing and homeowners insurance in the following graphs. Read onwards to compare your homeowners premiums with others in the state and to see what factors affect the insurance market.
Homeowner Insurance Premiums
Though Wyoming’s home insurance premiums ranked similar to the national average at the start of the decade, by 2007 Wyoming residents paid roughly $170 less than the average American homeowner for insurance. As Wyoming’s housing market did not see the same booms present in other states, homeowners insurance remained low relative to the national average.
Renter Insurance Premiums
Across the 2000’s through 2008, renters in Wyoming enjoyed cheaper-than-average renters insurance premiums. From 2001 through 2008, Wyoming renters paid roughly $30 less per year than others in the U.S., approximately 17% less than the U.S. average.
Existing Home Sales
From 2005 to 2010, Wyoming’s housing market saw a roughly 40% drop in volume in existing home sales. From a peak of 14,300 homes sold in 2005 at the height of the housing market bubble, the market dropped to 8,500 homes sold in 2010. This followed a similar nationwide trend in the wake of the financial crisis.
Flood Insurance in Region
The Cowboy State saw extremely few flood claims from its residents in 2011 and 2012, with just 22 flood claims filed and approximately $188,000 in damages. This put Wyoming below notoriously dry states Utah and Idaho for flood damages. A sparse population makes it easy for homeowners and developers to typically choose real estate that avoids the danger of floods.
According to the Census Bureau, nearly three quarters of Wyoming’s homes were been built after 1970, though development of new homes dropped off sharply in the 2000’s, following booms in the previous decades. Relatively low demand for real estate in the remote areas of the state does little to increase housing development statewide.
Rules in Your State
The legislature in Wyoming has outlined and set forth very specific rules and regulations to govern the insurance industry, including regulations for how insurers must handle and settle insurance claims. Read through the links below to get further details on how those regulations work, and to read up on the insurance code in general.
- Wyoming Insurance Code: Provides information about insurance regulations in the state of Wyoming.
- Unfair Trade Practices: Goes into detail about what insurance agents are not allowed to do; these consumer protections keep you from being swindled.
- Insurance Trade Practices: Like Unfair Trade Practices, this link will cover rules and regulations that affect the entire insurance industry.
Representatives & Resources in Your State
The following representatives and resources provide a great starting point for consumers to learn more about how homeowners insurance works, how to make the most of their policy, and what their options when a claim is denied.
Federal Emergency Management Administration: Region 8
Between wildfires, storms, and other disasters, Wyoming residents have enough to worry about on their own, so FEMA provides support and aid during disasters to Wyoming residents through their regional offices. They also provide tips and safety planning in advance of disasters, so visit their website for more information.