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Landlord Insurance Wyoming
Last updated: May 30, 2025
"The first rule in investment is don't lose and the second rule in investment is don't forget the first rule." - Warren Buffett
Landlord insurance in Wyoming is a specialized protection plan designed for property owners leasing out residential or commercial spaces within the Equality State. Whether you oversee a single rental home in Cheyenne or maintain an apartment complex in Casper, landlord insurance Wyoming is essential for protecting your investment from unique local risks and liabilities that come with renting property across Wyoming’s diverse terrain.
Unlike conventional homeowners insurance, landlord insurance Wyoming is tailored to address the specific challenges faced by rental property owners—ranging from tenant-caused damage to weather events common to the state, such as blizzards, high winds, and wildfires in certain regions.
Wyoming landlords have witnessed shifting insurance rates in recent years, affecting returns and cash flow. Our review of thousands of Wyoming landlord insurance policies shows that many owners could be overpaying by as much as 25% due to a lack of access to specialists or agencies with deep knowledge of landlord insurance intricacies.
This is why OfferMarket Insurance exists—to help Wyoming landlords instantly compare custom quotes from more than 40 insurers. Our Wyoming-centric insurance advisors meticulously examine each offer, guaranteeing robust protection at the most competitive price—enabling landlords statewide to save thousands every year.
What Risks Does Landlord Insurance in Wyoming Cover?
A robust landlord insurance policy in Wyoming typically shields you from:
🏠 Property damage caused by fire, winter storms, hail, wind, vandalism, and other perils common in Wyoming
⚖️ Liability claims if someone is injured on your Wyoming rental property
💸 Loss of rental income if a covered disaster renders your property unlivable
🌊 Flood insurance (must be purchased separately if your Wyoming rental is in a high-risk floodplain)
Property Insurance
In Wyoming, landlords must contend with severe winter weather, high winds, the threat of wildfires in some counties, and the ever-present risk of property crime. The property insurance element of your landlord insurance Wyoming policy covers these hazards and may even include relocation costs if tenants must move out temporarily for repairs.
Wyoming property insurance policies typically fall under three main coverage types—Basic, Broad, and Special—each covering different “perils” (risks):
Basic Form Perils
The most budget-friendly property insurance available to Wyoming landlords covers only essential risks, such as:
🔥 Fire
🌩️ Lightning
💥 Internal explosion
Extended Coverage (EC) Perils
In Wyoming, many insurance agents recall the extended perils using the WHARVES mnemonic, which refers to additional dangers you can add to your base property insurance:
🌬️ Windstorm (including powerful gusts and blizzards)
🦹♂️ Civil commotion
🔥 Smoke damage (if sudden and accidental)
🌨️ Hail (common throughout Wyoming’s spring and summer)
✈️ Aircraft
🚗 Vehicle collision
💥 Explosion
❗ Riot
For intentional property damage, the V&MM acronym covers:
🏚️ Vandalism
🦹♂️ Malicious mischief
Broad Form Perils
Wyoming insurance professionals often remember broad form perils using BIG AFFECT, which expands coverage beyond the basics:
🥷 Burglary damage
🧊 Ice, sleet, snow (especially weight damage from heavy Wyoming snows)
🪟 Glass breakage
🚰 Accidental water or steam discharge
🧊 Frozen plumbing (critical in Wyoming’s long winters)
✈️ Falling objects
⚡ Electrical current surges
🏚️ Collapse
💥 Tearing asunder
Special Form Peril
The most extensive protection for Wyoming landlords is called “Special Form,” “open form,” or DP-3 (commonly chosen for single-family rentals). This policy covers all direct physical losses except those specifically excluded—always check your policy’s list of exclusions. Typical Wyoming exclusions include:
🌊 Flooding (covered only by separate flood insurance if your property is near the North Platte River, Green River, or other flood-prone areas)
🌎 Earthquake (less common but may be added as an endorsement)
🤡 Intentional damage
⚠️ Costs due to building code enforcement
🔌 Off-premises power failure
🇺🇸 Government seizure
General Liability Insurance
General liability insurance in Wyoming protects rental property owners against claims of injury or property damage from tenants, guests, or service providers on your rental property. Coverage limits generally span from $100,000 up to $1,000,000 per occurrence.
For example, if a tenant slips on ice outside your Cheyenne rental during a snowy winter, your landlord insurance Wyoming policy’s liability component would help cover medical expenses and legal costs stemming from that incident.
Business Interruption Insurance (Loss of Rent)
Wyoming landlords risk losing rental income if tenants have to leave due to property damage. Business interruption insurance, included in your landlord insurance Wyoming package, helps replace lost rent, ensuring you maintain cash flow while repairs are underway.
This coverage is typically very affordable in Wyoming, with premiums often averaging about $1 per $1,000 of yearly rental revenue.
Flood Insurance
Wyoming’s flood risks may not be as pronounced as in other states, but properties near major waterways—like the North Platte River or areas that experience seasonal runoff—may still require dedicated flood insurance. If your property falls within a FEMA-designated flood zone, separate flood coverage is vital.
Many Wyoming lenders require up to $250,000 in flood coverage, purchased independently from landlord insurance Wyoming and typically available via the National Flood Insurance Program (NFIP). You can check your property’s flood risk with FEMA’s Flood Map Service Center.
Landlord Insurance for DSCR Loans in Wyoming
If you finance your Wyoming rental using a Debt Service Coverage Ratio (DSCR) loan, you’ll need to meet your lender’s specific insurance requirements. Wyoming landlords must secure insurance policies that match lender criteria to qualify for and maintain DSCR loans.
Because insurance costs affect your DSCR, it’s crucial to choose affordable yet robust landlord insurance Wyoming coverage. Below are common DSCR lender requirements:
| DSCR Loan Insurance Requirement | Required? |
|---|---|
| Property Insurance | Yes |
| General Liability Insurance | Yes |
| Business Interruption Insurance | Yes |
| Mortgagee Clause | Yes |
| Lender as Additional Insured | Sometimes |
OfferMarket Insurance is ready to help Wyoming landlords navigate DSCR loan requirements by providing lender-approved quotes while keeping your costs in check.
How Much Does Landlord Insurance Cost in Wyoming?
The price of landlord insurance in Wyoming depends on several key factors:
Location in Wyoming
Insurers use local and regional data when calculating premiums. For example, properties in areas like Jackson or along the Wind River might face higher premiums due to higher property values or weather-related risks, while those in towns like Gillette or Rock Springs may have different rate drivers. Local labor and repair costs also play a role.
Property Insurance Type
Wyoming landlords can select from Basic, Broad, or Special Form coverage. Special Form policies provide the broadest protection, typically recommended for most rental properties, but come at a higher cost.
| Property Insurance Type | Cost |
|---|---|
| Basic Form | $ |
| Basic Form + Extended Coverage | $$ |
| Broad Form | $$ |
| Special Form | $$$$ |
Dwelling Coverage Amount
Your Wyoming landlord insurance premium is most influenced by the dwelling coverage you select. It’s best to insure at full replacement cost value (RCV) to avoid penalties such as coinsurance. With construction prices rising across Wyoming, updating your coverage regularly is essential.
| Dwelling Coverage Type | Cost |
|---|---|
| Actual Cash Value | $ |
| Functional Replacement Cost Value | $$ |
| Replacement Cost Value | $$$ |
Deductible
Choosing a higher deductible can reduce your annual Wyoming premium. Many landlords opt for deductibles of $5,000 or higher to manage out-of-pocket costs alongside premium savings.
| Deductible | Premium Cost |
|---|---|
| $1,000 | $$$$ |
| $2,500 | $$$$ |
| $5,000 | $$$ |
| $7,500 | $$ |
| $10,000 | $ |
Claim Frequency and Severity in Wyoming
Insurers in Wyoming look at your personal and property claim history when setting rates. Frequent or severe claims—such as water damage from frozen pipes or hail damage from spring storms—can result in higher premiums or coverage restrictions.
Crime Score Impact in Wyoming
While Wyoming enjoys a lower overall crime rate, certain neighborhoods in cities like Casper, Cheyenne, or Laramie may see higher landlord insurance Wyoming premiums due to increased risks of theft, vandalism, or liability claims. Proactive measures such as security systems or on-site management can help mitigate these costs.
Property Condition and Maintenance in Wyoming
Well-maintained Wyoming rentals generally receive better premium rates. Regularly updating plumbing, HVAC, and electrical systems reduces common risks like winter pipe bursts or fire hazards. Properties with outdated or deteriorated structures often face higher insurance costs. Keeping detailed maintenance logs can benefit your insurer’s evaluation and possibly your rates.
How to Protect Your Rental Property in Wyoming
While landlord insurance Wyoming is essential for managing your risks as a property owner, taking proactive steps can further safeguard your investment and help secure better policy terms.
Tenant Screening
In Wyoming’s growing rental markets—from Cheyenne and Casper to college towns like Laramie—screening tenants thoroughly is crucial. Run background and credit checks on every adult applicant. Establish firm requirements for credit scores and any disqualifying history. If you must make exceptions, consider requiring higher security deposits or a guarantor with solid credit. This diligence helps prevent costly evictions, property damage, or liability claims.
Regular Maintenance
Wyoming’s unpredictable weather demands consistent upkeep. Schedule property inspections at least quarterly to catch minor issues early, like roof leaks after heavy snowfall or foundation cracks from freezing and thawing cycles. Maintain detailed records of repairs and improvements and share these with your insurer for potential premium discounts.
Tenant Maintenance Education
Empower your tenants to handle basic upkeep tasks, such as replacing furnace filters, shutting off the main water valve in an emergency, or letting faucets drip during frigid Wyoming nights to prevent frozen pipes. Educated tenants can help reduce the risk of preventable losses.
DP-3 Insurance in Wyoming
DP-3 policies, or Special Form coverage, are the gold standard for Wyoming rental properties. These policies reimburse you for losses at replacement cost and protect against nearly all types of physical damage unless specifically excluded in your contract. For Wyoming landlords, DP-3 coverage is highly recommended, especially for single-family homes and small multi-family properties.
What is Coinsurance?
A coinsurance clause penalizes Wyoming landlords who insure their properties for less than a designated percentage (often 80%) of the replacement cost value. Underinsuring your property means you’ll have to pay a greater share of any claim.
Coinsurance formula
(Insurance Carried ÷ Insurance Required) × Loss = Claim Payment – Deductible
If your Wyoming rental is worth $300,000 but only insured for $150,000 with a $5,000 deductible, and you face a $60,000 loss:
($150,000 ÷ $300,000) × $60,000 = $30,000 – $5,000 = $25,000 paid by insurer.
You’re responsible for the remaining $35,000, highlighting the importance of full coverage.
Landlord Insurance Markets in Wyoming
Whether your rental is in bustling Cheyenne, scenic Jackson, or the quieter stretches of Sweetwater or Park County, OfferMarket connects you with specialized landlord insurance options for every Wyoming region.
Best Landlord Insurance in Wyoming
Wyoming landlords have a variety of choices when selecting coverage. For comprehensive protection, we recommend policies that include:
Property insurance tailored to Wyoming’s weather and property risks
General liability coverage for injuries to tenants or visitors
Business interruption insurance to protect your rental income
Flood insurance for properties near rivers or low-lying areas
Partnering with an agency that understands Wyoming’s landlord insurance market and offers access to multiple carriers helps you secure the best policy at a competitive rate. Start your Wyoming landlord insurance quote with OfferMarket Insurance today!
Landlord Insurance Guidelines for Wyoming DSCR Loans
These guidelines reflect the best practices for Wyoming landlord insurance to meet DSCR lender requirements:
Property Insurance
| Coverage Type | Requirement |
|---|---|
| Property Insurance | Mandatory, AM Best Rating A- VIII or higher, 1-year term |
| Limits | 80% of replacement cost or loan amount, whichever is higher |
| Deductible | $5,000 |
| Policy Type | Special Form (Dwelling Fire or Commercial Property) |
| Cancellation Notice | 30 days |
| Lender’s Designation | Mortgagee |
General Liability Insurance
| Requirement | Yes |
|---|---|
| AM Best Rating | A- VIII or higher |
| Limits | $500,000 per occurrence, $1,000,000 aggregate |
| Deductible | $1,000 |
| Coverage | Occurrence basis |
| Cancellation Notice | 30 days |
| Lender’s Designation | Additional Insured |
Business Interruption Insurance
| Requirement | Yes |
|---|---|
| AM Best Rating | A- VIII or higher |
| Limits | One year of gross rental revenue |
| Cancellation Notice | 30 days |
| Lender’s Designation | Mortgagee |
Flood Insurance
| Requirement | Yes, if in flood zone |
|---|---|
| AM Best Rating | A- VIII or higher |
| Limits | $250,000 or loan balance, whichever is greater |
| Cancellation Notice | 30 days |
| Lender’s Designation | Mortgagee |
Additional Details for Wyoming Landlord Insurance
| Detail | Information |
|---|---|
| Mortgagee Clause | OfferMarket Capital LLC ISAOA/ATIMA 627 S Hanover St Baltimore, MD 21230 |
| Condos and PUDs in Wyoming | Blanket policies allowed if individual units are covered. Associations must maintain all-risk coverage for common areas and equipment at 100% replacement cost. |
| Instructions | Use ACORD forms for compliance. Submit certificates, invoices, or paid receipts at least 24 hours before closing. Final policy documents must be submitted within 60 days of closing. Notify carriers if the property becomes vacant and obtain a vacancy permit if needed. |
Frequently Asked Questions About Landlord Insurance in Wyoming
How does OfferMarket Insurance work for Wyoming landlords?
OfferMarket Insurance is a platform dedicated to helping Wyoming property owners secure the best landlord insurance. We compare quotes from multiple carriers to ensure your policy meets both your preferences and your lender’s requirements for rental properties in Wyoming. Our local experts review every quote, so you always receive the strongest coverage at the most competitive price.
Do I need a Builders Risk Policy in Wyoming?
Builders Risk insurance isn’t included in standard landlord insurance Wyoming policies. You only need Builders Risk coverage if you’re constructing, renovating, or rehabilitating a rental property. This policy protects your building and materials during all stages of construction and ends once the work is complete or the property is occupied.
Can I use Functional Replacement Cost instead of Replacement Cost Value for my Wyoming rental?
It depends on your lender’s requirements in Wyoming. Many lenders accept Functional Replacement Cost, but others require full Replacement Cost Value based on the property’s age and appraisal findings. Always confirm your lender’s preference before selecting your coverage.
Why does my Wyoming lender need to be an Additional Insured?
Certain DSCR lenders in Wyoming require themselves to be listed as an Additional Insured on your policy. This gives them liability coverage, while the Mortgagee Clause protects their interest in the physical property. Understanding both designations helps ensure your Wyoming policy fully meets lender expectations.
Can I use my preferred insurance agent for landlord insurance in Wyoming?
Yes—if your agent can provide competitive landlord insurance Wyoming policies and understands the specific coverage details required by Wyoming lenders and property types. However, agents who mainly focus on personal lines (like homeowners or auto) may lack the expertise to handle the nuances of landlord insurance in Wyoming, potentially leading to delays.
Can I pay for landlord insurance on the HUD-1 or ALTA settlement statement in Wyoming?
DSCR loans in Wyoming typically require that the entire landlord insurance premium is paid at closing. This can be done via the HUD-1/ALTA settlement statement or paid directly to your insurance provider before settlement.
Can I escrow my landlord insurance premium in Wyoming?
Most institutional lenders in Wyoming will require that your landlord insurance premium is escrowed with your monthly mortgage payment, ensuring that your property stays protected with continuous coverage.
Can I get a refund if I cancel my Wyoming landlord insurance policy?
Yes. Insurers in Wyoming must refund any unused premium on a pro-rated basis if you cancel your policy. Just make sure you have a replacement policy in place before canceling to avoid lapses in coverage.
What is an AM Best Rating?
AM Best is an agency that evaluates the financial strength of insurance companies. In Wyoming, you should select landlord insurance carriers rated A- VIII or better, ensuring that your policy is backed by a reliable and reputable insurer.
What is Builders Risk Insurance in Wyoming?
Builders Risk Insurance protects Wyoming rental properties and materials during renovation or new construction. It covers events like fire, windstorm, theft, and vandalism while the project is underway and typically ends when the property is finished or occupied.
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