Get Flood Insurance Wyoming & Save Money Too.
People in Wyoming save on average $500 to $1,457+ on their annual flood premiums.
In many cases, we save them even more. Get the cheapest flood insurance in Wyoming without sacrificing coverage.
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Does my Wyoming homeowner insurance cover flooding?
A typical Wyoming homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy.
In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.
Do I need flood insurance in Wyoming?
It is important to have flood insurance coverage in Wyoming because our beloved Cowboy State has seen a fair share of flooding, and more is likely coming.
We believe most homeowners think about Flood insurance in Wyoming at some point, maybe before buying a home or during the closing process. However, many of us only think about it when a big storm is looming or we have heard on the news that there is flooding forecasted or happening too close to our home.
If your home or business is in a flood zone, that is considered a low flood-risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate agents and some insurance agents may even say you don’t need it.
I ask you to consider the facts: 20 percent of all flooding events across our nation come in areas that are considered low risk. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas. In 80 percent of these individuals, they had water in their homes or building and didn’t have flood insurance coverage.
In Harris county, nearly 135,000 homes were damaged. Three-fourths of these properties were considered low to moderate risk.
Flood insurance Wyoming
We often hear that people believe that the government will help, which is true. However, a few things must align for you to get government assistance.
1 – The president of the United States must declare the flooding event a state of emergency. If this doesn’t happen, then there won’t be assistance.
2 – Homeowners’ average amount of assistance after a flood, when they do not have flood coverage, is $5,000. The average cost of damage to one’s property after a flood is $38,000+. That $5K you get from the government? It comes in the form of a loan and you will need to pay it back. Are you willing to gamble your financial future by forgoing flood insurance coverage?
Wyoming Flood zone maps
One more note on these low-risk flood zone maps. Many of these maps are over 40 years old. If the area has been developed, there is likely more concrete, creating a barrier for land that, previously, might have absorbed the massive downpour.
Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea of part of the risk. Our recent storms are facts that it can rain anywhere within Wyoming, and you should consider getting flood coverage so you are not uninsured when you need it most.
FEMA flood zone maps often take years to go into effect after the terrain was studied; this gives the impression that the area is “more up to date” than it is.
The average cost for Wyoming flood insurance in these Low-risk areas is $595 per year.
FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these Wyoming flood insurance maps to assess risk, set premiums, and determine who is required to purchase flood insurance. Bad information about an area’s flood risk can leave property owners under or uninsured.
How much is flood insurance in Wyoming?
Wyoming NFIP flood insurance.
There are many options available in Wyoming regarding flood insurance, but they fall into two main categories.
1 – The National Flood Insurance Program (NFIP), also known as FEMA, is the government option for flood insurance. The NFIP has enjoyed a 50-state monopoly on the flood insurance market.
2 – Not “private flood insurance” but NFIP Resellers
If you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the of logos below then you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.
Wyoming private flood insurance market
There are alternatives to the NFIP or government insurance. It is called Private flood insurance, most notably Lloyd’s of London Flood insurance; however, other options are available in Wyoming. We shop all the options for your property in your region to ensure you are getting the best premium. Please click here if you are ready to have us do the work for you.
Our shopping includes the NFIP because sometimes we find that you can get a much better premium with government subsidies.
Lloyd’s of London Flood Insurance Wyoming Market
Wyoming is fortunate to have many Lloyd’s of London flood insurance options. Although many Lloyd’s flood insurance companies will have you assume that there is only one option, nothing could be further from the truth.
Lloyd’s of London has a rich history attributed to having invented the first modern insurance model. Unlike most of its competition, Lloyd’s of London is not a company but a corporate body. This structure works well since it has been around for over 330 years. Lloyds operates under multiple financial backers pooling their capital to spread the risk.
I have two blog posts that deeply dive into Lloyds of London and what they mean to Wyoming’s flood insurance market. If you are interested, the links are below.
Lloyd’s of London Flood Insurance
NFIP vs Private Flood Insurance
Lloyd’s also insures the world with flood insurance, meaning they cover flooding events in India, Australia, and much of Europe. The “game” of insurance is to spread your risk since Lloyds is worldwide.
I joke here that Lloyd’s is banking on God’s promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole worlds flood claim.
How much does flood insurance cost in Wyoming?
Many factors go into getting the cost of flood insurance for Wyoming. If your home is in what is considered a low-to-moderate risk, you can get a heavily subsidized policy through the government.
Wyoming flood insurance low-to Moderate Risk rate and cost.
This is Flood Zone X, which is not lender required flood zone.
This is usually identified as an X-flood zone. Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see grid below):
The average cost for flood insurance in Wyoming with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.
Your property is in a higher-risk flood zone, usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in Wyoming depends on many factors unique to the structure. We will try to give you an idea of the most common homes we see in Wyoming with a basement foundation.
We will look at the Wyoming cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.
We will be rating this example on the NFIP and on a few of our private flood insurance policies, specifically Lloyds flood insurance options in Wyoming.
Cost of Flood Insurance in WYOMING in high-risk flood zone AE
Our example is Teton County, but the premiums will be the same in Casper, Cheyenne, Sheridan, Rock Springs, Park county, and many other Wyoming flood zones.
In our example, the Base Flood Elevation (BFE is 6080.9) is a home that is built before 1956
NFIP option in Wyoming Flood Zone AE
NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
NFIP Annual premium in High-Risk flood zone is $3,070.00
This option is what we see if the property has had a flood loss before and either doesn’t have an Elevation Certificate applied or the Elevation certificate shows that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property.
Wyoming Private flood insurance – Lloyd’s of London Flood Insurance (option 1)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Lloyds of London (option 1) Annual premium in High-Risk flood zone is $947.09
This option is great, and we are very happy when we can get this option. They can be a bit choosey about what risk they will accept and will not take anything that has had a flood loss. They offer basements coverage, about $2,000 for loss of use, and $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate.
Wyoming Private flood insurance – Lloyd’s of London Flood Insurance (option 2)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Lloyd’s of London (option 2) Annual premium in High-Risk flood zone is $1,067.00
This option is great, and we are very happy when we can get this option for our clients. They seem to be writing almost all risks; however, they do not write any property in a designated floodway or have a depth of -4 under the BFE. In our example, with our BFE being 6080, they will not accept this risk if the lowest floor is 6076. They will not take anything that has had a flood loss. They offer limited coverage for basements and do not require an Elevation Certificate to rate, and as a percentage of coverage for loss of use. If you want coverage for other structures, then that will need to be added.
Private Flood insurance option (option 3), Not Lloyd’s
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
The annual premium in a High-Risk flood zone is $2,763.00
This option will take properties that have had one flood loss for more than five years and the payout was under $100,000 on the claim. Their coverage matches the NFIP. They will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.
Private Flood Insurance – Lloyd’s of London (option 4)
This option must be written on the building’s Replacement Cost Value (RCV). Otherwise, there is a co-insurance penalty that kicks in. So, $250,000 might be a bit low in California, but to keep this going, let’s just use that for this option
Coverage of $250,000 (RCV) building coverage, No Contents, and $5,000 deductible
The annual premium in a High-Risk flood zone is $619.20 (great price)
This options rating system is all over the board. Sometimes we get a crazy great price, but other times the premium is way higher than the NFIP will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $50,000 on the claim. Their preferred coverage is at replacement cost, which is slightly different from some of our other Lloyd’s flood options. We usually reserve this one if the property doesn’t fit the above options. We can adjust coverages to control premiums. As mentioned before, these underwriters’ rates are all over the board. It is worth shopping through to ensure we are getting you the best premium possible. They don’t need an elevation certificate to rate.
Private Flood Insurance –Lloyd’s of London (option 5)
Coverage of $250,000 (RCV) building coverage, No Contents, and $5,000 deductible.
The annual premium in a High-Risk flood zone is $1,915.86
This option came from the company that used to run the NFIP program, so the coverage matches the NFIP coverage with two differences. They offer living expenses which will cover your cost when you are displaced from your home during repairs (most Lloyds flood policies offer this). They also offer a unique swimming pool clean out, so if you have a pool, ask for this coverage.
More options are coming online every day, and we are working to be looking into every viable option.
