Real Estate Investor Insurance in Gillette
Insurance guide for Gillette, Wyoming. Understand market conditions, insurance costs, and investment opportunities.
Market Snapshot
Population
0.0M
Median Home Price
$320K
Median Rent
$1350/mo
Est. Cash-on-Cash Return
25%
Gillette Market Overview
Gillette is a key investment market in Wyoming with distinct characteristics that affect real estate investments and insurance needs.
🏠 Home Prices
$320,000
Median home price
📍 Rental Market
$1350
Per month median rent
📈 ROI Potential
25%
Estimated cash-on-cash return
Investment Characteristics
- •Market Position: Gillette is a significant investment market in Wyoming with diverse opportunities.
- •Price Range: Properties vary from starter investments around $$224,000 to premium properties at $$480,000+.
- •Rental Market: Strong demand at $$1350/month supports cash flow investing.
- •Fix-and-Flip Potential: Typical renovation budgets of $$80,000 with 6-12 month timelines.
Insurance Considerations for Gillette
Builders Risk for Renovations
For fix-and-flip projects in Gillette with average home prices around $$320,000, expect builders risk costs of $1,200-$2,500.
With typical renovation costs of 20-30% of purchase price, a builders risk policy covering $$80,000 would protect your investment during the 3-9 month renovation period.
Landlord Insurance
Rental properties in Gillette typically need landlord insurance averaging $1,500-$2,500 annually.
With median rents of $$1350/month ($$16200/year), ensure loss-of-rent coverage is included to protect against vacancy and non-payment risks.
Flood Insurance
Flood insurance in Gillette averages $600-$1,400 annually depending on location.
Even properties outside mapped flood zones should consider coverage. Use the FEMA Flood Map Service to check your specific property's risk level.
Top Investment Neighborhoods in Gillette
Different neighborhoods in Gillette offer different investment opportunities and insurance considerations.
Established Neighborhoods
Proven markets with stable rental demand and strong property appreciation. Good for landlord investments.
Up-and-Coming Areas
Emerging neighborhoods with appreciation potential. Good for fix-and-flip and value-add opportunities.
Downtown/Core Areas
Urban centers with strong demand for rentals and short-term leasing. Higher insurance costs due to density.