Subsidence Insurance

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Subsidence Insurance

Mine subsidence is the movement of the ground surface as a result of readjustments of the overburden due to collapse or failure of underground mine workings. Surface subsidence features usually take the form of either sinkholes or troughs.

The Wyoming Mine Subsidence Insurance Program (WMSIP) may be your answer to the threat of mine subsidence. The program provides an economical way for you to protect your investment in your home or business.

Look below for answers to the questions most people have about the plan, as well as information about Mine Subsidence Insurance annual premiums.

This information can be obtained from your city engineering office, county planning office or the Department of Environmental Quality/Abandoned Mine Land Division in Cheyenne at 1-800-510-0283.

The current annual rate for residential structures is $2 per every $1,000 of coverage. Commercial structure rates are $3 per every $1,000 of coverage. Examples of annual premiums are shown at the bottom of this page.

The maximum amount of insurance currently available is $275,000 per structure. The WMSIP rules and regulations require that structures must be insured for at least 75% of their estimated value, but cannot exceed 100% of the estimated value. At your option, detached structures (such as garages) may be covered for an additional premium.

Yes. For residential structures, the deductible is 1% of the coverage amount with a minimum deductible of $250 and a maximum deductible of $500. The deductible on commercial structures is the same except that the maximum deductible is $1,000 instead of $500.

You owe it to yourself to find out more about mine subsidence insurance. You have too much at stake to delay obtaining the protection you need. Find out today how you can be covered for the threat of mine subsidence and have peace of mind for pennies a day.

The Wyoming Mine Subsidence Insurance Program rules allow the value of a structure to be determined by the local tax assessor, by a licensed appraiser or a market analysis by a licensed realtor. The value of the structure does not include the value of the land.

The Wyoming Mine Subsidence lnsurance Program is a voluntary program. However, many mortgage companies require that mine subsidence insurance be carried for properties in identified subsidence risk areas.

While mitigation stabilizes the mine and reduces the risk of subsidence, it does not guarantee that a subsidence event will not occur. However, if subsidence does occur after mitigation, it is likely the damage will be cosmetic in nature as opposed to catastrophic. The decision to carry mine subsidence insurance is up to the individual property owner or the lien holder.

Yes, but you must contact your mortgage company and request that your escrow account be set up to pay the annual premium. Also, if you change mortgage companies, you should verify that your escrow account with the new mortgage company is set up to make the premium payments. 

If your home or business exists over or near an underground mine, you could be facing the costly consequence of mine subsidence – expensive repairs to your structure. Damage caused by mine subsidence is not usually covered by homeowner’s or business insurance. Mine subsidence is a threat to thousands of homes and business throughout Wyoming. It can occur anytime and anyplace after underground coal mining has occurred in the immediate area.

200 West 17th Street, 
Cheyenne, WY 82002