diff --git a/homeassistant/components/wiz/__init__.py b/homeassistant/components/wiz/__init__.py
index a29990b6d44..abdbbf1191a 100644
--- a/homeassistant/components/wiz/__init__.py
+++ b/homeassistant/components/wiz/__init__.py
@@ -48,19 +48,8 @@ async def async_setup_entry(hass: HomeAssistant, entry: ConfigEntry) -> bool:
     try:
         scenes = await bulb.getSupportedScenes()
         await bulb.getMac()
-        # ValueError gets thrown if the bulb type
-        # cannot be determined on the first try.
-        # This is likely because way the library
-        # processes responses and can be cleaned up
-        # in the future.
-    except WizLightNotKnownBulb:
-        # This is only thrown on IndexError when the
-        # bulb responds with invalid data? It may
-        # not actually be possible anymore
-        _LOGGER.warning("The WiZ bulb type could not be determined for %s", ip_address)
-        return False
-    except (ValueError, *WIZ_EXCEPTIONS) as err:
-        raise ConfigEntryNotReady from err
+    except (WizLightNotKnownBulb, *WIZ_EXCEPTIONS) as err:
+        raise ConfigEntryNotReady(f"{ip_address}: {err}") from err
 
     async def _async_update() -> None:
         """Update the WiZ device."""
diff --git a/homeassistant/components/wiz/manifest.json b/homeassistant/components/wiz/manifest.json
index 07b306f1121..1296cf50d1b 100644
--- a/homeassistant/components/wiz/manifest.json
+++ b/homeassistant/components/wiz/manifest.json
@@ -8,7 +8,7 @@
   ],
   "dependencies": ["network"],
   "documentation": "https://www.home-assistant.io/integrations/wiz",
-  "requirements": ["pywizlight==0.5.5"],
+  "requirements": ["pywizlight==0.5.6"],
   "iot_class": "local_push",
   "codeowners": ["@sbidy"]
 }
diff --git a/requirements_all.txt b/requirements_all.txt
index b07ac4156ad..292f3910904 100644
--- a/requirements_all.txt
+++ b/requirements_all.txt
@@ -2057,7 +2057,7 @@ pywemo==0.7.0
 pywilight==0.0.70
 
 # homeassistant.components.wiz
-pywizlight==0.5.5
+pywizlight==0.5.6
 
 # homeassistant.components.xeoma
 pyxeoma==1.4.1
diff --git a/requirements_test_all.txt b/requirements_test_all.txt
index a61afbd574d..6869cde00ad 100644
--- a/requirements_test_all.txt
+++ b/requirements_test_all.txt
@@ -1282,7 +1282,7 @@ pywemo==0.7.0
 pywilight==0.0.70
 
 # homeassistant.components.wiz
-pywizlight==0.5.5
+pywizlight==0.5.6
 
 # homeassistant.components.zerproc
 pyzerproc==0.4.8