How much is renters insurance in Bloomington, NY

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In Bloomington, the average cost of renters insurance is $269 annually for $40,000 in personal property, $300,000 in liability and a $1,000 deductible. It is $24 less than the state average of $293 per year.

Renters insurance costs can vary based on the coverage you choose and the amount of liability protection included in your policy. If you’re living in a rental, it’s a smart way to protect your personal belongings from things like fire, smoke, theft, vandalism, and other covered incidents.

Let’s take a look at the cheapest renters insurance options in Bloomington.

Key Takeaways

Renters insurance in Bloomington costs an average of $269 per year or $22 monthly.
State Farm offers the cheapest renters in Bloomington, with a monthly premium of $10.
Renters can save more on insurance by taking advantage of discounts, including those for having a security system or bundling policies.

What is the average cost of renters insurance per month in Bloomington?

On average, renters insurance costs in Bloomington are $22 per month. It’s $2 less than the state average of $24. Renters in Bloomington pay these rates for a coverage limit of $40,000 in personal property coverage, $1,000 deductible, and $300,000 in liability protection coverage.

Renters insurance rates can vary by city based on your insurer and the amount of coverage you choose. In Bloomington, for example, renters pay around $18 per month for $20,000 in personal property coverage with a $1,000 deductible. If you increase your coverage to $40,000, the monthly premium goes up by $4.

If you own high-value items like jewelry, electronics, or designer furniture, it’s a good idea to consider higher coverage limits to make sure you’re fully protected.

How much is renters insurance in Bloomington by deductible?

Renters insurance in Bloomington costs $225 per year for a $500 deductible and $20,000 in personal property coverage.

Your deductible is the amount you agree to pay before your insurance coverage kicks in. If you increase your deductible limit, your insurance cost will go down. For instance, if the personal property coverage is the same (e.g., $20,000) but you increase your deductible limit from $500 to $1,000, you will pay $9 less every year for insurance.

Below are the renters insurance rates for different personal property coverage and deductible amounts.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$225	$283	$347
$1,000	$216	$269	$328

Note: The liability protection coverage is $100,000.

Who offers affordable renters insurance in Bloomington?

State Farm provides the cheapest rates in Bloomington, with an annual premium of $125 or $10 per month. Travelers is the second-cheapest company, followed by NYCM Insurance.

Below is a list of the cheapest renters insurance companies and their average annual and monthly rates.

Renter insurance provider	Average annual rate	Average per month rate
State Farm	$125	$10
Travelers	$161	$13
NYCM Insurance	$170	$14
Allstate	$173	$14
American Family	$176	$15
Nationwide	$231	$19
Farmers	$263	$22
Chubb Ltd	$284	$24
AIG	$1,160	$97
USAA	$230	$19

Tips for reducing the cost of renters insurance

Here are some tips to help reduce renters insurance costs in Bloomington:

Bundle insurance policies. If you have other insurance policies, such as car insurance, consider bundling them with the same insurer. Many insurers offer discounts for bundling in Bloomington.

Increase deductible. Opting for a higher deductible can lower your premium in Bloomington, but make sure you’re comfortable with the amount you’d pay out-of-pocket in case of a claim.

Choose the right coverage. Review your policy regularly to ensure you don’t have extra coverage. For example, you might not need as much coverage for personal property if you don’t own many valuables.

Avoid small claims. Filing too many small claims can increase your rates over time. Consider paying for minor damages out-of-pocket instead of claiming them through insurance.

Shop around. Don’t settle for the first quote you receive. Compare renters insurance quotes in Bloomington from multiple providers to find the best price for the coverage you need.

Renters insurance in Bloomington, offers valuable protection for renters at an affordable price. While premiums can vary depending on location, coverage amount and individual circumstances, the peace of mind it provides is worth the investment. By understanding your coverage needs, comparing quotes and taking advantage of discounts, you can find an affordable policy that suits your budget.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Bloomington in 2023 for $40,000 personal property coverage, $300,000 liability coverage, and a $1,000 deductible. The data presented are those with a good credit tier alignment.

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Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.