How much is renters insurance in Bloomington, NY

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Your renters insurance premium could be higher or lower depending on the coverage and liability limits you select. Purchasing renters insurance is a good idea, as it helps protect your personal property from damage or loss due to events like fire, smoke, theft and vandalism.

After carefully evaluating renters insurance companies, we’ve compiled a list of the most affordable insurers for Bloomington renters. Keep reading to learn which insurers offer the lowest rates in Bloomington

Key Takeaways

According to Insure.com’s data study, renters insurance costs an average of $269 per year or $22 per month in Bloomington.
State Farm has the cheapest renters insurance for Bloomington renters at $10 per month.
Taking advantage of discounts, such as having a security system or bundling renters insurance with other insurance policies, can help reduce your insurance premiums.

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

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

The renters insurance rates vary by city depending on your insurance provider and the coverage limits you choose. For example, renters in Bloomington pay $18 per month for personal property coverage of $20,000 and a $1,000 deductible. However, if you decide to increase the personal property coverage limit to $40,000, you will pay $4 more for renters insurance.

Now, you’ll have to decide how much coverage you need and how much you can afford. However, it is recommended that you choose higher coverage limits if your personal belongings consist of expensive jewelry, furniture and electronics.

How much is renters insurance in Bloomington by deductible?

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

The deductible is the amount you pay before your insurance coverage applies. By increasing your deductible, you can lower your insurance premium. For instance, raising your deductible from $500 to $1,000 will save you $9 annually.

The table below shows renters insurance premiums for varying 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

Read our guide to know what does renters insurance cover.

Who offers cheap renters insurance in Bloomington?

Your search for affordable renters insurance ends here.

State Farm has the lowest rates in Bloomington, with an annual premium of $125 a year or $10 per month. Based on our data, Travelers and NYCM Insurance also offer cheap rates.

After evaluating renters insurance quotes from all the national and regional insurance companies in Bloomington, the experts at Insure.com put together a list of the most affordable insurance carriers.

Below, you’ll find the average annual and monthly rates for cheap renters insurance companies in Bloomington, NY.

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 lowering the cost of renters insurance

Follow these tips to reduce the cost of your renters insurance in Bloomington:

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

Increase your deductible: Opting for a higher deductible can lower your premium in Bloomington, but make sure you’re comfortable with the potential out-of-pocket costs if you file a claim.

Choose the right coverage amount: Review your renters insurance policy regularly to ensure you aren’t paying for unnecessary coverage, such as excess personal property coverage if you don’t own many valuables.

Avoid filing too many claims: Filing frequent small claims can increase your rates. It might be worth paying for minor damages out-of-pocket instead of using your insurance.

Compare quotes: Don’t accept the first quote you get. Shop around and compare renters insurance rates from different insurers in Bloomington to find the best deal.

Final thoughts

Renters in Bloomington, NY should purchase renters insurance to protect their personal belongings, provide liability coverage, and cover additional living expenses if their rental becomes uninhabitable due to a covered event. Premiums may differ based on location, coverage amount and individual circumstances, but the peace of mind it offers is worth the investment. You can get an affordable policy that fits your budget by assessing your coverage needs, comparing quotes and taking advantage of available discounts.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Bloomington 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.