Bloomington Homeowners Insurance

Your Complete Guide to Bloomington, MN Homeowners Insurance

Find the right homeowners insurance policy for you.

More than 85,000 people live in Bloomington, the fifth largest city in Minnesota. With its ample jobs and low crime rate, this city is a great place to put down roots. If you are among the proud homeowners in this vibrant city, you will want to be sure to protect your investment with a suitable home insurance policy. 

When you are shopping for affordable insurance coverage for your Bloomington home, an independent insurance agent can help. Find an agent near you to learn more.

How Much Does Homeowners Insurance Cost in Bloomington?

  • National yearly premium average: $1,173
  • Minnesota yearly premium average: $1,323
  • Bloomington yearly premium average: $1,283
  • 13th most expensive premium in the US

The numbers shown above are just averages. Your actual rates may be higher or lower depending on a variety of factors such as the age, size and value of your home and the crime rate in the ZIP code where your house is located. Often, insurance companies will offer even lower rates if you bundle your home insurance with another policy like car insurance.

Because every insurance company uses a different method to calculate rates, you can benefit from comparison shopping. An independent agent in Bloomington can obtain homeowners insurance quotes from a few different companies so you can choose the policy that offers the coverage you need at the best rate.

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Burglary Rate in Bloomington, MN

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in MN: 3.37
  • Number of burglaries per 1,000 homes in Bloomington: 2.25

The burglary rate in Minnesota is lower than the national average, and in Bloomington, it is even lower. This is not to say that the threat is non-existent. Residents of this city report approximately 200 burglaries each year.

You can take precautions to lower your risk of a burglary. One of the most effective deterrents is a burglar alarm. Having one installed in your home can even earn you a discount on your homeowners insurance. 

If your home is burglarized, you may take some comfort in knowing that your home insurance can compensate you for your losses. Your independent agent can assist you when you file a claim.

Catastrophic Events in Minnesota

A catastrophic weather event can destroy homes and damage property. It is therefore essential for your home insurance coverage limits to be high enough to enable you to rebuild, repair, or replace what you have lost.

  • Number of declared disasters in Minnesota: 60
  • Average number of tornadoes per year in Minnesota: 41.9
  • Average amount of property damage per year in MN: $897,178,000
  • 1 in 15 insured homes has a claim each year.

Your home insurance policy is designed to provide coverage against many of the hazards you are likely to face as a homeowner in Bloomington. This includes hazards such as severe storms, tornadoes, accidental fires, and property crimes.

Be aware, however, that flood damage is not covered by home insurance. If your home is located in a designated flood zone, you will want to be sure that you also have flood insurance through the National Flood Insurance Program (NFIP). An independent agent can help you secure a policy.

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Liability Coverage for Bloomington Homeowners

In addition to covering the structure of your house and the contents kept within it, your home insurance policy also provides liability coverage. 

This can come in handy if a visitor to your home is severely injured due to negligence on your part, or if your child or pet causes injuries or property damage to others while on their property. It can even cover you against charges of libel and slander.

Homeowners liability insurance is designed to cover your legal defense fees, court costs, and damages if you are on the wrong end of a lawsuit. Your local independent insurance agent can explain more.

Second Home and Vacation Home Insurance

Some residents of Bloomington own more than one home. If you are in the market to insure a property that is not your primary residence, read on.

Second homes and vacation homes have additional risk factors that need to be taken into consideration. These risks can increase your rates. Second homes that are occupied by tenants have higher liability risks and need to be covered by landlord insurance. Vacation homes that are left unoccupied and unattended for long periods have higher property damage risks.

Your local independent insurance agent can explain the coverage needs associated with your additional property or properties, and can help you find the best and most affordable insurance to meet those needs.

Why Work with an Independent Insurance Agent?

Independent insurance agents make it easy to find the best home insurance policy in Bloomington. Your agent can answer your insurance-related questions, and can help you review your coverage limits and options. Find an agent near you to start comparing quotes.

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http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
http://www.city-data.com