Bloomington is part of the greater Indianapolis metropolitan area, about an hour's drive from the downtown area. However, as a city of nearly 80,000 people and 28 official neighborhoods, Bloomington is quite a metropolis all by itself. It's home to an exceptionally high concentration of creative and technology professionals - not to mention several major employers. Perhaps the most important feature of the city is Indiana University. one of the leading business schools in the nation.
Average premium rates for home insurance in Bloomington depend on many factors; the real estate market is a primary example. According to the U.S. Census. owner-occupied units here have a median value of $231,500. This relatively low value - less than half of Carmel, another Hamilton County city - could be a factor in driving down insurance prices. Less valuable property tends to be less expensive to repair or replace after an unforeseen loss occurs. For this reason, cheaper properties often present lower levels of risk to insurance companies and, correspondingly, cost less for owners to insure. VIU by HUB uses an advanced calculator to provide accurate quotes.
Homeowners in Bloomington may get a break in terms of property value, but this city still gets all of the same extreme Midwestern weather as its more expensive neighbors. Average temperatures are typically freezing cold from December through February, with the first and last frosts in October and April, respectively. As the temperatures swing back and forth, pipes freeze and various types of building materials undergo extreme stress. Stormy weather is another issue that increases premium costs: Bloomington is in a high-risk zone for tornados and lightning.
Home insurance in Bloomington costs about $1,600. That's less than the national average. Here is what you might expect to get for that:
Home insurance works by paying for covered losses. "Covered losses" means damage or loss that occurs to your home or your personal property. Each policy outlines these items specifically, often with a large number of complex, qualifying statements. What it all boils down to, however, is that the insurer usually agrees to pay the policyholder if some type of unforeseen disaster happens. Use VIU by HUB to ensure that all of the right losses have coverage.
In addition to considering the unique risks of the property, insurance companies also look at the policyholder when writing new home insurance. The following risk factors might increase premiums:
Also, in a market that is predominantly rentals, it bears mentioning that homeowners insurance does not typically cover everything necessary for an investment property. Landlord insurance would be preferable to cover tenant-related losses, such as payments to settle personal injury claims.
There are many companies operating in the area, and VIU by HUB helps bring together all of the home insurance in Bloomington. Compare rates, customize coverage and find the right policy - all in one place.
This information is intended for general informational purposes only and is not intended to constitute legal advice.