Renting In Boston? Three Reasons Why You Absolutely Need Renters Insurance

Living in Boston or in a neighboring city, such as Somerville, Malden, Medford and Everett, certainly has its perks; renowned restaurants, lively bars, boutique shopping, vintage movie theaters and trendy coffee shops are all easily accessible to residents. And while these advantages are likely some of the main reasons you’ve chosen to embrace city living, we also recognize that they can come with a hefty price tag.

Allow us to state the obvious – renting an apartment can be very expensive here in the Boston area. In fact, our beloved city was ranked one of the most expensive places to live in the US by Money – Time Magazine. With average rents ranging from $1,500 to $2,300 a month, many renters are dependent on a high-paying job, side hustle or a roommate (or two) in order to make their monthly rent financially feasible. And let’s not forget your other monthly expenses like gas, electricity, the internet, Netflix, cell phone bill, and groceries.

At this rate, taking your dream trip abroad, buying a house someday, and paying off your student loans, might seem far, far away. So, why would you want to even consider adding another monthly expense at this time? Let us explain.

Whether you’re renting a one-bedroom apartment in the West End of Malden, a two-family in Everett, or cozying up in a luxury unit at the Avalon in Somerville’s Assembly Row, renters insurance is extremely important to have. Now, don’t panic – you can afford renters insurance in addition to your other expenses. As your local insurance agent, Gilbert is here to not only talk about the reasons you need renters insurance, but also to share some tips on how to save money by doing so! So, keep calm and read on.

Reason #1: Most Apartments In (And Around) Boston Are Actually Requiring It

Many residential management companies are now requiring their tenants to have insurance while living on their property. For example, both Quarrystone at Overlook Ridge in Malden and Station Landing in Medford require their tenants to have a personal policy with a minimum of $100,000 in liability coverage. Individual landlords who lease their personal condos, townhomes and multi-family units are also following suit.

While an insurance requirement may seem like a total nuisance, it is actually to your benefit, much like working with a local insurance agent. A proper renters insurance policy will safeguard you and your things, as well as provide you peace of mind in the event of a disastrous situation. Similarly, partnering with Gilbert means you will have access to friendly agents who will personally make sure that you and your things are always protected. In addition, as long-standing Bostonians ourselves, our team will not only share insurance advice and cost-saving tips, we can also help you pick out the perfect restaurant to wine and dine your partner at for your anniversary this year!

But let’s get to the best part – at Gilbert, we work with a variety of reputable insurance providers, like Arbella Insurance, which means we have access to renowned policies at a great price. In fact, Arbella offers our clients a variety of unique insurance options, including one of the most popular among renters – Carpartment Insurance. Through this program, you can purchase renters insurance for as little as $3 a week when you bundle your auto and renters policies together with Arbella. This bundle-and-save option could save you 15% or more on your insurance premiums. Looks like you might be able to save for that big trip to New Zealand after all!

Reason #2: It Provides Proper Protection For Your Personal And Prized Possessions (Say That Three Times Fast!)

Most renters assume that their apartments are covered under the landlord or property owners’ insurance policy, when, in actuality, that insurance only covers the damages that occur to the physical structure of the building.

So, what does this mean for you and your things? Let’s say a pipe bursts during the winter, your entire apartment floods and your sofa, laptop and distressed wool rug – that you budgeted three whole months for from West Elm – are all destroyed. If you don’t have a personal renters policy in place, there’s a good chance that your landlord or management company will cover the structure damages of your apartment only, leaving you to absorb the cost of repairing or replacing your damaged things. Ouch!

A proper renters insurance policy should include Personal Property coverage which protects just about all of your personal items. In some cases, depending on the policy you have, you can receive up to 100% replacement cost protection for your belongings in the event of a fire, smoke damage, vandalism, theft, and even some damages due to a bad storm or natural disaster (excluding floods and earthquakes).

Reason #3: You Can Split the Bill with Your Roommate

Living with a roommate can have its benefits – you’re never lonely, you always have someone to binge-watch Stranger Things with, as well as split the cost of food and wine with. What you may not know is that you and your roomie can also share the cost of renters insurance. Often, a renters insurance policy can be designed to cover up to two unrelated people under one single policy, which means you can add your roommate to your insurance for no extra charge. How awesome is that?!

However, if you do happen to live with two or more people, the remaining roommates will need to purchase their own separate policies.

It is important to keep in mind that your renters policy will not cover theft or intentional damage done to your things by a roommate, regardless of whether or not these items are covered under your insurance policy.

Ready To Get The Insurance Process Started?

You’ve found the perfect apartment; with easy access to public transit, making your commute to work a breeze, close to scenic running routes that may just inspire you to start training for a half marathon this year, and, as a bonus, exposed beam and brick which pairs well with your modern yet eclectic design taste. The next step in your rental journey is to partner with a local agency, like Gilbert, who will look out for you, your things and your budget.

So, give our team of friendly agents a call today at (781) 942-2225 to discuss our bundle-and-save options and receive your free renters insurance quote. Or, if you’re in the neighborhood, stop into one of our convenient locations in Reading or Medford. We can’t wait to meet you!