Hello fellow penny hoarders,

I am wondering about renters insurance, and if it is worth getting. I have been hearing about more and more people are getting it. What is the yearly or monthly fee? I have Geico for car insurance. Anybody have any advice or suggestions,?? Thank you and Happy New Year!???

Lori Wulff

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Hi @lori.wulff! I had to get renter’s insurance as part of the lease I signed. I use Assurant and pay $13.17 a month. In terms of whether or not it’s worth it — in full transparency, I’ve never had to use mine. But, I guess that’s the point of any type of insurance. It provides peace of mind should anything happen.

If you’re interested in learning more, here are a couple articles from The Penny Hoarder that may help:

Why Renters Insurance Is So Important (Plus It’s Cheaper Than You Think)

You Won’t Believe How Cheap It Is to Buy Renters Insurance


I have always maintained insurance whether I was a renter or home owner. As a renter, I was always concerned about being displaced in the event of a fire or other event that made the home uninhabitable. It cost less than $150 a year for renters insurance that would replace our belongings (replacement coverage) and put us up for up to 1 year in the event the place became uninhabitable.

I passed that to my daughter who carries renters insurance now. Thankfully there has been no need to use it but all it takes is knowing 1 person to lose everything to realize that the peace of mind was worth the small amount.


My wife and I just got a new apartment and along with it, we signed up for renters insurance through AAA which we also have auto insurance through.

In our lease, it was highly recommended to get renters insurance but as I was getting it, the agent told me that quite a few apartments are requiring it with the lease.

I went ahead and paid it all up front so it ended up costing me $120 for 12 months and that gives me coverage for up to $50K worth of belongings.

I also have never had a need to use it but I do believe it is a smart thing to have because it covers fire and theft, both things which you never want to happen but when they do it is always at the most unexpected time.

For $10 a month to insure everything I own, I really can’t complain.

Also, another thing the agent told me is that your renters insurance generally is what covers your auto in case of theft when it many cases your auto insurance will not cover theft.

I have had renters insurance once in the past but it was purely for cost saving purposes as the insurance I had offered a multi-policy discount which made my auto insurance cheaper with the renters insurance than without it.


I too have had renters insurance and am glad that I do. I have never used it, but I pay about 11$ month for it. I’m glad that I have it. I work in housing and have seen a real need for it.


thank you kindly all of you for your replies. I am going to get it.


I have it. Cost 127.00 a year. Bundled with car makes it cheaper. Required to rent apartment. Mom said " Better to have it and not need it than to need it and not have it".


Wise words @van.jalaber

For renters insurance, I recommend highly Lemonade. It is completely online. It is the cheapest that you will find around and they let you specify exactly what you want to cover or not cover. For an extra $10 a month you have a $0 deductible and receive immediate payment for most items if you have all the necessary documentation ready. I had a policy since they opened about 3 or 4 years ago and in 2019 I had 3 claims and they canceled me though. I had never made a claim before, ever with an insurance company, so just to warn you. But I would completely recommend them. High-quality customer service even when they cancel you. lol

Even with Assurant, I am only paying $17 per month to cover everything I own but they have higher deductibles and not a lot of options to choose from. I’d like to find another carrier if anyone has any recommendations. I am willing to pay for a low deductible but with Assurant, unless something major happens I would never file a claim because the deductible would eat up all the value. I will peruse all the other comments for ideas.


The cost of renter’s insurance is actually so inexpensive, that it makes plenty of sense to have it. When I lived in apartments, I always carried it. I never got to use it but I felt better having it. Too many things can go wrong–water damage from surrounding apartments, for example. Also, they usually cover vandalism to your vehicle or if your computer is stolen from your car…or they used to.

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I pay my renter’s insurance 1 x/year and get a cost break. Also, depending on your policy and your lease, but if your lease requires you to carry rental insurance some insurance companies will actually credit you a portion of your premium (they know everyone where you live has to have insurance too so I guess that lowers claims overall) I’m not sure what the thinking is on it, but it’s real. I was credited 40% of my premium. But you have to request it in writing from the insurance company and supply a copy of your lease. They won’t volunteer this information to you (no surprise, right?)


I live in an apartment where I’m required to have it. I get it through the landlord for about $10 a month and it covers theft as well as the standard things.