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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Original Post

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. 

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".  

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