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Frugalistas Frugalistas

Renters Insurance: Necessary?

Posted by on Jun. 22, 2013 at 2:26 PM
  • 39 Replies

I have to start looking into cutting more corners to get my living expenditures below my current income and to not rely on child support to live since my ex hasn't been paying me anything.

I want to get things very manageable so when he does pay that's extra to our household but we're not going hungry if he's not.

I'm struggling with cutting renters insurance. I see it as a necessity but my checkbook isn't agreeing.

Now that I'm single, I don't really understand what I need since my ex took care of all that stuff.

Personal Property $20,000
Deductible  $100
Loss Of Use  $4,000
Personal Liability  $100,000
Medical Payments  $500
Property Damage To Others   $500 for all states except KS which is $750
Replacement Cost   Included
Total Premium     $363.00

Account is paid in 4 installments of $90.75.


Is this a good price? Do I need all this? Am I overpaying? What can I cut?

by on Jun. 22, 2013 at 2:26 PM
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Replies (1-10):
JoJoBean8
by New Member on Jun. 22, 2013 at 2:28 PM
1 mom liked this
That's not a good price. You can get way more covered for more then half of that price. I would shop around.
michiganmom116
by Rhonda on Jun. 22, 2013 at 3:40 PM

I pay the same price for HOMEOWNERS insurance (all of the above included) for a house with a woodburning stove, barn, and two horses.  I do think you're paying too much, but I think it's a gamble to do without it.  Maybe look at raising your deductible.

caseyloo
by Casey on Jun. 22, 2013 at 5:11 PM
2 moms liked this

 We pay way less than that for our renter's insurance.  I would never cut out my renter's insurance, but I would definitely shop around for a better price.

conniejo75
by Bronze Member on Jun. 22, 2013 at 5:22 PM
I pay way less than that and higher cov... combined with my auto discounts for having multiple coverages basically makes it free. Even though I have never had to use it, I do believe it is necessary. .. just like auto ins.  
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jules8289
by on Jun. 22, 2013 at 5:25 PM

That is far too much for renters insurance. And yes you do need it. When you get a policy specify "new replacement cost" policy. Other wise if you file a claim they'll pay you off at garage sale prices. You won't be able to buy brand new replacements of anything. 

lovemymini
by Member on Jun. 22, 2013 at 5:26 PM
1 mom liked this

Very Necessary! However mine is only $25 /month

https://www.erenterplan.com/

Also try calling your car insurance provider most of them provide it.

lillucky8
by Jen on Jun. 22, 2013 at 5:31 PM
1 mom liked this
Its very necessary, if there were ever a robbery, or a natural disaster or accident and your things were lost of ruined you will be glad you have insurance, but that does sound high
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anotherandree
by Inga on Jun. 22, 2013 at 5:40 PM
1 mom liked this

YIKES!!  It is VERY necessary, but that is OUTRAGEOUS!  We pay way less for way better coverage!  I think its time you started shopping around!

My nephew had a dog that tipped a candle over and started a fire in the duplex where he was living.  He was 20 at the time.  It burned the place to the ground.  The people on other side had renter's insurance and the property owner had homeowner's insurance.  Because it was his fault, they came after him.  If he had insurance, it would not have been a big deal.  However, he ended up filing for bankruptcy because of it and lost everything he owned (except the dog).  Even his car that was parked in the garage.  He just had the clothes on his back.

elephantmamaof2
by Member on Jun. 22, 2013 at 5:43 PM

I think its absolutely necessary, but that is way too much. We have progressive auto insurance, and we were able to add renters insurance to that. Its been a while, but I believe it was no more than $10-15 monthly.

chicken13
by Silver Member on Jun. 22, 2013 at 7:18 PM
1 mom liked this

Very necessary!  But that price seems high.  Get a couple quotes from some different places. 

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