Trimming the Fat (Insurance)

[nighttrain79]

I need some advice on tightening the budget.  Is renter's insurance worth it?  Also, should I raise deductibles on auto insurance and lower 3rd party liability to save money?

[Ricksun]

Check to see if renters insurance is required by your landlord.  I had a couple that had it in the contract.  Otherwise, the need for insurance is entirely based on whether you have items that you need to replace if damaged/stolen without the necessary funds to do so yourself. 

Same with your deductibles.  Do you have the money to pay the higher deductible if you get into an accident? 

Good Luck!

Ricksun

[Villanelle]

To me, renters insurance is worth it, but like all insurance, it is a numbers game with the odds technically not in your favor. 

For the deductibles, as long as I had the money readily accessible to pay the new amount if needed, I'd definitely raise them.

[tarheeldan]

Renter's is worth it to me, esp. since its with the same provider as auto so the marginal cost was very negligible.

For raising deductibles, that's up to the size of cash stash.

For liability, it's also about protecting your assets. I plan to raise mine as my asset base grows.