If you want to monetize a renters insurance policy in your head, think about it this way; the average renter in has about $35,000 in personal property, which is all his or her responsibility to insure - not the landlord’s. In order to replace all that would take most of us years! Renters insurance is generally less than the cost of a large pizza, and if you can get it from the same company that does your auto insurance, you can get a nice multi-policy discount. Sometimes, believe it or not, it is actually less expensive to have renters insurance and auto insurance together than if you just have an auto policy by itself.