Many renters ask the question: is renter’s insurance worth it? The Simple Dollar argues that since you can typically cover $30,000 worth of your stuff for about the cost of a large pizza per month, it’s something that’s most likely worth while. Renter’s insurance is affordable for most and can give you some serious piece of mind.

Here are some of the key steps you should take when looking into getting some renter’s insurance for yourself:

Figure Out What Your Stuff Is Worth

You can use a tool like Allstate’s What’s Your Stuff Worth? tool to figure out the estimated cost of your possessions. The tool will show you images of common items, like electronics, clothing and kitchen appliances, to help you along.

Use the Digital Locker Mobile App

Allstate to the rescue again. Their Digital Locker app helps you to catalogue your belongings with pictures. You can snap photos of your possessions, assign values to each of them and then upload the images into your own account. So if you ever need to file a claim, this app will be your best friend in helping you back up your inventory.

Choose Coverage for Your Specific Needs

There are many “perils” that insurance can protect against, including theft, water damage, vandalism, fire, etc. When you get an insurance quote, be sure to know what perils you’ll be protected against.

Look for Discounts

There are discounts everywhere if only you look for them. The most common kinds of rental insurance discounts you’ll find are multi-policy discounts (if you have another policy – like auto insurance – with the same company), claims-free discounts (if you haven’t filed a claim over a certain period of time), and protective devices discounts (if you have fire alarms, smoke detectors or a home security system installed).

Read more over at The Simple Dollar’s Best Renters Insurance for 2014.