I mostly stay inside when it is raining, but a few times I have gone out when I did not expect rain and it rained anyway.

I keep a cheap emergency poncho in my fanny pack for such cases. I have only had to use them a few times. I kind of consider them a one time use item, as my experience has been that they are not real sturdy and often fail when used. The last one I got survived being used and went back in the fanny pack. It seems a little better made then the average <$5 poncho.

The problem I would have with something like this is that it takes up more room than I would want to give up. Plus at $100 it eats up my hiking equipment budget pretty quick.

But if I was going farther afield I would likely do so with a bigger pack so I would have more room.