Tenants can protect themselves again certain risks of financial loss by purchasing renter’s insurance. Some leases inform you that property owners/managers are not liable for damages to your personal property and allow you to decide whether you want to purchase such insurance; other leases require tenants to have it. Renter’s insurance provides protection against damage to or destruction of tenant's personal property due to fire, smoke, vandalism and other causes. It also provides coverage against theft of personal property.
Renters insurance helps protect you from the cost of replacing your personal belongings in the event of a covered incident. Having your own student plan may fill the gaps from the limitations of your parent’s homeowners insurance (e.g. high deductibles and the requirements related to full-time student status).