Renter's Insurance:

Even if you do not own your residence, you are responsible for some of the problems that can arise there. Plus, you will need to protect your belongings, especially expensive items like furniture, electronics, jewelry, etc, against theft and damage. Renter's insurance provides coverage for your belongings and for liability that may result from an accident in your home. Many policies cover replacement cost, meaning that you will receive the money necessary to purchase a new item that is equivalent to the damaged one instead of a portion of that cost adjusted for depreciation. If you have roommates, you can take out a policy together and often save money while acquiring the same protection for your possessions.