Whether you live on-campus in a dorm or off campus in an apartment, have your parents check with their insurance agent to see if their homeowner’s policy covers your belongings. If your parent’s policy does not cover your belongings then you’ll need to think about protecting what you own in the event that it is burned up, stolen or carried off by a tornado. You should consider purchasing renter’s insurance to protect your personal belongings. Even if you don't think you've got anything of great value, you probably do - more than you could comfortably afford to replace in the event of an unexpected loss.

It is helpful to prepare some type of inventory before you have a loss. Make a list of everything you own, include brand names, model #’s, and serial #’s and keeping all receipts of your purchases can come in handy as well. Keep your inventory record in a safe place, like a fireproof safe, or give it to your parents to keep off premises.

Most people don’t realize that their landlord’s insurance doesn’t cover their personal belongings, but in fact only covers the structure itself. This means you need to purchase your own renters insurance policy in order to protect yourself.

When you compare the low cost of renters insurance to the expensive costs of replacing everything in your dorm, apartment, or home a renter’s policy just makes sense.