Think about it. Your landlord has insurance only on the building. You are responsible for insuring your belongings. And before insisting that what you own doesn't amount to a hill of beans, consider the cost of replacing your DVD or CD collection if it were destroyed by fire. Your tenant insurance would not only pay for the damage you caused and replace your belongings; it would also pay your additional living expenses if you had to live elsewhere while your unit was being repaired.

Tenant insurance also provides coverage for your personal liability for the safety of others while they are in your rental unit. And it covers your liability if you accidentally cause damage to an adjoining unit.

Get tenant insurance as soon as you move into your apartment. If you are attending university, check to see if your parents' policy will cover you.