When renting an apartment, you should consider purchasing property insurance. It is likely that you own valuable personal belongings that would create a hardship if you needed to replace them due to theft or damage. Such items are televisions, DVD players, computers, and stereo equipment, as well as furniture, furnishings and clothing. If the landlord is not liable, he will probably not cover the cost of these items nor will parents’ homeowner’s policies. You should obtain a separate renter’s policy.

It is important that you shop around for rates and coverage as they can vary from one company to another. You could also inquire with the provider of a parent’s homeowner’s policy to see whether a rider or reduced rate policy is available. Renter’s policies are affordable with annual premiums as little as $150 to $200.