If you are living off-campus, you'll want to consider buying renters insurance. Renters insurance covers the contents of your apartment under certain circumstances, like if a pipe bursts or if you have a kitchen fire. Your landlord will not replace those lost/damaged items. You are responsible for your belongings and will have to pay out of pocket to replace it. If you have renters insurance, you can file a claim for reimbursement.

There are different types of renters insurance, and the prices vary by the type of policy you buy. "Replacement cost" policies cover the cost of repairing/replacing what you lost, such as your laptop. If you have an "actual cash value" policy, you'll be reimbursed for your laptop at today's cash value. For example: you paid $1,500 for your laptop two years ago, but today that laptop is worth $800.  You'll be reimbursed $800. Replacement cost policies are usually more expensive than cash value policies.

Inventory your items and estimate their total value. That will help you figure out how much insurance you need. It will also provide you with a list of replaceable items if you file a claim.

Renters insurance usually includes liability coverage, in case someone is injured in your apartment, or if you damage the apartment you're renting.

Make sure to review the types of coverage each policy offers, and don't automatically buy the cheapest one. Try to obtain at least three cost quotes from different companies.

You can learn more about renters insurance from the Insurance Information Institute.