Suppose your kitchen were to accidentally catch fire and the fire were to spread to the rest of the building. You’d have to replace everything, including your furniture, electronic devices, sports equipment and textbooks. Even if you were to replace it all by buying it second-hand, it would definitely take a bite out of your budget for a while.

Your budget would take an even bigger hit if you were required to pay for the damage to the building. Even if the landlord is insured, as the person at fault, you could still be on the hook for the money paid to cover the damage, as the landlord’s insurer could claim the amount from you.

Shop and save

Shop around for insurance that suits your needs and fits your budget. If you’re a student and financially dependent on your parents, ask your parents to find out from their insurer if you’re already covered and what risks and how much you’re covered for.

You can shop for home insurance on-line or ask for a quote over the phone from an insurance agent or broker. You can get basic coverage for a competitive price.

I’ve got a roommate

If you’re wondering whether you’re both automatically covered, the answer is no. An insurance agent or broker can help find the best way to make sure you’re both fully covered for civil liabilityCivil liability insurance is insurance that can cover the cost of certain types of damage for which the insured may be responsible. For example, if you accidentally set fire to the building where you live or if your dog bites someone. and property damage.