Ask a room full of first time apartment renters about rental insurance, and you are likely going to receive more blank stares than knowing nods. Renter’s insurance is like a big secret that only a few people know about, but it can be an absolute savior for you if you run into trouble. Let’s take a look at some renter’s insurance basics and see if it is right for you.

In short, renter’s insurance protects you against loss of property no matter where you rent from. You can be in your first apartment or even living in a dorm room at your local college or university. If your belongings are damaged, usually due to a fire or theft, you can get reimbursed.

One of the biggest myths that surround renter’s insurance is the idea that you don’t need it because your landlord has insurance over the space in which you are living. Don’t believe it! Your landlord’s insurance only covers the apartment, it doesn’t cover a single thing that belong to you that is inside of it. Even if your landlord tells you their insurance covers things, they don’t. The only way to protect your belongings is with renter’s insurance.

Finally, some people decline renter’s insurance because they have moved in with a roommate that already has it. This is a bit of a grey area as some policies protect both people, while others don’t. Ask your roommate if you can call his insurance company and ask. If it does cover you, make sure you document everything you own for evidence.