SLS recommends that all tenants have renters insurance. Landlords typically have property insurance, but this does not cover your personal property. Renters insurance can protect you if your property is stolen or damaged by fire, flood, etc. Renters insurance can also provide coverage if you cause damage to the landlord’s property or a neighboring unit.
Renters insurance is affordable and is sold by car insurance companies. It may also be possible to be added to your parents’ homeowner's insurance policy.
Write a roommate agreement
It is important that you and your roommates are clear about the financial and social expectations for living together. Consider writing a roommate agreement. Your roommate agreement can include things like how much each person will pay for rent and utilities, how those payments are made, how the unit will be cleaned, and what the guest policy will be. A roommate agreement can help resolve disputes or prevent them from happening.