Insuring your property and the safety of your visitors is important, and could be problematic for some young college students. To solve that problem, a basic renter's insurance policy will provide coverage for the problems that college students are faced with most often, including fire, vandalism, theft and burglary. College students need renters insurance for two reasons: liability and personal property. Liability insurance is what will pay for someone in your dorm or apartment getting hurt, and offset any damages sought in court. Property insurance covers all of your personal property. Since you are renting, not owning, the liability of the structures and insuring their worth is not your concern.