What does renters insurance cover (and not cover)?

Renters insurance covers three things: your personal property, your personal liability, and additional living expenses. It does not cover the building itself, floods, earthquakes, or your roommate's belongings (unless named).

How much to buy

Estimate the cost to replace your belongings, then pick personal-property limits to match and liability of at least $100k. Add replacement-cost coverage so you're paid for new items, not depreciated ones.