One thing most students don't recognize is that under most landlord-tenant agreements, damage to your personal property is not covered. That means that your expensive computer, stereo equipment, and furniture may not be covered in the event that you're robbed or there's a fire. Furthermore, third-party liability is often not covered by your landlord. This means that if you have a party and someone injures themselves, you could be found legally responsible for their medical bills!
The good news is that renter's insurance is incredibly affordable. You could be paying as little as $10 a month for basic coverage! That's less than the cost of going to a movie. You can also inquire about getting coverage through your parents' insurance provider -- they may be able to attach a policy to their plan instead of getting an entirely new one.
If you're a student, talk to your parents about getting renter's insurance. As essays and projects build up, the last thing you want to worry about is getting sued or having your stuff stolen!