Everyone should have either renter's insurance or home owner's insurance, with a personal property rider to cover your possessions. Hell, don't just think about stuff like TFs and TVs and computers. Just think how much it would cost to replace your clothes. Dress pants, suits, shirts, winter coats and the like are pricey as hell when you have to buy everything new at once. Tack on furniture, and you're royally fuked if anything happens.