As the insured, you and the members of your home are covered for the loss of the home and its contents. Third parties -- other people who come to your home -- are covered through the liability portion of the insurance policy for injuries caused by your negligence. In addition, you and the members of your household have some liability protection to others even while you are away from the premises.

With renter's insurance, it is important to note that coverage is only provided to the person named in the policy. Even if you share the premises with someone else -- if it is your insurance, the property of your "roommate" is not covered.