Insure your home and possessions.
 “Anyone who owns a home will be required to purchase homeowner’s insurance,” says Salvatore, “but if you’re a young person and you’re renting an apartment or home, you should absolutely have it as well.”
What it does: Renter’s insurance covers your possessions and any other parts of an apartment you own. Homeowner’s insurance covers these things and the structure of your home. Both policies also offer liability coverage in case anyone gets hurt on your property, and will cover living expenses if you are temporarily unable to live in your home due to a covered disaster.
What to look for in a policy: Buy a policy that is large enough to cover the replacement cost of your possessions (as opposed to actual cash value) and has a large amount of liability coverage. Hungelmann recommends liability coverage of $300,000 or more. Keep in mind, however, that most policies only offer a limited amount of jewelry coverage, so if yours is worth a lot, you’ll need to buy an additional rider.
Where to get it: Find quotes online at www.insure.com.