Life is full of milestones, and one of the most significant ones involves children moving into their own place. With graduations around the corner, it's a popular time for adult children to find their own apartment and experience life outside the nest. While the newly independent are thinking of what size television to buy and kitchen essentials, insurance is probably the last thing on their mind. Parents, your job isn't done until you teach them about renters insurance.

Many people assume the owner of the house, apartment or condo has insurance, and that is most likely true. But a landlord’s policy covers only the structure itself. If a devastating event, such as a fire or theft occurred, how would young adults replace their property? Many twenty-somethings think they don't have enough to worry about, but when you add up the cost of electronics alone, not to mention furniture and clothing, it would be a financial burden that averages over $15,000.

Renters insurance helps protect that stuff from unexpected losses. And if their home is unlivable after an event, then renters insurance can keep them on their feet (and out of your house), providing additional living expenses.

In addition, a renters insurance policy provides liability coverage. If there is ever an incident that causes damage or injury to another person or their property while visiting the rental, those expenses could be covered under a renter's policy.

Many young people assume insurance is expensive, but a rental policy is very affordable. In most cases, it costs about the same as having a pizza delivered once a month, an expense most young people can cover.

Parents, if you have a child about to embark on living independently, then you should know that most kids still need their parents even after they've moved out. In addition to helping them out with some towels or a waffle iron, make sure they know about renters insurance, and maybe even cover the first year's expense for them as a going-away gift.