“Covered” risks usually include theft, vandalism, fire, water damage (but not flooding), and extreme weather events at a minimum.

Laptop get stolen at a coffee shop? Renters insurance will pay. Bike vandalized while parked outside a bar? Renters insurance. Camera stolen on vacation? Renters insurance again.

Say your car gets stolen and your computer was in it—renters insurance covers that. Or if you’re in a car accident and your camera gets damaged—renters insurance covers that, too. (This is true of homeowners insurance, too. Car insurance covers only the vehicle itself, and sometimes injuries.)

The exact amount depends on where you live, how much stuff you have, the company you use and your deductible.

NerdWallet has a great breakdown of different companies and the benefits they offer here.

It’s called “bundling” and it can save you a little on your monthly premiums. It could even make the cost of your car insurance go DOWN because there are redundancies in coverage.

Renters insurance has two types of coverage:

Actual Cash Value is cheaper, but it only covers the depreciated value of your stuff based on the condition it’s in and when you bought it. For things like laptops, this will be significantly less than you paid.

Replacement Cost Coverage is more expensive but it will cover the current cost to get you a new version of whatever you lost.

Unlike health insurance, where you often have a yearly deductible, your renters insurance deductible is for each claim that you make. So if your computer gets stolen in May and your clothes are all ruined by a fire in July, not only have you had a shitty year, you’ll also have to pay your deductible twice. That’s why a lower deductible is usually worth paying a slightly higher premium.

On average, the monthly premiums are raised $1 a month or $10-12 a year for every $100 you lower the deductible.

Jewelry, watches and computers, for instance, are only covered up to a certain amount, usually around $1,500. And for those who work from home with expensive equipment, there’s usually a limit on that, too. You can buy an addition to the plan, called a “floater” or “rider,” if you want to insure something particularly of value.

But no matter whose stuff is damaged, claim checks will be made out to both roommates, so you better have a good relationship. And theft by a roommate is not covered.

Since you’re still technically part of your parent’s household while you’re in college, you don’t need your own insurance for the stuff you keep in your dorm.

15. If you have to leave your home for a covered risk, renters insurance will pay for all your expenses while you’re out.

So if there’s a fire and you have to leave, they’ll pay for hotel, food, laundry, childcare and other expenses that arise because you’re away from home.

18. There’s one big scenario that isn’t covered: when you rent or sublet your place.

So if something happens to your stuff when you AirBnB your rented apartment, that’s not covered by your renters policy.

Not only will this help you know how much property you need covered, it will also make it easy to file a claim if you ever need to.