Importance of renters insurance (© Chris Windsor/Getty Images)

As college graduates begin to migrate from the dorms in a few short months, one item they may neglect in their move to the real world is a critical one: renters insurance. Renters insurance is an often-ignored insurance that covers everything from personal property to personal liability.

If you're renting for the first time, or have been renting for years without insurance, you'll want to consider purchasing some insurance. debunks four myths about renters insurance, which just might persuade you to buy a plan:

1. My landlord's covered
In most cases, a landlord's insurance covers only structural damage to the building itself -- and many landlord policies don't even go that far if the damage is caused by a tenant. If you leave the tub running and it turns your floor into cardboard and dribbles downstairs, damaging your neighbor's couch, you may be liable for the whole drippy mess. If your building went up in flames, your landlord's coverage would include repairs, but only to the building, not to the possessions of tenants.

Join the discussion and share your nightmare roommate stories here

2. It's out of my price range
Is $10 to $20 per month too much? For lower rates, you can raise the deductible. For more protection, you can pay more for replacement-cost coverage where the reimbursement is based on today's replacement cost rather than original value.

What's your home worth?

3. I'm in a great building and I'm not worried about security
Renters insurance extends beyond on-premise theft and hazards. If your suitcase is stolen while you're on vacation, you'll likely be covered. Same with property stolen from your car. If you're prone to barroom brawls, you might need more help than renters insurance, but you'll probably be covered if you hurt someone. Speaking of injuries, you'll also likely be protected if someone slips and sprains her ankle at your annual dance-a-thon; you may even receive compensation for legal defense costs in the case of a lawsuit.

4. My stuff isn't really worth much
You might be surprised at how quickly all those books, CDs and kitchen appliances add up.

By Marshall Loeb, MarketWatch