That depends upon two things really. First, the type of housing you are in and second the terms and conditoins of your parents’ Homeowners Insurance policy. Let’s talk about the second one first. If your Insurance Professional advises you that your parents’ Homeowners’ policy provides extended coverage that is adiquate to cover your personal belongings in an on campus dorm, then in that case, it is not critical that you obtain a separate renters insurance policy. If the Homeowners policy does not provide this extension or, more commonly, if you are housed in off campus rental unit or house, then obtaining a renters insurance policy would not only be smart, it may also be required by the buildng owner or management company from whom you are renting.