Real Estate Law
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Yes, you would be protected up to the limits of the policy for fire or accident. You might want to protect yourself a bit more by increasing the limits on the renters' insurance and/or purchasing an umbrella policy of your own. I had 3 children in college at one time and I was a co-signer of all their leases and did both of the foregoing. You would not, however, be covered by things not covered by the rental insurance policy, such as unpaid rent, early lease termination, and/or damages caused by the tenants or their invitees.
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On the renter's insurance policy, you will want to make sure you are named as an "Additional Insured."