Fires like the one that tore through an apartment complex on Monday are why many landlords and apartment managers require tenants get rental insurance.
At properties where it's optional, some renters still choose to try their luck.
If that includes you, here's a basic breakdown of what you're missing out on from the Rocky Mountain Insurance Information Association.
Nationally, the average cost for renters insurance is about $16 a month.
It covers your personal property and offers liability protection like bodily injury or property damage caused by your negligence.
Many renters also wrongfully assume they fall under the protection of their landlord’s insurance, Jeanne Salvatore, senior vice president of public affairs at Insurance Research Council, said. Landlord policies would take care of the actual building and common areas in the case of a disaster, but not the belongings of the tenants.
Read more about the benefits of renters insurance here: http://usat.ly/2di5uFt
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