Bob just moved into a spacious one-bedroom apartment near Spring Valley Park and Eastern Hills Golf Course. Bob liked the apartment and figured he didn't need renters insurance. What were the chances his apartment building would burn to the ground?

But then Bob met Kathy, who lives in the same apartment complex. Kathy had spent $450 stocking up on frozen food during a sale at Meijer last year, only to have it all spoil when the landlord's freezer broke while she was out of town. When she returned, she had a big mess. Her landlord fixed the freezer but wasn't responsible for the contents; many renters insurance policies would cover that. (Learn more from U.S. News & World Report.)

Then Bob met Sam, who had lived in the apartment complex for five years. Three years ago, Sam's daughter left the bathtub running when she rushed to answer the phone. She flooded not only their apartment, but the apartment below theirs.Seriously, it was filled with more water than Kik Pool.

Sam was responsible for the damage to the items in the lower apartment; he didn't have renters insurance but many policies would cover that. (Learn more from U.S. News & World Report.)

Then Bob met Kelly, who lived in the apartment complex for two years. Last year, when temperatures dipped below zero here, she took a trip to Mexico and someone stole her luggage while she was hailing a taxi. She didn't have renters insurance but later learned that many policies would have covered that. (Learn more from Investopedia.)

Then Bob met Erin, who had lived in the apartment complex for six years. Four years ago, her son's friend was over for a playdate, tripped over a bucket near the stairs inside the apartment, fell down the stairs and bumped his head. His mom took him to Borgess Medical's emergency room. He ended up being OK, but his mom sent the medical bills to Erin, who didn't have renters insurance. Erin later learned that many renters insurance policies include liability coverage.(Learn more from Investopedia.)

Now that Bob had met all his neighbors, he called his insurance agent to find out his options for renters insurance. He learned that the average cost of renters insurance nationwide was $185 in 2010, but policies varied based on risk factors and coverage details. (Learn more from Trusted Choice.)

Bob encouraged his new friends to call their insurance agents too.