LUBBOCK, Texas – The devastating apartment fire at the Boulders at Lakeridge Monday serves as a reminder of how important it is to have renters’ insurance.

The fire left 24 units destroyed, and 28 people displaced. Many people lost some of their most valuable items like wedding rings and handmade quilts from family members. Some were able to salvage clothes, but others weren’t.

Local insurance agents said it’s very common for someone to come to them after something bad has happened, and regret not having renters’ insurance in the first place.

Drone photo shows damage at the Boulder at Lakeridge after an apartment fire. (Nexstar/Staff)

Ron Hettler with Hettler’s Insurance said, “You need renters’ insurance for when the bad things happen.”

These bad things could include, robbery, flood or tornado damage, or a fire that destroys property.

Weston Taylor owns an insurance company, and he said that renter’s insurance can be replacement cost or actual cash value. Basically, the insurance company will cover what it would cost to pay for that item or cash.

They explained that renters’ insurance covers not only the structure, but the belongings as well. This could be clothes, furniture, electronics, etc. It also provides liability insurance in case any damage was caused by the tenant. The good news is, it’s affordable.

“$200-$300 a year for $30-$40,000 of coverage. You want to make certain you have enough coverage. $40,000 would sure go a long way towards getting your place back in order compared to zero,” Hettler said.

Taylor added that if it’s bundled with auto insurance, it can be cheaper. It can range anywhere from $15-$100 monthly.

Renters insurance can also cover any damage to one’s belongings that are inside of their car. “Think of how many people have their cars broken into,” Hettler said. “There are people every week, probably every night in Lubbock that wish they had renter’s insurance.”

Both said it’s common for clients to reach out to them after something bad has happened, and once they don’t have renters’ insurance, they sign up to be covered.

Management with the Boulders at Lakeridge said they do require all of their tenants to have renters’ insurance, but they would not provide any further comment.