When that spot turned into a small hole that emanated a light mist (much like those cooling devices at amusement parks), I went from puzzled to concerned.

When I came home to my find my shoes floating around my living room, I was too late.

And without renters insurance, I would be a few thousand bucks poorer.

A million different things can go wrong in a rented apartment, such as the burst pipe that I experienced, or the fire that destroyed McSwiggan's and all of the apartment units above it on Monday. We have all heard the stories. Still, for a variety of reasons, a large portion of the renter population chooses to remain unprotected against the occurrence of these events. In fact, the Insurance Information Institute reports that only 29% of the estimated 81 million renters in the U.S. are currently covered by renters insurance.

When polled, renters typically cite a number of reasons why they eschew renters insurance. These often include the assumption that their possessions are covered under some other policy, that their possessions have only minimal worth, or that the costs of insuring their property are prohibitive. In reality, however, their rationale is typically flawed.

So please allow me to take this opportunity to dispel the five biggest myths regarding renter’s insurance:

Try this exercise: Make a list of all the important items in your apartment and add up the costs to replace them - furniture, electronics, your business and leisure wardrobes. More than you thought? On average, renters will find that they require atleast $25,000 worth of coverage. Quite the large nut if you had to pay for it out-of-pocket.

In an upwardly mobile community such as ours, many of us own personal items that cost a small fortune, and could be rather expensive to replace. In my unfortunate experience, the costs I incurred to replace my personal property would have paid for renter’s insurance for the next 10 years. Painful. And to think, it all could have been avoided for roughly the cost of one happy-hour-discounted cocktail per week.

#4 - "My roommate’s insurance will cover my losses" – Certainly possible, but unlikely. Most policies will automatically cover only the policy holder, their spouse, and their children. Otherwise, any person seeking coverage must be specifically named in the policy.

Some insurance companies may further extend that coverage to anyone who fits the description of a "domestic partner". But slow down before you make those claims. Though you and your college buddy may indeed be tighter than Jay and Silent Bob (self-proclaimed "hetero life-partners"), the term "domestic partner" is usually used exclusively to describe an unmarried couple.

More good stuff: Aside from the replacement costs of damaged or stolen items, renter’s insurance provides liability coverage, which means that it will pay the losses of other people to whom you unintentionally or through negligence cause injury. So, for instance, when the guy you brought home from Green Rock last night trips over your puggle and loses a few teeth, your insurance will pick up his dental bills.

Further, should a disaster displace you for any extended period of time, renters insurance will cover any reasonable costs associated with living away from home. These costs would include things like hotel bills, so you won’t wind up on your friend’s couch or back in your childhood bedroom.

In all, renters insurance offers a high level of security at very low costs.

Renters insurance is available from most insurance providers including State Farm and Geico and usually requires only a few minute phone call to obtain. And through the magic of automatic billing, your insurance premiums may take the form of a virtually undetectable monthly charge to your credit card.

Make the call today, and feel safer engaging in risqué behavior around your home.