Renters insurance seems undervalued by both apartment and single-family home dwellers. In fact, only 34% of home and apartment renters have insurance, according to a study from InsuranceQuotes.com.

When surveyed, 60% of people incorrectly guessed $250 to be the annual cost of renter's insurance. About 21% of individuals interviewed thought renter's insurance would cost them as much as $1,000 per year or more. In reality, the true cost of renter's insurance is only $185 per year.

As for why few buy renters insurance, 57% of those interviewed said their apartment or home has decent security. About 52% said renter's insurance is too expensive, another 47% said their landlords already have insurance.

"Renter's insurance is a lot more affordable than most people think," said Laura Adams, senior insurance analyst at InsuranceQuotes.com. "Most renters don’t realize that their landlord’s insurance usually only covers the structure and not the renter’s belongings. And even in a safe area, renters can fall victim to theft, fire, water damage or another calamity."