Besides shock, one of the first things people think when they look at the devastating fire in Potterville is: What if this happened to me? People in the insurance industry say this is a perfect time to make sure you're protected.

"It's important to have homeowner's or renter's insurance," says Lori Conarton of the Insurance Institute of Michigan.

Conarton says 60 percent of renters do not have renter's insurance, including some of the renters who lost their apartments and businesses in the Potterville fire, according to the local fire department.

"To find out you didn't have insurance would be financially devastating," she says.

In Michigan, the average renter's insurance will run you just $170 a year, and covers all your personal effects.

"For 50 cents a day, to have the peace of mind if something happens would be valuable," Conarton says.

If you already have car insurance, you can likely get a discount on your homeowner's or renter's insurance. The average homeowner's insurance in Michigan is $721 a year.