If renter's insurance doesn't seem like a big deal to you, look at it this way: if you're a renter and something happens to your residence, you might lose everything, and no one is responsible. Not your property manager or landlord. No one. Even in the event of a fire or a flood, your landlord is not legally responsible to cover the damages or find a place to move until the repairs are made.
You may not think your belongings are worth much and they may not be. But the way to look at it is to think about how much it would cost to replace them. For example, what would it cost to buy a new wardrobe if your clothes smelled like smoke from a fire? What about your TV, computer, other electronics, the quesadilla maker, the blender, cookware—what if they’re all damaged and need to be replaced?
Other’s perspectives:
http://www.usarak.army.mil/alaskapost/Archives2007/070810/Aug10Story4.asp
http://www.af.mil/news/story.asp?id=123145898
http://www.usarak.army.mil/alaskapost/Archives2008/081107/Nov07Story12.asp
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There are 17 types of peril that your renter’s insurance will help protect you against. They include fire/lightning, wind/hail storms, riots, aircraft, smoke, vehicles, vandalism, theft, damage from glass, volcanoes, falling objects, crushing weight of snow/sleet/ice, water damage, and electrical surges. Yes, you are protected in the even the volcano behind your apartment blows up. Additional living expense is also included this will cover a hotel room or other type of rental property for the time while your home is unusable.