Renter's insurance is a no-brainer in my book.
We went out on vacation in August for 10 days and a day or two after we left, a water line feeding a toilet gave up the ghost. The whole place was totaled. The restoration company had to tear 2/3 of the 1,600 sq. ft. place down to the studs and replace nearly everything (subfloor, electrical, cabinets, drywall, etc.). Many of our possessions were destroyed. Our insurance company ended up paying out over $13,000 (hotel stay, new item replacement, existing item relocation and restoration) when it was all said and done. Our policy only cost ~$15 a month.