$172 a year seems about $50 too expensive. Can you up the deductible to get it to $120?
I think it is worth it, but not for your stuff. What if you accidentally start a fire in your rental and destroy the property? Do you have the money to pay the landlord for repairs? Probably not- renters insurance would likely cover it under the liability portion of your policy. They would certainly pay your legal fees, even if your landlords property insurance should cover the repairs.
What if someone is at your rental and hurts themself by tripping on your rug? Can you pay their medical bills? Renters insurance would likely cover the first $500-$5,00 "no fault" and then defend you and pay the judgment if you were found to be at fault.
What if your dog bites someone while you are at the park? Can you pay their bills? Renters insurance would likely cover any general negligence claim that is unintentional, including legal fees.
I think of the personal property and additional living expenses coverages as a bonus- yes you are more likely to be burglarized or have damage to your property than any of the above scenarios, but you don't need insurance for that. You need it for the big losses.