I bought a renter's insurance policy that covered $20,000 of possessions from theft, fire and hurricanes along with a half a million dollars in liability insurance for a whopping $194 per year. Don't have any possessions or assets for somebody to take?
As they say, "You can't get blood out of a turnip." You may not be able to get blood out of a turnip, but you can get a judgment. An insurance agent recently was telling me about how his nephew got into a car accident where the other party's $100k Mercedes was totaled. He had just gotten out of college and didn't think it mattered because he didn't have any assets for him to take.
The opposing insurance company promptly got a judgment against him and the money gets taken directly out of his paycheck each month now that he has gotten a job. The agent said that the judgement would be for a few decades unless he wanted to pay it faster.
In addition to this renter's insurance may pay you for the additional amount of having to pay for emergency housing. What are you going to do if the place you're renting burns down or is destroyed by some other natural disaster? You may not have to pay rent, but you'll have find somewhere else to live and when an entire area is devastated, rents have a tendency to spike (oh supply and demand how you find me no matter where I am).