Here's the thing: If you had to replace that stuff after a fire or a burglary, the costs could easily reach the thousands. Think about how long you've spent gathering your furniture, kitchen stuff, appliances, and wardrobe—not to mention your computer and other electronics. Even if you've only spent a few hundred a year on this stuff, having to respend all that money at one time will probably bust your budget.

There's something else: Renter's insurance offers liability protection. Say you have some friends over and someone takes a spill and has to go to the hospital. You might turn out to be legally responsible for helping pay their medical bills. Of course, you don't expect a friend to sue you. But with renter's insurance, you'll have liability protection that may help pay for their medical treatment—helping both you and your buddy.

If you're still on the fence, at least try getting a renter's insurance quote. Chances are, it costs a lot less than you think. And having less stuff to insure will lower the cost even further.