My wife and I just got a new apartment and along with it, we signed up for renters insurance through AAA which we also have auto insurance through.
In our lease, it was highly recommended to get renters insurance but as I was getting it, the agent told me that quite a few apartments are requiring it with the lease.
I went ahead and paid it all up front so it ended up costing me $120 for 12 months and that gives me coverage for up to $50K worth of belongings.
I also have never had a need to use it but I do believe it is a smart thing to have because it covers fire and theft, both things which you never want to happen but when they do it is always at the most unexpected time.
For $10 a month to insure everything I own, I really can't complain.
Also, another thing the agent told me is that your renters insurance generally is what covers your auto in case of theft when it many cases your auto insurance will not cover theft.
I have had renters insurance once in the past but it was purely for cost saving purposes as the insurance I had offered a multi-policy discount which made my auto insurance cheaper with the renters insurance than without it.