Unless you have a VERY expensive TV or furniture, i would suggest skipping the renter's insurance. i've been living on my own for about a year and a half now and dont have it and dont really see a need for it yet. Sad when you think about all that you own and the most expensive thing is your 4k$ car. I pay a little under 200 for full coverage on a car i own. 2 speeding ticket's, no at fault accident's. You should note that, in my position if there were a fire at my place right now, i'd be able to recoupe the cost of all that i own and find another place to live within a day or two, so our situation may not be all that similar.
Your best bet would be to get a roomate and split the cost of everything. i have a roomate and my most expensive month to date was 490$ish, and that include's all of our utilities.