Unless you have something that is truly insurable, I would skip the renter's insurance.
I would never, ever skip the renter's insurance. I'd consider being unable to afford insurance a giant warning that I was totally over my head. I have paid renter's insurance since I left home almost 10 years ago, never made a claim, until last month when a burst pipe in the ceiling while I was at work left my apartment flooded. In that one incident I've gotten back at least as much as I've spent altogether: hotel while apartment was unliveable for two weeks, destroyed laptop replaced, professionals came in and cleaned all the soft furnishings that would probably otherwise have molded apart, destroyed furniture replaced - even just having someone else handling everything for me was amazing, I consider myself pretty relaxed and unattached to my stuff and this was crazy stressful and I had no idea where to start. The biggest thing I've learned is that if the apartment did burn down, it would cost me more than I'm currently covered for to replace stuff.
That said, I'm paying $12/month for fire/flood/theft/earthquake coverage in Seattle: you should check if you can get that payment reduced. If you pay it as an annual chunk it should be reduced a little, at least.
For the overall question: that is a huge chunk of your income. I'd suggest you go for the roommate option, you should be able to get the housing down to about 2/3 the cost of a solo apartment easily and that would be an important buffer for you. It's much easier to move into a solo apartment from a shared place than to go back to sharing, in my opinion.
The food budget doesn't look ridiculous to me. It depends a lot where you are, and I know I spend a lot more than average on food because of laziness, but if you aren't used to shopping for yourself or cooking, you will have more trouble than people who have their own staple of recipes for leftovers and cheaper ingredients. When you first move in you'll also have to spend an initial lump on stuff like cooking oil, spices, ketchup, vinegar, that will quickly blow out your budget for the first month if you're not prepared for it. I'd plan to add 50% to the food budget the first two months.