Cisco Smartnet Value

So I find myself at a cross-roads, I work on a relatively small network that runs on mostly Cisco Equipment. The switches and Wireless are Cisco, the router isn't (what other people make routers) and it is time for renewal. Now I bought the Smartnet subscription as part of installing the new wireless system. I am happy with the system and to day have had not a single outage even after a pipe burst and filled one of the ap's with water. The thing is, I don't see the value of the Smartnet contract.

I don't understand paying a percentage of the purchase cost yearly for the duration of ownership. Any one see the value that I am missing?