I thought this paragraph from Norman L. Geisler properly indicates the importance of biblical inerrancy to the Christian faith.
“ . . . inerrancy is fundamental to all other essential Christian doctrines. It is granted that some other doctrines (like the atoning death and bodily resurrection of Christ) are more essential to salvation. However, all soteriological (salvation-related) doctrines derive their divine authority from the divinely authoritative Word of God. So, in an epistemological (knowledge-related) sense, the doctrine of the divine authority and inerrancy of Scripture is the fundamental of all the fundamentals. And if the fundamental of fundamentals is not fundamental, then what is fundamental? Fundamentally nothing! Thus, while one can be saved without believing in inerrancy, the doctrine of salvation has no divine authority apart from the infallibility and inerrancy of Scripture” (Geisler, 30).