How is this insufficient material??

This is a 5|0 blitz I just played:

http://www.chess.com/livechess/game.html?id=305644222

Due to a disconnection problem, I lost around 2 minutes. That's why I panicked in the end (I had 20s while he had a minute). BUT, in the end, he SHOULD be timed out, I had 1.33 seconds left. HOWEVER, it says game drawn by insufficient material.

What happened? :L

To win on time you need to have mating material. YOu have nothing to win with so the result is a draw due to insufficent mating material which over rides a loss on time. One of the common techniques in 1 min chess is to grab all the pawns and material so you dont lose on time with an extra queen. 

Really? If you run out of time you don't automatically win? Oh I see. Thanks!

I'm black btw...

You dont win by default  you need enough material to create a mate to win on time. The crazy part is if you have 1 bishop or 1 knight left, no mate, but if you have a pawn you can mate.