This phrase is used to express that something is unknown or uncertain. She might be at home, for all I know.
Pro Tip 2/3
Possibilities Open
It suggests that many other possibilities exist because the actual situation is not verified. For all you know, he's telling the truth.
Pro Tip 3/3
Indifference Implied
Sometimes it implies a lack of interest or concern about the truth or details of the situation. For all they know, the meeting could have been canceled.