My renter's insurance covers me for things like this. And I always buy with AMEX which will also cover it within a certain time frame.
But yea, water, especially large bodies love cameras. A friend of mine set his D700 up on a tripod to shoot a model on the other side of the pool. When he went over to the model, and was adjusting her outfit, out of the corner of his eye, he watched one leg of the tripod compress, and the D700 took a swan dive into the pool. With a 24-70 f2.8..., and an SB-800.