Emkay, ALWAYS buy renter insurance - the airplanes are insured by their owners (most of the time) but insurance has a rather interesting word, "subrogation", nice word huh?
What you are looking for in the owner's insurance is something called a "subrogation waiver" written in your favour - basically subrogation - insurer pays the owner and then sues you for those costs plus a couple of hundred K in "costs".
Renter instance will run you a few hundred dollars and "keeps the flies off" if and when something happens.
We had an incident here a couple of years back - the pilot managed to do an off airport landing in which the airplane flipped (written off), he had renter insurance, they (lawyers) came down, wrote some cheques to farmers whose crops were damaged, told various threatening people to "come and have a go if you think you're hard enough" who have not been heard from since, the renter insurers have issued him a new policy after nearly two years of no flying (I think it took that long to persuade his wife!) - like everything in life buy insurance. This is a link to a video of an interview that the pilot gave on the weekend of the incident, it is, I think, interesting
https://www.youtube.com/watch?v=kR14rzumIVQ he is a CFI, sea and flot plane instructor, major in the US Civil Air Patrol and go caught out by power loss on turning base (never underestimate the winds down here!)
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