Dear Tenant: As long as neither you nor your roommates had any responsibility for the pipes bursting you should be able to negotiate a rent abatement with your Landlord. You will need to document the value of the items destroyed and the fact that they were destroyed. The Landlord may have insurance to cover these amounts as well as the rent reduction.
As suggested, whatever arrangement you reach with the Landlord put it in writing signed or acknowledged by all of you.
Hope this helps. Good luck
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Read the lease, especially indemnification and casualty clauses. They way they work is this. If the casualty renders the place "untenantable" then you may be able to cancel the lease AND the lease may say that during periods of "untenantability" rent "abates". But it may not. There is also a provision that says the landlord is not liable for damages to you or your property from these kinds of things unless the landlord is actually negligent -- this is the indemnity clause. Renter's insurance usually will not help -- what it might pay for is "loss of use" ie having to move out, but does NOT necessarily pay the rent for the interim. So somebody has to look at the lease and see whether rent abates during the move-out or "untenantability" period.