If you dont make money off of your photography then your options are to add a floater policy to your home owners, or get a separate policy called inland marine. The issue with adding it to your homeowners is that if you have to file a claim, then the whole policy can go up. If you get a separate policy then if something happens its separate.
The two common types of insurance are a cash value and replacement value. Get the cash value because you can insure it for the purchase price and when you need to use it you get the entire amount back, even five years down the road. Buy a 70-200 for $2,500 and drop in it the water five years later and your insurance company gives you $2,500
The replacement value insurance only gives you back a portion of its original value as they depreciate the value over time. So you might insure a 70-200 for its original cost=2,500 but in five years the insurance company tells you its only worth $1,700.
For business insurance its the same thing. They offer the two types but its almost impossible to find the cash value for photographers. When I switched from personal to business a few years back I looked and looked and found the best deal for cash value insurance here:
I think to take advantage of the policy you need to join photo.net for $25. The total comes out to $350 with 1Mil in liability and 15K worth of gear. My local agent couldn't even offer cash value and it was $450.