I have all my gear listed as a rider to my home owners insurance, here in Ohio. It costs only a few dollars a year... something like 30(?) for everything I own... though that isn't too much. I had to send them in a copy of my receipts, or proof of replacement value... I often buy refurb, but insure them for full value... costs a little more, but its worth it.
It is full coverage for anything, drops, stolen, etc. except mechanical wear. So if the lens simply fails, its not covered, everything else is $0 deductible.
A few years ago I was on a trip, and when loading the car for the drive home, I dropped my 40D body, and cracked my pop up flash. I filed a claim, they debated for a few days on whether to have it sent in for repair or to simply replace it. I was told an adjuster in the office was a photographer, and knew that a 40D wasn't worth the repair costs. So they sent me a prepaid credit card for the insured value. I used that card to buy a 7D. The kicker is, that they let me keep the old camera. I don't know why... they said that it had no resale value to them due to its age, and the damage, so they told me that I could do whatever I wanted with it (repair it, sell it, throw it away) So I still have it, my 12 year old daughter uses it. The only restriction is that they said that they will not insure it again. I'm ok with that.
Within 2 days of every gear purchase I add it to the policy. I think its the best money I can spend, and I wouldn't try to live without it. I highly recommend it for anyone and everyone who owns anything more expensive than they want to replace.
