@RustyTheGeek - great points!
You would be amazed at how often I hear how something wasn't insured because either the insurance was too expensive and lapsed or the policy wasn't reviewed often and it didn't actually cover the loss when the claim was made. Then there is the cost of the deductible. And finally, damage may not be covered at all unless there is a rider on the policy or it's a policy specifically written to cover damage.
Sadly, I would not be surprised. Many people think their homeowner's or renter's policy will cover their gear - and it will, to a point, and subject to a deductible.
But most insurers offer riders or supplemental policies (e.g. State Farm calls it a 'Personal Articles' policy, can cover camera gear, jewelry, fine art, etc.).
Always read the policy! Mine applies worldwide, covers damage, theft, loss, etc., and has no deductible. I pay $7.60 per year per $1000 gear covered.
One other common omission is not notifying your insurer when you get new gear. Usually, a serial number of documentation of purchase is required. For me, I have 30 days from purchase as a 'grace period' when the new item is covered, by then I need to have notified them.
Most small repairs or losses are out of pocket because the deductible is too high and the claim will raise the premium anyway. Possible repair on the 1DX could be $400 or $4000. Either way, it will cost $400 - deductible. And that increases the $2000 projected cost at the end when Northstar sells it used. (I probably should have left 'fire' out of the list and then insurance isn't always the best option.)
As I said, no deductible for me, and in fact from what I've seen here and on other boards about multiple insurers (at least in the US), most such policies have no deductible, at least the personal ones (people who earn $ from photography are generally not eligible for such policies, and would need liability coverage, etc.).
I think the rise of premiums following a claim is a concern, but even more than that, many people don't realize that all such claims are reported to a centralized database (CLUE) that can affect eligibility for coverage in general. Too many camera gear claims, and you may lose your home insurance.
