Insure your gear! I recently dropped my 5D3 and 70-200 f/2.8 L IS. Repairs (after platinum CPS discount) were $680. I have a $100 deductible. I'm paying about $450 to insure $15,000 worth of gear plus $1,000,000 in liability. All State Farm needed was me to forward the invoice from CPS. No other questions, and you don't have to specifically list what equipment you have, so if you buy something new it's automatically covered up to your total amount of coverage.
Like someone else said, if you make money from your gear you'll need a separate policy.