If you make money with your gear, even selling one 4x6" print from Snapfish, that counts as business use, making you ineligible for a homeowners policy rider. But as long as you're using the gear for personal use only, the homeowners rider is a very inexpensive solution. My gear is insured through State Farm (they call it a personal articles policy), and I pay $7.60 per $1000 gear per year. No deductible, worldwide coverage, covers loss, damage, theft, etc., with full replacement value.
The only caveat to this sort of coverage is that you should be careful about making claims. Because coverage is linked to your homeowners policy, claims against the rider are reported to the CLUE database, and too many claims can affect your eligibility for coverage as well as your future rates. So, if you drop your entire bag of gear off a cliff into the ocean, file a claim. If you lose a lens hood, just go buy a new one.