I don't know the extent of your investment in your outfit or if for that matter you have homeowners insurance. Normally within limitations, of course, photography equipment is covered under the personal property aspect of homeowners insurance. If the extent of the loss exposure is beyond the personal property limitations of such a policy the insurance company can place an additional rider to the policy.
I say check with the company you have your homeowner or renters insurance with if you have any. With some policies you can get a rider where they will replace your equipment for any legitimate reason... including you dropping it!
I experienced a burglary some years ago. They got away with a couple of LF lenses among most everything else. My insurance company paid so long as I provided them with a legitimate cost of the items. This was without a rider on my homeowners and the lenses cost a couple of thou.
I have a rider on my home insurance policy as well. I'm not sure but I beleive they take a percentage per thousand $ on the value of the equipment. Your agent would be better able to explain it, but the cost is not all that much.
You need to check with your agent and specifically have him provide information about your options. There are several considerations. First is it covered as a homeowner loss such as fire, storm or theft. Probably so, as long as you can prove the value.
Second, your homeowners policy will not cover a loss away from the premises unless you have a specific rider added. This would include theft from an auto, an auto accident or fire, theft while traveling (luggage stolen).
Do not assume your auto insurance will pay if it is stolen from your car or the car is stolen with your gear in it. Most auto insurance will not pay for high dollar items left in a car.
Riders on your homeowner policy can cover the above exceptions, as well as other possible causes of damage. Keep records, receipts and photographs of the items as proof of value and condition.
The bottom line with insurance companies is they are not there to cover your loss, they are there to make money for their stockholders. If you don't have specific coverage for the items in writing they will try to get out of paying the claim.
Hey, I just wanted to say thanks for all the responses. I spoke with my Insurance Company that I have my homeowners insurance with and they covered the typical things like theft, fire and the like in the home but not away. They advised me to get an additional policy that attached to the homeowners insurance (no quite a rider) but it covers things like loss, dropping it, theft away from the house.
It a little pricey at $174.00 per year but I beleive it will give me piece of mind on my new equipment.