Photography can be an expensive hobby. But for some reason, many proud owners of top-of-the-line DSLRs and other expensive gear don’t insure their equipment. Your renters and/or homeowners’ insurance might cover your precious gear, but it might not. Call your insurance company and ask about camera coverage.
My car insurance company covers my camera (and all my lenses, flashes and tripod) for around $50 a year. That covers pretty much anything that could happen to the camera. On top of that, I paid an extra $200 to the store when I bought the camera for full damage replacement. At the time, they claimed that covered everything, including me doing something stupid like dropping the camera in a lake.
I’ve never had to test either of the plans. But the peace of mind is definitely worth the small price.