Like anything in life, be sure that you have as many facts as possible and ensure that you understand them BEFORE you make a decision regarding insurance for your photography gear. Specifically, what will you be compensated for if some of your gear is stolen? If your 3 year old D700 body is stolen, will you get replacement value ($3000?) or fair market value ($1500?). What documentation is required to support any claim? Filing a police report in some countries for theft of a camera may be difficult. In the end you should evaluate the costs of the insurance against the PROBABILITY and not the possibility that you will need to file a claim and successfully being compensated on your claim. For me an insurance policy for theft or damage is not of much value if you never need to file a claim.