Camera equipment can be a dangerous combination of fragile and expensive, and when things go wrong, the bills can add up very quickly. This cautionary tale is a great reminder of why it's important to ensure your equipment is not only safe, but that you have proper insurance.
This tale comes from Jessica Kobeissi, who experienced the massively unfortunate event of having sewage back up into her basement, where her camera gear happened to be, ruining almost all of it. While that's obviously a terrible enough situation, the kicker was that her insurance wouldn't cover the damage (Kobeissi says she had the wrong type of insurance). Of course, it's important that you insure your equipment. I'm personally so obsessive about it that no matter how excited I am about a new lens, I won't shoot with it until it's on my policy, because knowing my clumsiness, I'll drop it and break it that one time I think it's ok. But it's just as important to note that homeowner's insurance will typically not cover any equipment that's used for business purposes, so if you use your equipment professionally, be sure to get a separate policy. I personally use Hill and Usher, but whomever you decide to go with, just make sure that your expensive equipment is protected in case of a disaster.