Whatever you choose to do, just made sure you have the full scoop from your insurance company. We've been with Allstate for about 18 years. A few years ago, my $1500 mountain bike was stolen from the rack on the car. (I don't use cable locks anymore--sliced right through it like butter.) It was covered under our full replacement value homeowners insurance. The part they didn't tell us was that once you have 3 claims within a certain time period (we had ice maker water line damage twice within a couple of years), no matter how large or small the claims ($1500 or $15,000) it's the NUMBER of claims that count. Reach that limit and they tack on a claim surcharge to your rates. Our rate went up 44% for a period of 3 years. So we pretty much would be paying for a large portion of the bike anyway. We ended up raising the deductible to lower the rate and have learned that homeowners insurance is strictly for catastrophic loss. When we tried to find a different company nobody wanted us unless we wanted to pay for high risk insurance.