My bikes and camera gear are covered by my renters insurance, which would pay the replacement costs for a new equivalent. I have State Farm and specifically asked if I needed special coverage. Make sure you speak with someone who knows what they're talking about. With State Farm there were a couple things that would cause you to need to buy special insurance, but they were along the lines of expensive jewelry and art, not bikes.

I can't remember if I have a $500 or $1000 deductible. I did once have a mountain bike stolen off my front porch. It was worth less than the deductible, so I just had to suck it up. Also, the deductible is per theft not per year or anything.