Best Insurance for my camera and lenses?
Check out State Farm's "inland marine" policy
there's a $100 deductible per claim and they cover all types of loss (damage, loss, theft, dropping your lens off a cliff, etc.)
In my line of work I carry both a laptop or ipad as well as photography equip so I have both types covered and the rate is different for both per $100 of coverage (don't remember the rates).
I'm insured for replacement cost and when I recently filed a claim for my T3i + lens, I got a call back from an adjuster within an hour or two of reporting the damage. We checked replacement costs as of that date at a few online stores that I frequently purchase from and agreed on an amount. The adjuster added on a shipping allowance and gave me authorization to go ahead with ordering the replacements. I had my new gear the next day and the check from State Farm arrived a few days later.
To give you an idea of the cost, I have $3,200 of photography gear covered and $1,300 of computer gear covered. My total annual premium is about $80.
I keep track of what's covered on a spreadsheet with purchase date, cost, model, serial number. I send that to my State Farm rep whenever I purchase new - or remove old - gear, along with copies of the purchase invoice.
You mentioned home insurance and theft from home - What I'm not sure about is if the State Farm policy would cover loss or theft from my home. For sure it covers anything that happens outside my home. This is something I should check.
Flickr Stream: http://www.flickr.com/photos/joelrnyc
Most Interesting: http://www.flickriver.com/photos/joelrnyc/popular-interesting/