^ I want that tripod (if its the one I'm thinking of, though I think its price might be higher still!)
The points in insurance against accidental damage and destruction as well as theft are very valid; but mind how you get insurance. Many recommend that you get it under your household insurance, but be careful since having it under houshold can mean that when you come to need it you don't use it; because it will count as a claim and it will push your rates up - and you can't make too many claims before the companies put your costs through the roof (and that's if you don't end up on a blacklist of people that actually claim). It's an area where you need to check the fineprint and might be more trouble than its worth.
There are photographic associations you can join in various countries which will have group insurance policies and you can also take out your own dedicated camera insurance. Either of those might be cheaper than going under household or might be a little more; but you'll at least have the ability to claim without worries.