I'm purely a hobbyist, but mine is all insured via a rider on our homeowner's insurance. With our policy, scheduled items have a zero deductible; I just verified this after adding some new equipment. The cost is very small and covers all loss of property, and I was told that includes accidents. I clearly and specifically used, "dropped in a lake", and they reiterated, "All loss of property.".
$4,293 in photo gear is covered for $47 per year. I simply cannot be a pro photographer.
A good friend of mine has done the same, and while a claim he filed was for a laptop, the insurance company bought him a new one.