Very interesting, I have a claim history of recent and my State Farm premium is $204 for:

Boat, equipment, motors: $10,000
Boat Trailers: $2000
Deductibles all losses $250
Liability $300,000
Medical $1000

Contrast that with the USSailing qoute of $380.

You may want to consider that equipment can be very expensive to replace. A car is stolen in and around DC approximately every 58 seconds. I have come to learn to enjoy driving it while you got it.