I agree with Mike - Being a math and numbers guy, I have ran the numbers in my head over and over again lol.
If you own $50k of guns/reloading/etc with Eastern Insurance - that is only $175/year... Doing the math on those payments and assuming that if I invested that $175/year in a fund that earned a consistent 4%/year - my break even point for ONE custom gun would be 23 years (value then is $6,408).
Point being, I think it is CRAZY to at least not consider getting some type of insurance. I would just make sure you run the numbers to see if the cost outweighs the benefit. I know many people that think something like a house fire would never happen to them, but in reality it happens everyday. It's something that you hope you never have to use, but will be glad you had it if you ever need it.