Since it’s an insurance, treat it like one. Do you usually insure stuff like this?

I only buy insurance to cover damages that I could not cover myself. Statistically, this is the cheapest way. Because in the end, the insurance company makes money, so customers pay more than they get out.

So as long as you don’t have a reason why you have a significantly higher risk of damage than the average guy, I wouldn’t recommend it.

But that’s just my mindest about insurance. Others like the warm and fuzzy feeling of being protected, and are willing to pay for it. Also a valid way to go.