I added my new machine and fabric and the labour of making to our insurance. I also added in my vintage handmade stuff - while most of it was made by my great grandmother, grandmother, mother and best friend and is irreplacable, I wanted to be able to have something similar to hand on.
I bought him a fancy new road bike for Christmas - got it at nearly half price, my friend owns a bike shop, so he is adding that to our insurance. He doesn't try to tell me how to spend $$$. I try to make and gift things rather than stash build.