My last insurance quote for the stuff I keep at home was around £15,000. My live rig came in around £2,100 (and the insurance for that costs more than the stuff at home!!). I've since bought a few things but have managed to reduce the cost of my live rig down to around £1000 (I love endorsements).
I've got a budget of around £2000 to turn my basement into a project studio, just have to finish renovating the rest of the house first!!