£1000 pounds is just the maximum you can insure without adding an item for specific cover?
I insured my bikes and camping gear with the Co-op on the household. I covered 1 bike for about £1500 and also specified all the camping gear for a similar amout. I think it added about 100 quid to the household insurance, in the UK and upto 60 days anywhere.
I'm no expert on this stuff although, and did not do much shopping around - sure there are better deals.