Colin, Drew's housemate here.
I don't own a home, so your proverbial mileage may vary, but here's my scoop. I have a renter's insurance policy from Amica Mutal (a local MA insurer). On my policy cover, the policy is called a homeowners policy.
When I took out the policy, I spoke with someone about my desired levels of coverage, and provided some information about the house (alarm systems, proximity to fire department, etc etc) as well as some details about the building itself such as how old it was (in MA, there is an "assessors database" with that info). They then sent me a quote for annual insurance coverage that is mostly coverage of the building, but includes $14,000 in reimbursements for any of my stuff in the house in the event of certain circumstances. The precise amount is something you can increase or decrease, and pay more or less for.
Here's the important shizz: I have numerous items insured explicitly by the policy, that don't count against the catch-all and have greater coverage. The first item I added was my Gibson Les Paul. I had to provide the insurance company with the original invoice (or approved appraisal value) to prove its value, the serial number, and a photo of the guitar in good condition. So this item now has its on "riser" (I think thats the insurance-speak) on the policy, and if anything happens to the Les Paul at any location, its covered up to the amount of the invoice or appraisal. I asked the guy if it was covered even if I decided to pull a Jimi Hendrix and trash the guitar onstage--he claims that it is; though I will not intentionally try this out. In general, if you have something worth $1,000 or more, its worth adding as a special item as a riser.
And here's the preaching: insuring your home is probably more expensive, but my renters policy, including full coverage of my guitar, rig, as well as several pieces of fine art, costs me $130/year. That's it. And that covers all my other crap too in case of robbery, fire, flooding, etc etc. I regularly spend 4x that amount at the liquor store. It's a pittance, really, for making sure your stuff is safe.
If you are on this website, you likely have enough expensive guitar gear to get a policy like this, and to not have coverage is to tempt the Stratocaster Gods to sneak into your bedroom at night and trash your stuff.
That's right, I'm talking to you Drew Peterson.