Well .. mine has its own insurance policy. My homeowners was not sufficent to cover it in the event of a complete loss. I moved my "studio" to the basement years ago as the "volume" had outgrown its confines and I was concerned about the weight. Because its in the basement there are limits to what a standard policy will cover. My agent did not believe a policy/rider was needed till he saw my "studio" and I explained what fabric costs per yard and what one stack would be valued at for replacement.
Yep ...I know some of you are thinking "downsize" that stash... and I do periodically do some weeding, but when I want to quilt... I want to quilt not go to the store.