When getting insurance on my apartment I made sure to specify that I had thousands of dollars of gear. The man listed it as a big ticket item and that was the end of it. It is covered against the usual things: fire, water damage, theft. Because I am not currently gigging, this is about as much as I would need.
Mr. Dave raises an excellent point as well. The thing is, if something awful befell my gear while it is in my residence, the insurance company would more than likely provide me the modern equivalent to my 2003 era Tama Rockstar Custom drum set. While it's not incredibly old, it seems that it is no longer in production.
Lastly, I would ensure that the deductible you would pay in the event of a theft or damage to claim your Instrument Insurance is not more than the cost of a new instrument.
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