When it comes to protecting ham radio equipment, there's confusion heaped upon confusion. All insurance is simply a method of sharing your risks of loss with others who have similar exposures. They also write the insurance contract which spells out what is covered under various circumstances and how much they'll pay. The cost of the insurance is proportional to the amount of risk the insurance company assumes. Now, let's talk about protecting your ham gear.
Many people think that if they have a homeowner's or tenant's policy they're covered.
The answer is yes if your equipment is at home and you have a loss like a fire or burglary. On the other hand, if you slip and pour a cup of coffee through you brand new transceiver and it take 20 minutes for the smoke to clear from the shack, the answer is no. The same goes for the mobile radio installed in you car. The typical homeowner's and for that matter, automobile policy provide no coverage for radios installed in your car, other than the factory equipment. In other cases, the answer is maybe.