My bike is covered by renters insurance. I ruined a $2300 mountain bike a couple of years ago with a carport accident, and Alllstate cut me a check a week later (minus a $100 deductible). They did call a bike shop to varify the damage and the bike's worth, of course.
When my coach got hit by a car, his insurance covered it (homeowner's, I'm guessing). The only thing damaged was the frame (and it was destroyed) so they gave him a check to cover it. Great part is, they asked the value of the whole bike. He said, "Well, only the frame is damaged, here's the value of that." They responded, "What's the vlaue of the whole bike?" So he gave it to them and they cut him a check for that much. So he took all the compnents from the ruined bike, bought a frame that cost as much as his entire bike cost, then put the components on that. Pretty sweet deal.
Both of these insurance places were in the UK, I'm not familar with UK's insurance procedures; but in the USA our homeowners, renters, condo etc insurance will cover for anything except accidents (crashing into the house would be covered as long as your not riding it). The cost of this speciality insurance from UK is very high, if you don't have renters insurance now it would be cheaper to get the renters insurance to cover the bike PLUS everything inside your apartment. Some insurance companies here in the US have floaters or scheduled property coverage for bicycles but not many. When you schedule important items like jewery or the bike you insure it for all risks with no deductible. The UK programs are only good in the UK not in the USA. Plus the UK insurance programs depreciate the value of your bike 10% per year after 3 years; this means that after 5 years it gets stolen, for a $3,500 bike you would have paid in $1,965 in premium and get back $2066-a gain of $101!!! But wait, you have to buy their approved lock and that will set you back around $100 so now your getting nothing back. But if your bike was not used in accordance to their rules or locked in accordance to their rules and show proof it was locked accordance to their rules you get nothing anyway. Does this sound like a good deal to you? Only if your bike gets stolen in the first 3 years and it was locked in accordance to their rules and you prove it.
You would be better off putting that money in a bank every year earned some messily interest rate, and buy one of their approved locks because you know their good if they like them.