I have a specific bike policy. I got it when i got a $15k colnago. So far I only claimed for my rain bike which was 2k and that will be recovered from 3rd party insurance - having my own policy meant i got my money in 2 weeks instead of 6 months that it took my friend to claim when he was hit.

Its well worth getting if your bikes are expensive or you rely on your bike

Be careful of the home policies becasue they often have low limits on bike claims and lots of small print.