I just looked into this today.
Your homeowners will cover it, however if you have a deductible (and mine is $500)...it's a moot point.
I looked into private insurance, but what they do is just send you a "similar" phone. There is no guarantee you will get the same model or a NEW phone. They may send you a refurbished one. (at least that is what I saw from Wireless Safeguard Insurance for BlackBerry, Palm Treo, and other AT&T Cingular Devices
If someone finds another company, I'd love to know.