How many of you hobbyists fly without any insurance whether is liability or replacement coverage? I think most of us have the liability coverage with our homeowners but not the replacement coverage.
Be sure to actually check (carefully) your home-owners policy. Many home-owners and renters policies have specific exemptions for Aircraft. (it's actually very common). The big distinction is if the wording of "What is an aircraft" has an exemption for "RC aircraft" or "Model aircraft" etc... If it does not, when time comes to make a claim, chances are the insurer will count your drone as an "Aircraft" and therefor use that wording to avoid paying out.
Good news is many policies that have the "Aircraft" exemption, also have a distinction for model aircraft in some way, so you're still good. Always wise to check.
And don't just take the word of the telephone customer service agent at the insurance company, they can tell you call kinds of things now, but their tune can change when it's actually time to file a claim, and at that time it's what's black and white in ink that matters most, not what "someone told me on the phone".
If your policy doesn't have an aircraft exemption you should be good, though do be careful with wording.
I've been doing a lot of insurance research in trying to stand up UUAG in Canada, as Liability Insurance will soon be mandatory here even for recreational flight.