For those that feel they might be at significant risk, such as having four small children playing with your iPad, or using it in the swimming pool, I would advise doing a lil research on your homeowners company versus an apple or third party insurer specializing in gadgets.
Having gone both routes in the past, for me, my homeowners company was kind of complicated to deal with compared to the other guys. Their were a lot more restrictions in the fine print, and more paperwork to go through, longer waiting period, things like that. All companies are different, that's just been my experience.