I had a visit last night from my insurance broker. When I explained to her my video game collection, I'm not sure she really grasped the concept. It took a walkthrough of the gamerooms to get her to understand. But did you know that many insurance companies limit the amount payable on 'high-risk' items like video games and televisions? I found this article, http://www.ntsc-uk.com/tech.php?tech=InsuranceFAQ that contained some useful information (although it is from the UK).
Either way, cataloging your assets is always a good idea. Most people who suffer from losses due to a fire end up losing a lot more than they had because they forget what they own! For me, this is very critical as sometimes you don't realize what you have until you write it all down.
Thankfully I have a secure home with good security. Nobody should be playing my XBox 360 except me. :)