Most homeowners policies have exclusions for cash over a certain amount (usually a few hundred dollars). Many (including State Farm) treat REDEEMABLE CASINO CHIPS as cash and won't cover them over the excludable amount. You can get added coverage for cash by paying an extra premium; it's pretty high.

The 'collectible' chips that can't be turned into cash at the casino seem to be covered as hobby items. You may want to specifically indicate which chips are redeemable in your inventory in case you ever have to make a claim.

The insurance companies that I've looked at that specialize in collectibles don't seem to make this distinction.