Your chips should be covered as "personal property" under your homeowners or renters policy. However, read your policy carefully. Typically, there is a limit, often fairly low ($200 or $1000), for items of numismatic value, which, your insurance company may argue, includes your chip collection. (This is similar to the types of limitations you will see for cash, jewelry, etc.)

If you collection is valued above that amount, you can probably obtain a rider to cover your chip collection, much like you'd include a rider for your wedding ring, etc. You would probably need some sort of appraisal to confirm the value of the collection.

And since chip collecting is of the odd sort for most folks (present company excluded), its not a bad idea to document your collection. Photos, decriptions, etc. If you have a loss, you have to substantiate your claim. That will be easier if you can show what you had. An ideal way to document your collection would be to scan it, save all the scans to CD and store a copy of the CD elsewhere (relatives/friends house, safe deposit box, etc.). If you trade or buy, however, keeping the collection current would be cumbersome...

Hope that helps.