It's all down to probabilities of a scrote getting into your safe and running off with your watch.
My safe is years out of date, so I am not insured. However I am insured when wearing the watch in my home or anywhere in the world. But I MUST be wearing the watch so I am only insuring myself against being mugged.
Returning to the safe, It took 3 men of gorilla proportions half an hour to get the safe into my house and now it is bolted down with an 1/2" raw plug onto a concrete floor. It is a solid 2" thick steel job and no one is going to get into it. So I am prepared to stay with it and still feel safe.
In a way I think I am self insuring against theft but the chances of a scrote running off with my watches must be almost non existent. Thus I can sleep easily in my bed.