In my previous life, I spent 15 years in the auto & property insurance industry. I can tell you with certainty that insuring these under a standardized home owners policy such as those offered by State Farm, Allstate, etc, probably won't happen. Most major carriers including the one I worked for did offer PAF (personal article floater) for high value items such as art, coin collections, jewelry which required a very specific appraisal down to serial numbers and a clear stated value in case of loss. Those policies are "all risk", even for losing an item but I very much doubt their underwriting departments would write a PAF for cigars of any kind as you would need to prove they are for collection purposes, non consumable and have a certified stated value up front. Even then based on their nature, the carrier has the final word on what they will issue a PAF for.
With that said there do exist specialized insurance carriers, the most well known of course would be Lloyd's of London, that provide all risk policies on the specific item (or event) you choose to insure. Since my experience was with a standardized carrier, I would not even venture to guess what would be involved in obtaining a specialized policy for cigars.
So, it can be accomplished. The determining factors being the value of your collection and the cost effectiveness of the premiums based on your desired level of protection.
Interesting topic. I get a feeling a few of us have thought about this at one point or another.
