Omegas warranty covers most accidental drop damage now, believe it or not.
Regarding insurance- you are overthinking this. Coverage needs to ensure for your replacement cost. That's about it.
This isn't an incredibly rare model or something with an essentially Irreplaceable vintage dial. Not to make light of your very cool watch- congratulations, it's a beauty!
Unless you live in an area where watch thefts are common, engage in activities where you are likely to be robbed of said watch (say, leave clubs drunk at 2am by yourself), or are planning to travel to places where that is common or with your watch in Luggage as opposed on your person, you're probably overthinking the necessity of insurance.
Let's be real- the likelihood that you would forget this on the beach if you take it off is pretty darn low anyway.
If you want insurance though or it would make you feel safer by all means. It's not a decision we can make for you.
