My existing insurance covers me locally and my credit card covers me non-local. You can't stack insurance. So for example, if you have one policy for $1,000,000 and another for $2,000,000, it doesn't add up to $3,000,000. Your insurance coverage is simply the higher of the two policies, unless it's explicitly listed as excess insurance.
Be thorough before turning down any insurance though. Check with your existing insurance to make sure you are covered. Going uninsured, especially when you have assets, is a major problem. You also want to make sure you have insurance for any injuries to yourself. A lot of jurisdictions have really poor mandatory insurance laws.
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