I don't have AppleCare, but I do have insurance. I bring my MacBook Air with me to work and to my uni. campus many times a week, and I also bring it with me on holiday. The insurance will cover not only the case of theft, but also if the device gets damaged for any reason. The premium is around $65 per year, and a new device costs $ 2200. I do take care of my things, but sometimes, that's not enough.
It's covered while in your home, yes. And a travel insurance might cover theft or robbery when you take it out of the house. Normally, none of these will cover accidental damage outside home.
I purchased a personal articles policy for my 2011 MacBook Air. It was $33/year from my insurer (who provides my home owner's policy). It covers accidental damage (after a $250 deductible), and provides secondary coverage to theft, etc.