It's only for 120 days but, e.g. this is from one of Chase's cards: What's covered: "Eligible personal property that has been damaged, stolen, or involuntary and accidental parting with property within 120 days from the date of purchase"
This is in addition to a year of additional warranty protection and various other purchase protections.
It certainly does. Most of Chase's cards cover up to $500 per occurrence. The Sapphire Reserve, and I believe Ink Preferred, cover up to $10k per occurrence. There are plenty of accounts of people taking advantage of these benefits online.
