My6 sister has had to claim numerous times, she went from a decent Pentax ME Super, to a complete piece of plastic Pentax junk, which has no value today. That was replacement value.
However, I have NO sympathy, she bought a Kowa Se off me in 1973, she dropped it in Toronto and then told my father it was faulty, & he made me give her the money back. She bought a lovely Yashica GTN, she dropped that at Singapore airport. The replacement ME Super lasted a bit longer, I remember buying her a camera when she lost that.
But the last film camera a so called replacement a Pentax MZ is just awful, Even cheap Digital cameras are better quality.
So think carefully about Insurance, it is a bit of a minefield, and if they can they won't pay out.
Ian