What's the value of Contents Insurance

My claim to replace my daughter's accidentally damaged underwater camera has been refused. It is an unspecified as value is under R4000. I bought it a few years ago in the UK for about R2000. Current replacement cost via Amazon is GBP69, about R1400 (so, in fact with excess of R850, not worth claiming! so now its the principle). Woolworths claims it's supplier says to replace it is greater than R4000 and as I no longer have the receipt they are refusing the claim. Woolworths said they would collect the camera to assess damage or replace it on Tuesday and then subsequently refused claim on basis it exceeds R4000 without seeing the camera! <br> I have been a loyal customer for several years and can't remember the last time I claimed. I have to ask the question if my house burnt down with the receipts in it, would I be covered?! What then is value/point of contents insurance?! My issue has always been that I can replace/repair items cheaper than Woolworths suppliers and they insist we use them.