Insurance is there to put you back into a position of no material or financial loss. If they don’t do that I’d be looking an an Ombusman complaint. Book values mean nothing at the moment.
Perhaps. Although i had a picture which fell off the wall which i'd declared at £10k, however the local gallery suggested it was worth £15k, but the insurance capped it at £10k as that was what it was insured for.
Otherwise you could just under declare everything for the cheap premiums and argue it's not doing it's thing surely?