ask your insurance company?

Yes

No. I mean Yes. I mean don't insure it.

If you are going to insure it, you have to insure the combination of camera
and case. There is no point having your case replaced if you can no longer
get a camera to fit it and vice versa. In the event that your case floods,
you may need a new case AND a new camera. The chances are, if your equipment
is over a couple of years old, neither are any longer available. When I
looked around for quotes the various companies were seeking that I should
pay around ONE THIRD of the purchase price each year as a premium.
Considering that in a good year my camera might spend perhaps 20 days on
dives, and therefore about 40hrs each year submerged it seemed a bit
over-the-top. Had I gone for insurance I would have by now paid more out on
premiums than I paid for the camera-plus-case. And of course now I can get
something with higher spec for less money than I paid for my setup a few
years ago!

Find out what the premiums are. Save up that much each year. By the time you
need to replace your camera you can buy one with the insurance premiums
saved.

Ken

why not just add the camera & case to your house contents policy and
insure under all risks - may not even have to pay any extra.

Pretty much as the others said, but here's an appendum:

Are you familar with those ridiculous "extended warranty" schemes that
large electrical shops try to flog you whenever you buy anything? I have
never considered buying one, however...

I bought my uw camera and housing second hand from a chap who had
purchased the extended warranty, and was able to pass it on to me. As
far as I remember, it cost him an extra 50 quid (for three years) ontop
of the 400 for the camera. One of the questions he had asked (concerning
accidental damage) was "What happens if I'm at the beach and drop it in
the sea?". Answer was yes, it is covered...

OK, no insurance on the housing, but I think you've still saved if the
camera is irrepairable, even after buying a new housing.

Cheers,

    Ben