Didnt even think of this! I just did a quote on E&L and got £14 for the year for same amount as you Space Cowby. Thats got to be worth paying considering how much it all costs to replace!
Most of this type of insurance, will only pay out upto market value of the kit in the event of loss, what would an insurance company give as the market value of say a tent/kit that cost £500 new, when the tent/kit is a year old, £50 quid maybe?, probably about what you have paid for your years permium!, what you need is old for new cover, or maybe a given monetrey value insurance that will payout £500 if your kit goes missing a year down the road, although I would imagine this type of insurance hard to find and expensive in relation to the kit insured.