Personal items policy is replacement but generally with a items policy with placed like State Farm, Nationwise, Allstate and the like only give you the cheapest used price they currently find.
I use Inland Marine. You can't get them direct, you have to get them throw existing companies like i listed above. This is one that has policies specific to cameras. The policies take you receipts and invoices on anything you want to cover. Memory cards, bags, battery banks etc... They pay out when you paid on the invoice where it's now off 5 years from now, not current used priced to replace.. it's also not bad, I'm inquiring about 16,000 in gear for just under $16 a month
If you've added your gear to your homeowners policy, you also won't get full paid reimbursement if they need to replace your gear