There is a service offered ,but not advertised, by the airlines that will provide up to $5,000 coverage for lost luggage? Ask for excess valuation at the counter and expect to pay an additional $1 for $100 of value. The Department of Transportation mandates a $3,000 cap for reimburasal but, after depreciation, rarely do passengers see that much. Keep in mind that $3,000 max is per incident, not suitcase.
Example of Excess Valuation language on the Northwest Airline Website :
"Excess Valuation Insurance
If you are traveling with items valued beyond the standard liability
allowances, you may declare a higher value for checked luggage by
purchasing excess valuation insurance at the time of check-in.
Northwest provides excess valuation insurance for domestic travel at
the one-way rate of $1.00 USD for each $100.00 USD of higher declared
value than Northwest's maximum limitation of liability ($3,000.00 USD
). Northwest will accept luggage up to a maximum declared value of
$5,000.00 USD . Excess valuation insurance is not available on all
items. When excess value is declared, the customer's luggage and its
contents may be inspected by Northwest."