Hoag
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I haven't had a camera flood in over 10 years. (The last time one of my cameras flooded, the crew popped the latch as they handed it to me and I didn't notice till I was underwater.) The camera was a couple years old and replacement cost on it was less than my insurance deductible. It would also have been extremely difficult to have found a new one to replace it with given its age.Good point, Hoag. My complete system is insured 100% - if it floods, I'm out a camera for the rest of the trip, at worst.
Insurance is great when something happens for relatively new gear, but if the OP's insurance replaces his 5D MK2 with a MK3 (or MK4) then he still has to replace the housing. That is why I say never dive with a camera that you aren't willing to walk away from, but prep it like your life depends on it.