Exactly.

No airline will compensate you for the full value of the contents, particularly if you have not drawn their attention to the value of the contents in your case. International conventions place limits on the amount that can be paid out, without reference whatsoever to the actual value of the contents.

When you travel with an airline, you are automatically subject to (rather low) maximum payout levels should they lose your luggage.

You really ought to have travel insurance when you travel.