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yet you hear of people’s claims being denied for technicalities or because an ‘Act of god’ caused the damage in question and we don’t cover that etc.
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Could you provide some examples? Claims aren't denied anywhere as frequently as people seem to think they are and the ones that are are typically for a very good reason. Yet you keep hearing about horror stories people have told. Each time I hear that, I ask them for an example of a claim being denied. The response is usually along the lines of "well, I don't know all the details, just heard his claim was denied for whatever reason." Hardly a compelling example.
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I feel like I’ve never received any value for my money
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It's not supposed to. As you said, you buy it for peace of mind. You've also never submitted a claim, which is good, but if you had to I'm willing to bet my bottom dollar you'd be pretty happy about having the whole thing covered vs having to cover it yourself.
Going back to the claims thing again. If you describe your property as accurately as you can and take care of your home, the odds of having a claim denied are extremely low. Same with cars. You describe its use accurately and who will be driving it, odds of a declined claim are very low.