Protecting Your Priceless Possessions: A Guide to Insuring Valuable Items Through Contents Insurance
RACV Contents Insurance offers an optional extra called Valuable Items Cover, designed to provide additional protection for valuable belongings that might otherwise be underinsured under the standard policy limits. This cover is particularly useful for items such as works of art, jewellery, collections, music, games, and movies.
What does Valuable Items Cover include?
Valuable Items Cover helps provide coverage for specific types of valuable items with a value higher than what is listed per the General Contents limits. These items include:
- Works of art such as paintings, pictures, and sculptures
- Music, games, and movies including CDs, DVDs, records, tapes, video game cartridges, and legally downloaded digital media
- Collections like cards, stamps, coins, and banknotes, including uncirculated mint issues, proof coins, sovereigns, and bullion
- Jewellery such as rings, watches, bracelets, and necklaces
Items not falling into these categories should be insured as part of the General Contents and included in the overall contents sum insured, based on replacement cost.
Valuable Items Cover: Key Points
- Valuable Items Cover can be added to Contents Insurance or combined Home Buildings and Contents Insurance policies at any time.
- The amount of Valuable Items Cover and individual valuable items insured for more than $10,000 are shown on the renewal notice.
- Without Valuable Items Cover, the most that can be paid for works of art, jewellery, collections, or music, games, and movies is $2,500, regardless of their actual value.
- Valuable Items Cover does not insure items outside the home or at a storage facility.
- Particular valuable items may not be adequately insured under a general contents insurance policy.
- Portable Items Insurance can cover items taken outside the home, including overseas, but limits apply if the item is taken outside of Australia or New Zealand.
- Portable Items Cover may be necessary for high-value items regularly taken outside the home.
Important Considerations
When calculating the contents sum insured for a policy, consider the replacement value of your items as well as the General Contents limit. Items that can be insured under Valuable Items cover should be listed separately, and individual items valued at more than $10,000 must be listed separately for Valuable Items Cover.
In the event of a claim, proof of the item's value (such as a receipt or certificate of valuation) may be required. A Certificate of Insurance can be requested from RACV at any time to review current policies and coverage.
Thousands of Victorians lost property items due to theft in the year ending March 2025, a 22% increase from the previous year (Crime Statistics Agency). Ensuring your valuable items are adequately insured can provide peace of mind in case of an insured event. RACV Insurance replaces items new for old as standard where they can be replaced due to theft or damage.
- To ensure proper insurance coverage for high-value items, consider adding the Valuable Items Cover to your RACV Contents Insurance or combined Home Buildings and Contents Insurance policy.
- Without the Valuable Items Cover, items such as works of art, jewellery, collections, music, games, and movies may be underinsured due to standard policy limits, with a maximum claim amount of $2,500 per item.
