Protecting Priceless Possessions: Insuring Valuable Items Under Contents Insurance policies
Valuable Items Cover, also known as a scheduled personal property endorsement, is an optional extra that can be added to your RACV Contents Insurance policy or RACV Home Buildings and Contents Insurance policy. This coverage is designed to insure valuable possessions like jewelry, art, collectibles, musical instruments, firearms, and high-value electronics beyond the limited coverage of usual contents insurance.
Common High-Value Items Not Fully Covered Under Standard Policies
Standard contents insurance policies often have low coverage limits for high-value items such as jewelry, fine art, collectibles, furs, musical instruments, firearms, cash, electronics, and valuable items used for business. To insure their full value, homeowners or renters insurance may require adding a separate Valuable Items Cover or scheduled personal property endorsement.
The Importance of Valuable Items Cover
Valuable Items Cover itemizes and individually insures each valuable without the usual sub-limits and may waive deductibles for those items. This specialized coverage protects personal property beyond the capped limits of a standard policy, ensuring high-value items are appropriately insured against loss or damage.
Adding Valuable Items Cover
Valuable Items Cover can be added to Contents Insurance or combined Home Buildings and Contents Insurance policies at any time. Individual items under Valuable Items Cover must be listed separately if they are valued at more than $10,000.
The Value of Contents Insurance
Having a contents insurance policy can provide peace of mind should an insured event occur. In the year ending March 2025, 313,540 property items were lost due to theft in Victoria, representing a 22% increase from the previous year (Crime Statistics Agency).
Exclusions and Limitations
Valuable Items Cover does not cover items outside the home or at a storage facility. Portable Items Insurance can cover items taken outside the home, including overseas, but limits to cover apply if the item is taken outside of Australia or New Zealand.
Claims and Proof of Value
In the event of a claim, proof of the item's value (such as a receipt or certificate of valuation) may be required. Where items can be replaced due to theft or damage, if RACV Insurance replaces an item after it is stolen or damaged, it will replace it new for old as standard.
Reviewing Your Policy and Coverage
A Certificate of Insurance can be requested from RACV at any time to review current policies and coverage.
In summary, Valuable Items Cover is used to insure valuable possessions like jewelry, art, collectibles, musical instruments, firearms, and high-value electronics beyond the limited coverage of usual contents insurance. By adding this optional extra, you can ensure that your valuable items are protected against loss or damage, providing peace of mind and safeguarding your treasured possessions.
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