Why Standard Contents Cover Often Isn't Enough
Most contents policies cap the payout for individual high-value items — jewellery, watches, art, musical instruments and collectables — well below their actual value, often between $2,500 and $10,000 per item unless it's specifically listed (or 'scheduled') on your policy.
How Specified Items Work
To insure a genuinely valuable item at its full worth, you typically need to declare it separately with a valuation or receipt, and pay an additional premium reflecting its value. Once specified, it's usually covered for its full agreed value rather than the policy's blanket per-item cap.
What Commonly Gets Under-Insured
- Engagement rings and jewellery, especially inherited pieces without a recent valuation
- Home entertainment and computer equipment bought as a bundle (the combined value can exceed the unspecified-items cap quickly)
- Musical instruments, especially anything portable enough to be stolen or damaged away from home
- Wine and collectable items, which some insurers exclude from standard cover entirely
Practical Steps
Get valuables valued or keep receipts, list anything individually worth more than your insurer's per-item cap, and revisit the list every couple of years — jewellery and collectables in particular tend to appreciate, and an old valuation can leave you underinsured without you realising it.
This page is for educational purposes and isn't personalised financial advice. Premiums, terms and eligibility vary by insurer, state and individual circumstances — always check the Product Disclosure Statement (PDS) before buying.