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Valuable items cover: how to insure precious items with contents insurance
Your standard contents insurance policy may not cover the replacement cost of certain high-value items in your home. That’s where Valuable Items Cover can help.
Every year, thousands of Victorians lose their belongings due to theft. Crime Statistics Agency data for Victoria shows that 313,540 property items were lost due to theft in the year ending March 2025, a 22 per cent increase on the previous year.
Having a contents insurance policy can provide peace of mind should an insured event occur but it’s important to understand what that policy entails.
While many belongings may be adequately insured under your general contents, particular valuable items may not be.
Valuable Items Cover is an optional extra that can be added to an RACV Contents Insurance policy that can help cover your most precious items for what they’re worth.
Valuable Items Cover explained
What is Valuable Items Cover?
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.
This feature is an optional extra that can be added to an RACV Contents Insurance policy or RACV Home Buildings and Contents Insurance policy.
What items can be insured with Valuable Items Cover?
Items that can be insured under Valuable Items cover include:
- Works of art (paintings, pictures or sculptures)
- Music, games and movies (CDs, DVDs, records, tapes, video game cartridges and any sort of legally downloaded digital media)
- Collections (cards, stamps, uncirculated mint issue or proof $2,500 in total coins or notes, ancient or rare coins or notes, sovereigns and bullions)
- Jewellery (rings, watches, bracelets and necklaces).
What if I want to insure an item not listed above?
Any items that do not fall into the above categories should be insured as General Contents. You should account for the replacement cost of these items when calculating your contents sum insured (also known as contents value).
Read more: The common items households forget to insure
Jewellery is one type of item that can be covered by Valuable Items Cover. Image: Matt Harvey.
Do I need Valuable Items Cover?
Valuable Items Cover is an optional cover you can add to an RACV Building and Contents Insurance or RACV Contents Insurance policy to increase your cover for groups of items such as works of art, music, games and movies, collections, or jewellery and watches.
What happens if I don’t take out Valuable Items Cover?
Valuable Items Cover is completely optional. However, without Valuable Items Cover the most that can be paid for works of art, jewellery, collections, or music, games and movies is $2,500. This is regardless of their actual value.
For example, if you have $3,000 worth of jewellery but do not take out Valuable Items Cover then you can at most be paid $2,500 should an insured event occur.
How much can my valuables be insured for?
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.
When calculating the contents sum insured for your policy, consider the replacement value of your items as well as the General Contents limit.
Read more: What is underinsurance and how can help avoid it?
Individual items only need to be listed separately if they are valued at more than $10,000.
Do I need to individually list every item included in my Valuable Items Cover?
You only need to list individual items that are worth more than $10,000.
So even if you have an art collection worth $15,000, you only need to list individual items within that collection if they are worth $10,000 or more.
Are my valuables insured if they leave my home?
Valuable Items Cover does not cover items outside your home. They are also not covered if they are in the open air at your home site or at a storage facility.
If you have high-value items that you regularly take outside of your home (such as a watch) you may wish to consider Portable Items Cover.
Read more: How to get insurance for your laptop.
Are my valuables insured if I travel overseas?
Valuable Items Cover does not cover valuable items taken outside the home, including overseas.
Portable Items Insurance can cover items taken outside your home, including overseas. However, limits to cover apply if the item is taken outside of Australia or New Zealand.
If your valuable item, such as a watch, is regularly taken outside your home then you may wish to consider Portable Items Cover. Image: Matt Harvey.
Do I need to prove the worth of my valuable items?
In the event you need to make a claim, you may need to provide proof of the item’s value, such as a receipt or certificate of valuation.
Read more: What happens when I make a home insurane claim?
How can I add Valuable Items Cover to my Contents Insurance Policy?
You can add Valuable Items Cover to your Contents Insurance or combined Home Buildings and Contents Insurance policies at any time.
Valuable Items Cover and contents sum insured are shown separately on your current Certificate of Insurance.
How do I know if I have Valuable Items Cover as part of my insurance policy?
Valuable Items Cover, including the amount of cover, is shown on your renewal notice. Individual valuable items insured for more than $10,000 are also shown on your renewal.
You can also request a Certificate of Insurance from RACV at any time to review your current policies and coverage.
The information provided is general advice only. Before making any decisions please consider your own circumstances and the Product Disclosure Statement and Target Market Determinations. For copies, visit racv.com.au. As distributor, RACV Insurance Services Pty Ltd AFS Licence No. 230039 receives commission for each policy sold or renewed. Product(s) issued by Insurance Manufacturers of Australia Pty Ltd ABN 93 004 208 084 AFS Licence No. 227678.
