Protecting your prized possessions: Methods for insuring valuable belongings through contents insurance
In the ever-changing world we live in, securing our belongings is of utmost importance. For those who own high-value items such as artwork, jewellery, collections, or valuable music, games, and movies, RACV's Valuable Items Cover offers an additional layer of protection beyond the standard coverage limits of a general contents insurance policy.
Assessing the value of your belongings is the first step in determining if you need this cover. If individual items or collections exceed standard policy limits, typically items over $10,000, Valuable Items Cover is advisable. Accurately inventory and value your belongings by going room to room, considering purchase price and replacement cost. Keeping receipts to help prove value during claims is also essential.
To add the Valuable Items Cover to your RACV Contents Insurance policy, you can contact RACV directly or access your online policy management. Request to add the Valuable Items Cover feature as an endorsement or optional extra to your existing contents insurance. Declare and provide details (type, description, and value) of each valuable item you want insured under this cover. The amount of cover and any additional premium will be confirmed on your renewal notice or policy documents.
RACV shows the Valuable Items Cover amount on your renewal notice, and individual valuable items insured for more than $10,000 are itemized on the policy.
It's important to note that Valuable Items Cover does not cover items outside the home or at a storage facility. For high-value items regularly taken outside the home, consider Portable Items Cover, which 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.
In summary, if you have items worth more than typical sublimits in your contents insurance, you should add Valuable Items Cover to ensure those belongings are adequately insured. Contact RACV customer service or use your RACV online account to add this option to your policy and specify the covered items.
Recent crime statistics highlight the importance of securing our belongings. 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). Protecting your high-value items with insurance like Valuable Items Cover can provide peace of mind should an insured event occur.
Incorporating Valuable Items Cover into your RACV Contents Insurance policy could be beneficial for those with belongings valued above the standard policy limits in areas such as finance, personal-finance, home-and-garden, and lifestyle, like valuable artwork, jewellery, collections, or high-value hobbies items. It's essential to consult your RACV policy documents for specific coverage details and consider Portable Items Cover for items taken outside the home.
