Protecting your prized possessions: a guide to insuring priceless items through contents insurance
Protecting Your Valuable Possessions with RACV's Valuable Items Cover
In today's world, owning valuable items such as jewellery, artworks, or collectibles can be a source of joy and pride. However, these possessions can also be at risk, especially in the event of theft or damage. That's where RACV's Valuable Items Cover comes in, offering an additional layer of protection for your prized possessions.
Firstly, it's important to know that RACV Insurance offers a Certificate of Insurance, which can be requested at any time to review current policies and coverage. This certificate will provide you with detailed information about your policies, including the Valuable Items Cover.
Valuable Items Cover is an optional extra that can be added to an RACV Contents Insurance policy or RACV Home Buildings and Contents Insurance policy. This cover specifically increases coverage for certain valuable items that exceed the standard per-item or category limits set under general contents cover.
Key benefits of Valuable Items Cover include higher coverage limits for types of items that tend to have sublimits under general contents insurance, such as individual jewellery pieces or specific art works. Coverage is tailored for specific valuable categories like paintings, sculptures, collectibles, and legally downloaded digital media.
With Valuable Items Cover, you can have peace of mind that items of significant worth are not underinsured due to standard content sum insured limits, which often cap maximum payable amounts per item or set. This cover allows for more accurate insurance on valuables without needing to increase the overall contents sum insured, thereby potentially optimizing premium costs.
Items that can be insured under Valuable Items Cover include works of art, music, games and movies, collections, and jewellery. However, individual items under Valuable Items Cover must be listed separately if they are valued at more than $10,000.
It's also worth noting that Valuable Items Cover does not insure items outside the home or at a storage facility. For items regularly taken outside the home, Portable Items Cover can be considered for high-value items. Portable Items Insurance can cover items taken outside the home, including overseas, with limits to cover when taken outside of Australia or New Zealand.
In the event of a claim, proof of the item's value (such as a receipt or certificate of valuation) may be required. Individual valuable items insured for more than $10,000 are also shown on the renewal notice.
Thousands of Victorians lost property items due to theft in the year ending March 2025, a 22% increase from the previous year, according to Crime Statistics Agency data. When calculating the contents sum insured for your policy, consider the replacement value of your items as well as the General Contents limit.
In summary, Valuable Items Cover on an RACV Contents Insurance policy provides targeted protection and higher compensation limits for specific high-value personal items often restricted under general contents coverage. This cover is particularly valuable for those owning high-value jewellery, art, or collectibles.
[1] Source: RACV Insurance website, accessed on 1st April 2023.
In the context of RACV's Valuable Items Cover, managing your finances becomes essential since as a policyholder, you need to understand your coverage limits and premium costs for insuring valuable items. When reviewing current policies, it's crucial to consider the Valuable Items Cover, especially if you own high-value jewellery, art, or collectibles.
