Most Australians assume their contents insurance automatically covers every item in their home at full replacement value. In reality, standard policies typically cap cover for certain categories of valuables, often at just a few thousand dollars per item or per claim. If you own an engagement ring worth $15,000, a collection of vintage watches, original artwork, or heirloom jewellery, you may discover too late that your policy will pay only a fraction of the loss.

This guide walks through how to protect high-value items and jewellery by arranging specified items cover (also called itemised valuables cover) on an Australian contents insurance policy, ensuring you receive appropriate compensation if items are lost, stolen, or damaged.

What You Will Learn

You will learn how to identify items that exceed standard policy sub-limits, obtain professional valuations that insurers accept, choose between itemised cover and a blanket increase to your sum insured, add specified items to your policy with supporting documentation, and maintain accurate records so claims proceed smoothly. The steps below apply whether you are arranging new contents cover or reviewing an existing policy.

Step 1: Understand Standard Contents Coverage Limits

Begin by reading your Product Disclosure Statement (PDS) and policy schedule to understand the sub-limits that apply to categories of valuables. According to ASIC MoneySmart, contents policies commonly impose per-item or per-claim caps on jewellery, watches, artworks, collectibles, musical instruments, cameras, and sporting equipment (ASIC MoneySmart, 2026). A typical limit might be $2,000 per item for jewellery or $5,000 total for all unspecified jewellery in a single claim, even if your overall sum insured is $80,000.

These sub-limits exist because high-value portable items carry greater risk of theft or loss. The default cover assumes most contents are furniture, clothing, and household goods. If you own items worth more than the stated cap, you must declare them separately and pay an additional premium to have them covered at their true value.

Check your current PDS for the section on “special limits” or “specified items.” Note the dollar figures for each category. If any single item you own exceeds the limit, or if the combined value of items in a category exceeds the total cap, you need extra cover.

Step 2: Identify Items That Need Extra Cover

Make a room-by-room inventory of items that are likely to exceed your policy’s sub-limits. Common candidates include engagement rings, wedding bands, heirloom necklaces, designer watches, vintage or precious metal jewellery, original paintings and prints, sculptures, antique furniture, signed sports memorabilia, rare coins or stamps, high-end camera bodies and lenses, musical instruments (guitars, violins, pianos), and bicycles above a certain value.

For each item, estimate or research its current market value or replacement cost. Jewellery should be valued at what a jeweller would charge to replace it with a piece of equivalent quality and craftsmanship. Artwork and collectibles should reflect the price at which you could buy a similar item today, not the original purchase price. Antiques may appreciate over time, and electronics typically depreciate.

Group items into two lists: those worth more than the per-item cap (these will almost certainly need specified cover), and those within the cap but where the category total exceeds the per-claim limit (where you may need to specify some or increase the overall sum insured).

Step 3: Get Professional Valuations

Insurers require a written valuation from a qualified professional before they will agree to cover an item at a specified value. The valuation serves two purposes: it establishes the replacement cost for premium calculation, and it provides proof of the item’s existence and value at the time cover began.

For jewellery and watches, obtain a valuation from a registered valuer who is a member of a recognised industry body such as the National Council of Jewellery Valuers or the Jewellers Association of Australia. The valuer will assess materials (gold, platinum, gemstones), craftsmanship, brand, and market replacement cost. Many jewellers offer valuation services; confirm they provide a formal written certificate on letterhead, dated and signed.

For artwork, use an accredited fine art valuer or a gallery specialist familiar with the artist or period. The valuation should describe the medium, dimensions, artist, provenance, and current market value based on recent comparable sales.

For antiques, collectibles, and other specialised items, seek a valuer with expertise in that category (antique furniture appraisers, numismatists for coins, philatelists for stamps). Some insurers maintain panels of approved valuers; ask your insurer or broker before arranging the appraisal.

Valuations typically cost between $100 and $300 per item depending on complexity. Budget for this as part of protecting your investment. Insurers generally require valuations to be updated every two to three years because market values change, and an outdated certificate may not support a claim at current replacement cost.

Step 4: Choose Between Itemised Cover and Increased Sum Insured

Once you have valuations, decide how to structure your cover. You have two main options: specifying each high-value item individually on your policy, or increasing your overall contents sum insured and negotiating higher sub-limits with your insurer.

Specified items cover (the Australian equivalent of “scheduled” or “riders” in other markets) lists each item on your policy schedule with its agreed value. The insurer charges a separate premium for each item, often based on a percentage of the value (commonly 1 to 3 per cent per year depending on the item type, security measures, and claims history). The advantage is that the item is covered for the agreed value anywhere in Australia and sometimes worldwide, and the excess may be waived or reduced for specified items. The disadvantage is higher premiums and the administrative task of updating valuations and notifying the insurer of new purchases.

Increasing the sum insured and raising sub-limits is a simpler option if you own many mid-range valuables but not individual items of extreme value. For example, if you have ten pieces of jewellery each worth $3,000 to $5,000, you might negotiate with the insurer to raise the per-item jewellery limit from $2,000 to $7,000 and increase the total contents sum insured to reflect the collective value. This approach spreads the premium across the entire contents cover rather than itemising each piece. The trade-off is that you still face per-item caps, and you must prove each item’s value at claim time (valuations are still wise to keep on file).

Consult your insurer or broker to compare quotes under both structures. For very high-value items (over $20,000), specified cover is almost always the only option insurers will accept.

Step 5: Add Specified Items to Your Policy

Contact your insurer or broker with your list of items, valuations, and photographs. Most insurers provide a specified items form or endorsement to complete. For each item, you will supply a description (type of item, make, model, identifying features), the valuation amount, the valuer’s name and credentials, the valuation date, and proof such as a photograph or copy of the certificate.

The insurer will assess the risk and quote an additional premium for each item. Factors that affect the premium include the item’s value, its portability and theft risk (jewellery attracts higher rates than a piano), where you keep it (a home safe or bank safety deposit box may reduce the premium), your address and security measures (alarm system, deadlocks, sensor lights), and your claims history.

Review the quote and the updated policy schedule carefully. Confirm that the agreed value matches your valuation, that the description is accurate enough to identify the item in a claim, and that you understand any conditions (for example, some policies require jewellery over a certain value to be kept in a safe when not worn, or cover may exclude loss outside Australia unless you pay for a worldwide extension).

Accept the quote and pay the additional premium. The insurer will issue an updated policy schedule listing each specified item. Keep this document with your PDS and your original valuations in a secure location separate from the items themselves (such as a digital backup or a copy at a relative’s home), so you can access evidence if your home is burgled or destroyed.

Step 6: Keep Documentation and Update Regularly

Specified items cover is only as good as your documentation. After adding items to your policy, photograph each piece in detail (multiple angles, close-ups of hallmarks, engravings, or signatures, images showing scale). Store digital copies in cloud storage or email them to yourself so they survive a house fire or theft of your computer.

Keep receipts, certificates of authenticity, and any provenance documents (for artwork or antiques) in the same secure location as your valuations and policy schedule. If you have original boxes, papers, or service records (common for watches and designer items), retain these as they support claims and help establish authenticity.

Update your specified items list whenever you acquire or dispose of a high-value item. If you buy a new piece of jewellery, obtain a valuation and notify your insurer within 30 days (check your PDS for the notification period; some policies provide automatic cover for new acquisitions up to a certain value for a limited time, provided you report them). If you sell or gift an item, remove it from the schedule to avoid paying premium for cover you no longer need.

Renew valuations every two to three years, or sooner if the market value of an item has changed significantly (for example, if gold prices surge or an artist’s work becomes more sought after). Provide the updated valuation to your insurer; they will adjust the agreed value and premium accordingly. Under-valuing an item to save on premiums is a false economy because you will be under-insured at claim time.

Common Mistakes to Avoid

One of the most common mistakes is assuming that simply increasing your overall sum insured will automatically cover high-value items at their full worth. Sub-limits still apply regardless of how high your total sum insured is; if the PDS says jewellery is capped at $2,000 per item, a $100,000 sum insured does not change that limit unless you negotiate specified cover.

Another error is relying on outdated or informal valuations. An insurance claim requires proof of value; a receipt from ten years ago or an appraisal for estate purposes may not meet the insurer’s requirements. Always use a current, insurance-specific valuation from a qualified professional.

Failing to disclose all high-value items is a third pitfall. Some policyholders specify their engagement ring but forget about a vintage watch collection or inherited silverware. At claim time, if the insurer discovers that you owned unspecified items exceeding the limits, they may reduce the payout or argue that you were under-insured.

Lastly, not reading the conditions attached to specified items can lead to denied claims. If your policy requires jewellery over $10,000 to be kept in a safe overnight, but you left a necklace in a drawer, the insurer may refuse the claim. Read the PDS section on specified items carefully and comply with all security and storage requirements.

Frequently Asked Questions

Do I need specified items cover if I keep jewellery in a bank safety deposit box?

Even items stored in a safety deposit box should be listed on your contents policy if you want them covered for loss, theft, or damage while in storage or in transit. Some insurers offer premium reductions for items kept in high-security locations, so notify your insurer and ask whether this lowers your cost.

Will my premium increase significantly if I add specified items?

Premiums for specified items typically range from 1 to 3 per cent of the item’s value per year, depending on the item type and your circumstances. A $10,000 ring might cost $100 to $300 per year to insure. Compare this to the risk of losing the item uninsured or under-insured; most policyholders find the peace of mind worth the cost.

Can I claim for a single lost earring, or must I lose the pair?

Policies vary. Some insurers cover a single lost earring at 50 per cent of the pair’s value, while others require the pair to be specified as a set and will pay the full value only if the set is lost. Check your PDS and ask your insurer to clarify the treatment of paired items like earrings, cufflinks, or shoes.

What happens if an item appreciates beyond the specified value?

If the market value of an item increases above the agreed value on your policy, you should obtain a new valuation and ask the insurer to increase the specified amount. Otherwise, you may be under-insured and receive only the originally agreed value in a claim, even though replacement would cost more.

Does specified items cover apply worldwide or only in Australia?

Standard contents policies usually cover your possessions within Australia, and specified items are no exception unless you pay for a geographical extension. If you travel overseas with valuable jewellery or take musical instruments on tour, ask your insurer about worldwide cover; this typically costs extra and may have conditions (such as reporting the item if you are away for more than a certain period).

Conclusion

Protecting high-value items and jewellery on your contents policy requires deliberate action: understanding your policy’s sub-limits, identifying items that exceed them, obtaining professional valuations, and arranging specified items cover or negotiating higher limits. The process involves upfront costs and ongoing administration, but the alternative is discovering mid-claim that your insurer will pay only a small fraction of what your valuables are worth. Take the time to document your possessions, keep valuations current, and review your policy annually to ensure your cover keeps pace with your collection.

Before acting on this information, read the Product Disclosure Statement (PDS) for your contents insurance policy and consider whether specified items cover is appropriate for your situation. Coverage terms, sub-limits, and premiums vary by insurer and by state or territory. Consult a licensed insurance adviser or broker for personal advice tailored to your circumstances.

General Advice Warning: This article contains general information only and does not take into account your objectives, financial situation, or needs. Before making any decision about insurance cover, you should consider whether it is appropriate for you, read the relevant Product Disclosure Statement (PDS), and consider obtaining personal advice from a licensed insurance adviser. The information in this article is current as of June 2026; verify current terms and conditions with your insurer or a licensed adviser before deciding. Coverage, sub-limits, premiums, and policy conditions vary by insurer and by state or territory.