High-Value Items & Specified Cover
Named item cover for jewellery, art, watches, collections, and other valuables that exceed standard policy limits.
About High-Value Items & Specified Cover
High-value items insurance is a specialized form of cover that protects items of particular value—jewellery, art, antiques, collectibles, wine collections, and other treasured possessions. Standard contents insurance policies usually have sub-limits for valuable items, often capping cover at $1,000 to $2,500 for all jewellery, or $500 to $1,000 for individual items. If you own items worth more than these limits, you need specified item cover.
Jewellery is one of the most common items that requires separate cover. An engagement ring, wedding band, or vintage brooch inherited from a family member might be worth $5,000 or more, far exceeding standard policy limits. Without specified cover, you might find your claim is limited to the sub-limit, leaving you significantly out of pocket if the item is lost or stolen.
Art and collectibles present similar challenges. If you collect original paintings, sculptures, rare books, or vintage items, their individual values often exceed standard policy limits. Insurance companies struggle to assess the value of specialist items like these, which is why specified item cover asks you to provide valuation from a qualified expert.
New Zealand homeowners often underestimate the value of their collections. A watch collection, vintage camera collection, or vinyl record collection might seem like a hobby, but the items' combined value could easily exceed $10,000. Specified item cover is relatively affordable if you only need cover for a few high-value pieces rather than whole-policy cover increases.
The key advantage of specified item cover is that it typically excludes the sub-limits that apply to standard cover. Each specified item is covered for its full declared value, and the insurer won't reduce the claim based on depreciation if you have new-for-old cover. For valuable items that you'd struggle to replace, this is essential.
Getting the valuation right is crucial when you take out specified item cover. For jewellery, you'll need a jeweller's valuation. For art and antiques, you'll need a valuation from a qualified appraiser or auction house. These valuations don't need to be expensive formal assessments—many jewellers provide valuations as part of their service—but they should be credible and documented.
Who Needs This Cover
- ✓Jewellery and watch owners
- ✓Art, antique, and collectible owners
- ✓Camera and photographic equipment owners
- ✓Musical instrument owners
- ✓Wine, whisky, and collection holders
- ✓Anyone with items worth more than $2,000 each
What's Covered
- ✓Engagement rings and jewellery
- ✓Watches and luxury accessories
- ✓Fine art and original artworks
- ✓Antiques and collectibles
- ✓Camera and photography equipment
- ✓Musical instruments
- ✓Wine, spirits, and valuable collections
- ✓Agreed value — no depreciation on payout
What's NOT Covered
- ✕Specified items that haven't been formally valued or declared to your insurer
- ✕Items whose value has significantly increased beyond their last valuation (unless you've notified and paid for updated cover)
- ✕Damage from gradual deterioration, poor maintenance, or storage in unsuitable conditions
- ✕Loss or theft of items left unattended in public places without supervision
- ✕Damage from restoration attempts made without professional advice
- ✕Items sent through the post unless you've purchased registered post or courier cover
- ✕Collectible items whose value depends on rarity or condition that you've damaged yourself
- ✕Items held in bank safe deposit boxes or vaults (usually not covered by home contents policies)
New Zealand Context
In New Zealand, high-value items deserve special attention under the Insurance Council's fair dealing requirements. Insurers must make it clear that standard policies have sub-limits for valuables, and they can't simply refuse claims after the fact. If you own valuable items, the onus is on you to declare them and obtain specified cover, but insurers must be transparent about why this is necessary.
New Zealand's art market has grown significantly, and local artists' works can be quite valuable. If you're collecting contemporary New Zealand art or have original works by established artists, specified item cover is essential. The NZ Art Foundation can provide guidance on valuation services for New Zealand artworks.
Many New Zealand families hold inherited jewellery or items of sentimental and financial value. Items like grandmother's pearls, vintage watches, or family heirlooms deserve protection. New Zealand has excellent jewellers and valuers who can assess these items professionally.
Frequently Asked Questions
Do I need separate insurance for my engagement ring?+
What counts as a valuable item that needs separate cover?+
How much will it cost to add specified item cover for my valuables?+
Do I need a professional valuation for specified item cover?+
What if my item's value has increased since I insured it?+
Are items in a bank safe deposit box covered by contents insurance?+
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