CONTENT ITEMS
Collections, sets, and memorabilia
COVERED
Some items are worth their weight in gold – or more! Which is why ensuring they are properly insured is so important. Here are instances where collections, sets, and memorabilia may be covered under AAMI’s Home Contents Insurance cover should they suffer loss or damage due to an insured event.
What’s covered
We cover collections and sets, including stamp collections, collectors’ pins, medals and currency no longer in circulation. We also cover memorabilia which are things saved or collected as souvenirs and/or for their historical interest.
Know that these items have flexible limits, you can increase the limit (an additional premium may apply) by specifying the item on your policy. If you have not asked us to increase the limit, the most we will pay for any one incident is $5,000 in total for all collections, sets, and memorabilia.
What’s not covered
As they are unique, collectable items cannot or will not be replaced ‘new for old’.
‘New for old’ means that if the item cannot be replaced ‘new for old’ or repaired, we will pay you what it would have cost to buy the item immediately before the loss or damage occurred, up to the relevant limit in your policy. We may engage an expert to help determine this.
There are some instances where you will not receive coverage. Like if the loss or damage was the result of an event not covered under this policy, like loss or damage due to mould or mildew.
You can learn more about this coverage and the exclusions or limitations in the Product Disclosure Statement.