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For expensive watches, artwork and jewellery, I’d recommend getting professional valuations for the significant items, then listing them individually on your contents insurance where necessary. The key is to insure them for the amount it would actually cost to replace them, rather than simply using what you paid or what you think they might sell for.

In New Zealand, insurers often impose special limits on valuables, even when your overall contents sum insured is high. Those limits can leave you substantially underinsured after a burglary, fire or accidental loss. House & Contents Insurance: Sum Insured ExplainedContents Insurance Renewal Checklist

1. How to value each type of item

Watches

• Obtain a valuation from a reputable watch specialist or suitably qualified valuer.
• For discontinued or collectible watches, consider current prices for comparable examples, taking condition, rarity, provenance and original components into account.
• Keep the model and serial numbers, purchase receipt, box, papers and service records.

Ask whether the valuation reflects the cost of buying an equivalent watch in today's market, rather than its trade-in or second-hand dealer purchase price.

Jewellery

• Use a qualified jewellery valuer, ideally one experienced in insurance valuations.
• For diamond and gemstone pieces, record the stone specifications, metal, craftsmanship, brand and any certificates.
• Use the valuation to establish the current cost of replacing the piece with an equivalent item, including comparable stones and workmanship.

Inherited and antique jewellery can be particularly difficult to value accurately using the original purchase price alone.

Artwork

• Obtain an appraisal from an art valuer or specialist familiar with the artist and market.
• Document the artist, title, medium, dimensions, signature, provenance, authenticity and purchase history.
• Clarify whether the valuation represents auction or resale value, retail replacement value, or another basis.

For a rare or irreplaceable work, discuss the appropriate valuation basis with your insurer; an ordinary retail replacement estimate may not be suitable.

2. Use the right insurance value

There are three different figures that are easy to confuse:

Value	What it means
Market or resale value	What you might receive if you sold the item today.
Replacement value	What it would cost to replace the item with an equivalent one under the policy's terms.
Indemnity or present value	What the item was worth immediately before the loss, potentially allowing for age, wear and depreciation.

For insurance purposes, don't automatically insure an item for its resale value. The correct basis depends on the policy and the nature of the item. For rare watches and artwork in particular, confirm in writing how a claim would be settled. InsuranceHow to get the best house and contents insurance

3. Make sure the items are specifically covered

Ask your insurer or broker whether each valuable needs to be listed as a specified item on your policy schedule. This is especially important for high-value watches, individual pieces of jewellery and significant artworks.

The limits vary considerably by insurer. For example, AA Insurance publishes standard contents limits of $5,000 for jewellery including watches per event and $10,000 for artwork per event, unless the relevant cover is adjusted or the item is specified. Other policies have different limits and conditions. What items do I need to specify on my contents policy?MAS Contents Insurance

Check these details carefully:

• The individual limit: How much will be paid for each watch, ring or artwork?
• The total limit: Is there a maximum payout for all jewellery or watches stolen in one incident?
• Where the item is covered: Does cover apply at home, while being worn, when travelling within New Zealand, and overseas?
• Accidental loss: Is losing a ring or watch covered, or only theft and accidental damage?
• Security conditions: Are there requirements for safes, alarms or how items must be stored?
• The basis of settlement: Will the insurer pay the agreed amount, arrange a replacement, or assess the value at the time of loss?

Don't assume that specifying an item automatically removes every other policy restriction. For example, NZI's published Distinction wording has a separate limit for jewellery and watches stolen in a single event, subject to stated exceptions. Distinction Contents Insurance / Policy wordingHome Comprehensive and

4. Keep a valuation and evidence register

I'd maintain one secure inventory for your entire collection.

Record for each item	What to keep
Identification	Brand, model, serial number or artist and title
Valuation	Amount, valuation date, valuation basis and valuer
Ownership	Receipt, invoice, inheritance or gift records
Supporting evidence	Detailed photographs, certificates and provenance
Insurance	Specified amount, policy details and renewal date

Store digital copies separately from the items themselves. Update valuations when the market changes materially, and ask your insurer how frequently it requires them to be refreshed.

5. My recommended approach

1. Start with your most valuable pieces. Get current, item-specific valuations for the watches, jewellery and artworks where an inaccurate estimate would create a significant financial shortfall.
2. Have your insurer confirm the amounts in writing. Make sure the values are accepted and the items appear correctly on your policy schedule.
3. Review your total contents cover separately. Include ordinary household possessions as well as any valuables that your policy requires to be included in the general sum insured. Don't assume specified items are treated the same way by every insurer.
4. Compare the wording, not just the premium. For a valuable collection, adequate theft, accidental loss and away-from-home cover may matter more than a small difference in annual cost.

The Insurance Council of New Zealand has a useful overview of contents insurance and sum insured, including the distinction between replacement and indemnity cover. House & Contents Insurance: Sum Insured ExplainedContents Insurance Renewal Checklist

One question that would help me tailor this

Are your watches, artwork and jewellery primarily collectible or investment-grade items (such as luxury mechanical watches, fine art and significant gemstone jewellery), or are they mainly high-value items bought new for personal use?

That distinction matters because the appropriate valuation method can differ substantially, especially for rare watches and artwork whose market value may have increased since purchase.