Most Australians underestimate how much they actually own. Jewellery tucked away in a drawer, a camera bought years ago, an old guitar, heirloom coins, or designer accessories, they all add up. Yet most contents policies are never updated to reflect their real value.
The Hidden Gap in Australian Homes
Research from the Insurance Council of Australia shows that more than 80 percent of households are underinsured for their contents. The average gap is over $40,000, a shortfall that only becomes visible after a loss. For many, it’s not because of negligence but forgetfulness. Out-of-sight possessions rarely make it into policy renewals.
Those forgotten drawers, boxes, and closets contain thousands of dollars’ worth of items that are never listed or properly valued. When fire, theft, or water damage occurs, insurers can only pay for what’s proven to exist and covered. Everything undocumented becomes a personal loss.
Why “Drawer Blindness” Costs So Much
Humans naturally underestimate small clusters of value. A few watches, a handful of rings, a tablet, and a vintage camera feel insignificant until replacement costs are added. It’s called drawer blindness, the tendency to overlook items stored out of daily view.
This bias has real financial consequences. After disasters such as bushfires or floods, many households discover that their declared contents sum covers only half of what they truly owned. Replacement costs for electronics, collectibles, and jewellery can exceed limits within hours of a claim starting.
How to Uncover Your Hidden Value
1. Open every drawer and cupboard. Start with the spaces you rarely touch; bedside drawers, wardrobes, toolboxes, spare rooms.
2. Photograph and log each valuable. Include jewellery, watches, small tech, musical instruments, and collectibles.
3. Review your policy. Check sublimits for categories like jewellery, cameras, and electronics. Many policies cap individual items at $1,000–$2,500 unless specified.
4. Update regularly. Add new purchases and gifts as they come in. Even small upgrades shift your total replacement cost.
How myVal Reveals the True Value of What You Own
myVal turns the hidden corners of your home into a clear, verifiable record:
- AI documentation: Snap a photo; myVal recognises the object type and estimates replacement value using live market data.
- Automatic categorisation: Each item is placed under its correct insurance category, ready for comparison with your policy.
- Policy Health Check: Instantly see where your cover falls short or where sublimits are exceeded.
- Claim-ready reporting: If the worst happens, you already have insurer-formatted evidence and valuations.
Don’t Guess What You’re Worth
Underinsurance doesn’t begin with disaster; it begins with assumptions.
Spend half an hour this week rediscovering what’s in your home. You might find $20,000 or more hiding in plain sight.
Use myVal to document it and make sure every drawer, shelf, and box counts when it matters.
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