I have a contents policy with this company(also 2 ...

I have a contents policy with this company(also 2 motor vehicles) . My wife got a new iPhone 7 two weeks ago and unfortunately with was either stolen or lost while having a drink at a venue in Broadbeach, Qld. So, having content I felt lucky that we can make a claim and only be out of pocket for a few $100 dollars rather than the replacement cost.
I was shocked to be told that the claim had been denied. The reason being the valuable items that are taken out of the house need to be listed on the policy. I can't see how a $1200 phone can be considered valuable? Iphones are an item that is used often and I feel that Shannons are using this as a loop-hole to get out of paying claims to their customers.
I have listed my wife's engagement/wedding rings on the policy as I feel that these items fit the criteria of "high value".
After speaking with a rep from Shannons she has informed me for the first time that everything that may leave the house over the value of $1000 is considered high-value and must be placed on the policy.
That means my wedding ring, my phone, computer, golf clubs, Mont Blanc pen(gift), watch's should all be on there along with my wife's sunglasses, handbag, phone, computer, and probably more should have all been named as "high value" items.
Shannons need to make sure if they are going to sign any more people up they make them well aware of what they think is "high value". They should also be sending their customers a reminder to let them know that if they have acquired any new items since they took up the policy that they should contact them and list them. Thanks, Adam