We have ours set high, but I think it's reasonable. We have a 4 brm, 2 lounge house with a shed, and the house & shed are full. Our entertainment system/cd's/dvd's are valued at $15000 for just those items. We also have our jewellery listed separated as those are worth a few $$.
We have a list, always have, and when we buy/sell any furniture/tools we amend the list and if applicable amend the insurance policy.