Insurance coverages for jewelry and many other valuable articles is subject to reduced coverage limits in your home, condo or tenant insurance policy. In the event the item is lost or stolen, the coverage available could be severely restricted. In addition, even when coverage is adequate, there is significant risk you may not be able to recover the true value of the valuable.
Insurers compensate for losses based on repair or replacement with items of like kind and quality, it is not guaranteed that the replacement or its claim value will match what you paid for it. Deductibles will also reduce your claim amount.
It is highly recommended that you review your valuable possessions to ensure that there is adequate cover under your policy. Insurers can individually schedule valuable items to ensure they are covered for their appraised value, and in many cases scheduling the items will provide for broader coverages.
When items are scheduled, they are also often insured with no deductible, allowing you to recover the full value of the item. Blanket coverages are also often available, these provide for higher coverage limits without requiring a list of items or current appraisals.