Your homeowners policy covers your belongings, but many policies cap how much they will pay for certain categories of valuables, such as jewelry, watches, furs, silverware, art and collectibles. If an engagement ring or a family heirloom is stolen, you may find the payout is far less than what the item is worth.

These caps are called sublimits, and they apply even if your overall personal property coverage is generous. Theft is a common situation where they come into play. Some policies also limit coverage for cash, firearms or business equipment kept at home, so check every category that applies to you.

If you own items worth more than those limits, ask your agent about scheduling them, which means listing them individually on your policy, often with an appraisal. Scheduled items may also be covered for accidental loss, such as a stone falling out of a setting. Keep photos, receipts and appraisals somewhere safe outside your home. If your current insurer makes this complicated or expensive, comparing quotes can show how other companies handle valuables.