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If you’ve inherited or were given a valuable piece of jewelry or art, you need to do more than find a special spot for safe keeping. You need to make sure you have enough insurance to protect it.

Standard home insurance policies provide coverage for household belongings, but they have limits for precious items, such as jewelry, fine art and furs.

The standard home insurance policy’s coverage limits for theft of jewelry, for instance, is usually $1,500, according to the Insurance Information Institute (I.I.I.).

To increase coverage, you can pay a higher home insurance premium to raise the coverage limit or purchase a “floater” policy. Raising your coverage limits is probably the cheaper way to go, but you might still face a limit on how much you can claim for the loss of an individual piece, the I.I.I. says.

Consider adding a floater to your home insurance policy

A floater is a separate policy that provides supplemental insurance for valuables and covers losses that wouldn’t be covered under a standard home insurance policy, such as losing a ring in a hotel room.

Follow these tips to make sure your new valuables are covered:

• Ask your home insurance agent about limits in your policy and whether there’s enough coverage for valuables.
• Compare the cost of increasing your coverage limits to getting a floater policy. Make sure either option would provide the appropriate amount of coverage.
• Get the item appraised if you want coverage through a floater policy.
• Add the valuable to your home inventory list.

If you don’t already have a home inventory of all your belongings, now is the time to create one. An up-to-date and thorough inventory helps you make sure you have enough insurance coverage and creates a record to make it easier to file a claim if disaster strikes. The I.I.I. provides free home inventory software on its KnowYourStuff.org website.

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