If you have homeowners insurance and own pricey jewelry, you might be wondering if you need jewelry insurance. The answer is . . . maybe. Let’s explain.

Standard homeowner insurance policies provide some jewelry coverage but they’re usually based on low limits and only apply to certain losses such as theft or fire. A standard homeowner policy categorizes jewelry with other personal property items and the coverage is referred to as “named perils.” And the limit of coverage—often referred to as the sub-limit—for jewelry is much lower than the true value of the piece.

If you are unsure about whether or not your jewelry needs additional cover, check out your deductibles that apply to a potential claim and identify the cases for coverage; oftentimes accidental loss or damage of your jewelry isn’t covered by a standard homeowner policy. If you are concerned about future repairs—a chipped or missing stone or scratch—then a standalone customizable jewelry protection is most likely needed. Standalone policies usually cover “all-risk” scenarios while an insurance rider (also known as a floater) doesn’t cover all risks.

Purchasing jewelry insurance requires gathering documents (receipts, grade reports, etc.) and getting a professional appraisal to determine value. It’s also important to request multiple quotes online or through an agent, so you can adequately compare your options. Standalone policies are often reviewed annually but they might require reappraisal every couple of years. Be sure to stay on top of appraisal requirements so you’re not caught off guard if a claim is necessary in the future.

Regardless of the coverage you select—rider or standalone—purchase insurance as soon as you take possession of the jewelry piece, always safely store your item(s), and know the risk you’ve accepted based on your coverage choice.