While your personal possessions are insured under your homeowners policy, scheduling valuables such as jewelry can help ensure they're protected if you lose them.

On a standard General Casualty homeowners or renters policy, jewelry is covered for "named" perils such as fire, theft or lightning. When scheduled separately on your policy, it receives additional coverage against "all perils." So if you drop your diamond ring down the kitchen sink or the dog eats your favorite bracelet, it's insured.

Scheduling an accurately appraised item will also ensure you have enough coverage to buy a replacement. With General Casualty it costs about $30 a year to schedule a ring valued at $3,000.

Keep your agent updated on its value or if you sell or give away any scheduled items, so they can update your coverage appropriately. Also provide your agent a detailed description of any scheduled items and store the appraisal and bill of sale in a safe place.