A homeowner's policy covers personal property. But all homeowner's policies contain "special limits," which are sub-limits for specific types of valuable items. For instance, the standard special limit in many policies is $1,000 to $5,000 depending on the state. That means the insurer will pay a maximum of $1,000 to $5,000 per item for jewelry, subject to the deductible—but the value of key pieces like engagement rings often exceeds the limit. Some insurers offer higher special limits to allow more coverage for valuable items in the homeowner contract subject to the deductible.
Even with higher special limits, a valuable articles policy is often appropriate, particularly for collectors. A valuable articles policy specifically insurers valuable items and does so with itemized coverage and no deductible. These policies generally offer "itemized coverage," which insures individual items, or "blanket coverage," which protects collections under one blanket item subject to a per-item limit. A comprehensive insurer will offer both types of coverage and offer protection by increasing the values to keep pace with inflation.