Remember that most policies are designed to provide “replacement cost” coverage – but the most they will pay is the limit of coverage that you have purchased. Your policy probably won’t pay more than the limit of coverage that you purchase. Jewellery sales and discounts don’t last forever; if the limit of coverage you choose is based upon a discounted price, and that discount is no longer available when a claim occurs, you will be on your own to pay out-of-pocket to make up the difference. Your insurance provider most likely has no obligation to make up the difference if you choose to buy less coverage than you actually need to replace an item.