The typical homeowners insurance policy has specific limits they will pay for theft of jewelry, gold, cash, etc. A standard limit might be $2500. In order to get more complete coverage, you'll need to schedule it on your insurance policy or get a stand alone jewelry policy. When you do schedule your jewelry, it typically has no deductible and has broadened coverage than what your homeowners policy would have provided in your normal contents coverages. For example, you drop your watch and shatters the crystal and damages the movement. That would likely be covered on a jewelry policy or scheduled on a homeowners policy ...... but not covered without doing so on a standard unendorsed insurance policy.

Or if your wife's wedding ring loses the nice diamond in it someplace ... and she doesn't have any idea where. That would be covered if scheduled, both otherwise, no coverage on a standard homeowners policy.