If you find that a standard renters insurance policy doesn't provide enough coverage for your jewelry, you may want to consider purchasing additional coverage.

Some insurers offer optional extended protection for certain valuations, including jewelry and watches. You may find that this type of protection provides coverage for a greater number of risks. You'd typically need to pay your deductible before coverage kicks in, and coverage is typically capped at a certain amount for each item (for instance, up to $1,000 in coverage per piece of jewelry). Your insurance provider can explain the details of this type of coverage so you can decide if it makes sense for you.

Another type of additional coverage is often referred to as a floater or rider. Scheduled personal property coverage is an example of this type of protection. Scheduled personal property coverage basically helps you insure a specific item — an engagement ring or expensive watch, for instance — for its documented value.

To purchase scheduled personal property coverage, you'll typically need to have each piece of jewelry you want to insure professionally appraised, according to the III.

In addition to increasing your coverage limit for jewelry, scheduled items may also be protected against risks that a standard renters insurance policy doesn't cover. For instance, you'll typically find that scheduled personal property coverage covers an item if it's lost — left behind at a hotel, or dropped down a drain, for example — which a typical renters insurance policy may not cover.

You'll also typically find that you can choose to purchase scheduled personal property coverage without a deductible. Meanwhile, you would likely have to pay your deductible before a standard renters insurance policy kicks in to help cover a loss.

Your insurance provider can help you assess your renters insurance coverage so you can determine whether it offers enough protection for your jewelry or whether you may benefit from additional coverage.