Some good news and bad news: You’ll be happy to know that basic homeowner’s or renters insurance policy will cover all the stuff in your home under the terms of your policy—including your most prized possessions.

The bad news is that in the case of jewelry, artwork, furs, collectibles and other high-ticket items, you won’t get back nearly what they’re worth if they’re stolen or damaged by the perils stated in your policy. That’s because basic replacement-cost insurance is limited in liability for high-end items, and insurers will not pay more than the maximum amount specified in your policy.

To protect such items up to their current value, you’ll need to supplement your homeowner’s or renter’s policy with valuables insurance.

The cost of coverage will vary depending on how much financial protection you need and how you go about insuring your valuables. Your insurance agent or insurer will be able to provide you with cost estimates.

You can’t buy valuables insurance exclusively. This kind of insurance is basically an “add-on” to a base renters insurance or home insurance policy.