Diamond jewelry is a popular gift at Christmas and Valentine's Day, which means this is the time of year when people tend to have new valuables that they may need to consider insuring.

Maura Clancy, chairwoman of the Independent Insurance Agents and Brokers of New York, said a standard homeowner's or renter's policy won't offer enough coverage.

Many policies limit the dollar amount for theft of valuable personal possessions such as jewelry, furs, and precious stones from $1,000 to $2,000 total, according to the Insurance Information Institute.

Face it: Jewelry can be stolen or go missing. So Clancy said whether you have tenant's policy or a homeowner's policy, you can buy what's called a valuable articles floater and add that on.

Prices for floaters and endorsements vary depending on the type of jewelry, the insurance company you choose, where you live and where the item will be kept. With floaters and endorsements, there are no deductibles, and frequently you will get the option of having the insurance company replace the item for you, said Jeanne Salvatore, of the III.

Additionally, insurers such as Chubb offer a stand-alone "engagement ring policy," which can also be used to cover other jewelry items.

In case of loss, you will need a detailed bill of sale or appraisal to prove the value of the insured jewelry.