Doesn't my homeowners policy already cover my valuables?

No. Standard homeowners and renters policies cover personal property on an open-perils basis but with strict category sublimits: typically $1,500 for jewelry theft, $1,500 for cameras, $2,500 for musical instruments. These limits apply regardless of actual value. A $6,000 camera system has only $1,500 in coverage under a standard policy. A scheduled floater insures each item at its actual value.