Jewelry owners may want to check their homeowners insurance coverage

If you own jewelry made of gold or another precious metal, you should probably check your homeowners insurance to see if your coverage is sufficient.

The market price of gold has shot up over the last year, as have the prices paid for other precious metals like platinum and silver, both of which are also commonly used in jewelry. This means the value of your pieces could be higher than what your insurance would pay if they were stolen or destroyed in, say, a fire — especially if you have owned the jewelry for quite some time.

"A piece you bought or last appraised years ago could now cost significantly more to replace," said Loretta Worters, spokesperson for the Insurance Information Institute.

Gold prices surge

The price paid for a troy ounce (31.1 grams) of gold is up about 58% over t