Does Your Homeowner's/Renter's Insurance Cover Your Jewelry?

I happened to read that most insurance policies only cover pieces of jewelry up to $1,000 USD (and/or $2,500 total for a jewelry collection) -- but then I happened to read that the current average price of an engagement ring is over $5,000. My guess is that even if your home is well-insured, a theft or fire could leave you with a tiny fraction of the price of your jewelry collection. Are you covered?