Theft is an insured peril only if it involves forcible entry or exit. The misconception is that all break-ins are covered. Insurers usually exclude valuables, paintings and antiques. Otherwise, caps are imposed on a single article (e.g., $500 apiece) or collective items (e.g., two-thirds of the total sum insured for all valuables). If you have items that exceed the limit, you should bring this up to your insurer for extra coverage.