Let’s say you have a pair of earrings insured by your homeowners policy, in the event that you lose one of them, your homeowner’s policy (if that item is covered, in the case of jewelry you’ll have to get a separate rider) will generally pay to repair or replace any part required to restore the pair or set it back to its condition before the loss. For example, if you lose one of a pair of very nice candlesticks, your insurance should replace the missing one. If you damage it, they will pay to repair it (subject to your typical deductibles).
If they don’t, they can always opt to pay the difference in cash value of your property before and after the loss. How they calculate that difference in the event of damage is where it gets tricky and depends on the item but likely your insurance company will have a schedule of some kind and involve an appraiser.
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