I would go to Sams or Costco and get a Sentry fire safe, the ones that are about the size of a small fridge, dedicated to fire protection. Use this for your valuable papers, pics, cd's, etc.
It is wise to search for a gun safe that is larger than what you need to store such valuables, problem is, guns don't fit in the smaller ones and they offer the best protection but are more easily taken..so hide accordingly.
If you want that kind of protection in a gun safe, it's big bucks. As far as a good gun safe, IMO, I would get the dial combo instead of the electronic.....that's just me though, not saying the electronics are bad, I just like the piece of mind that it won't crap out on me or get a "glitch"..rotary combos wear out over time sure but, how many times will you be in the safe over your school locker, those cheap locks last forever.
Definately store the jewelery in the gun safe though...harder to drag those out.
Call Frank Zykan at Zykansafe, he will answer all your questions and really put things into perspective.
Not sure what an "arm and a leg" is, but if you're like me it's under a grand.
The "H" series has the higher rating, either the 24 or 30 is a good safe.
http://www.zykansafe.com/diamondgunsafes.html
Another vote is the GT 8423 from Password Crackers, shipping is included..looks like a nice bang for the buck.
http://www.pwcrack.com/safes.shtml
When you decide on a safe, if it's going in a tight area, build a cardboard "dummy" safe and see if you can slide it through the doorways.