never put anything valuable in checked in luggage.
I have one of the old "non-TSA" locks on my suitcase. I have a label on it where it states "code is 0000 while in transit", since I want to set the code wheels to something else in order to avoid accidental openings.
I'd never dream of going on a flight with something of real value to me anywhere but in my carry on. If they want to steal my socks or razor, they're welcome to them.