Treasured possession. When you hear those words what do you think of? Gold? 
Precious jewels? Red convertible ? Brand new baby? These words are used to describe something precious and of great value. These are the very words that God used to describe the Israelites, if they would honor and obey his ten commandments. More than just a list of 'do nots' given by a heavy handed ruler, God knew that as a new nation starting out that they would need some guidelines or guardrails for behavior. Beyond that even, this was a covenant that God created with the Israelites to protect and sustain them and that they would be his 'treasured possession'
The commandment portion of this covenant is some of most known verses of scripture. Dividing the ten in two sections, the first four apply to our vertical relationship with God: do not worship other gods, no graven images, do not taken the Lords name in vain and keep the Sabbath holy. The last six are a horizontal blanket that covers our relationship with others. These include: honor your father and mother, do not murder, commit adultery, steal or lie, and do not covet your neighbor’s belongings.
In Deuteronomy we read that the Israelites were instructed to hide these commandments in their hearts, write them on their doorposts and gates, talk about them in their homes and when they went to bed, infusing these words in every aspect of life. They are important to God. When Jesus came He said that he did not come to destroy the Law, indicating that the Law was still functional but to fulfill it. Our obedience to these ten commandments, with our shortcomings covered by Jesus, give us the title of treasured possession to our God.