AisleDash

Your engagement ring is possibly the most valuable piece of jewelry you will own. If it is a very valuable ring ($5,000 or more), you would be wise to insure it. You don't necessarily need a separate policy for the one item. If you have home owner's insurance, you can have a rider added to include it. If you're a tenant, you have contents insurance, right? (Right? If not, go get some and add your ring to the list.) Then take a good, clear, close-up picture of the ring.

In order to get your ring insured, you will need to have it appraised. Even with a receipt, insurance companies often require an assessment. It seems odd that something you bought a week ago could have a different appraisal value than what shows on the receipt, but this is a possibility. (Don't ask me why. I am neither a jeweler nor an insurance agent.)

Some companies will cover you for theft, but not loss. Others put a limit on how much a rider can cover, so you might need a separate policy. Make sure you're insured for replacement value. An appraisal is particularly important if your ring is inherited. Even though Gramma's antique ring may be irreplaceable in your heart, it would be nice to be able to replace it on your finger.