For many people, an engagement ring is the largest investment they've made thus far in their life. Aside from it's emotional value, it also can be of steep monetary value. Just like a home, you should appraise and insure an engagement ring.
Get an appraisal from an independent jeweler, not a gem lab report. A gem lab report is for an unmounted diamond and does not adequately appraise the value of a piece of wearable jewelry.
Read your insurance policy. If you currently have a homeowners or a renters insurance policy, read it to find out how much coverage it provides for your engagement ring and other jewelry.
Review your deductible. Some policies, depending on your location, may insure the engagement ring without a deductible.
Purchase a separate policy for your engagement ring. If your ring is of considerable value, you might want to consider purchasing a separate policy to ensure that it is adequately covered.
Take photos of your engagement ring. Having photos of your ring is helpful in the event of a loss.
Appraise your jewelry regularly. Reassessment of jewelry is necessary as the value may increase or decrease over time, depending on market conditions. Having periodic appraisals will prove to be helpful in the event your engagement ring is damaged, lost or stolen.