1. Investigate insurance options even before you get the ring. Get a detailed description of it from an appraiser (include carat weight, measurements, style, shape, and size). Some stores offer in-house appraisal; look for a local independent appraiser on appraisersassoc.org.
2. If you have a homeowner’s or renter’s policy, contact your agent and add a personal-articles rider or floater to your current plan. It guarantees that if something happens to your ring, you’ll be able to get a new one. If you don’t have said policy, see if you can put it on that of your parents and transfer it to yours later.
3. Jewelry coverage typically costs 1 to 3 percent of the item’s value each year. Make sure your coverage applies to loss, theft, damage, and mysterious disappearance, and if you prefer, look for the “kind and like” insurance, where you get a similar ring and not just its monetary equivalent.