The proposal was perfect and you just can’t stop looking down at that sparkly new ring on your left hand. Your engagement ring is a symbol of your commitment and the love you share. And not surprisingly, it may often be the most expensive piece of jewelry a woman owns. Because an engagement ring is an investment, it should be treated that way. That means it’s in your best interest to find the right ring insurance.

No one wants to think about having their engagement ring damaged, lost or even stolen, but if the worst happens, you don’t want to have to replace it. A homeowner’s or renter’s policy often does not cover jewelry, and if it does, most likely it will not cover the full worth of the ring. Talk to your agent about your options for getting a special policy for wedding ring insurance so you can have peace of mind no matter what.

The average yearly cost to insure jewelry is typically $1 to $2 for every $100 it would cost to replace. That means if your ring is valued at $10,000, it would typically cost between $100 and $200 a year to insure it. Be skeptical of any insurer that prices your policy way above or way below this amount.

When you speak with an insurance agent to get a quote, make sure you ask if the policy covers just theft, or does it cover loss and damage as well? To cover a piece with such monetary and emotional value, you’ll want to make sure your needs are met making you happy with the policy.

Another area to discuss is the deductable when insuring an engagement ring. Just like car insurance, if something happens to your ring, you’ll typically have to pay this amount before your coverage kicks in. A higher deductable may mean a lower policy price, but don’t go too high. Make sure it’s an amount you’re comfortable paying should something happen to your ring.

Many insurers require you to have your ring appraised by a professional jewelry appraiser. When you look for a professional appraiser, review his experience and what types of stones and metals he is certified to appraise. The American Gem Society is a nonprofit organization that certifies gemologists and appraisers under rigid standards and requires recertification each year. To find a certified appraiser, visit americangemsociety.org.

Discussing finances before marriage is a smart idea, and part of that discussion should be insuring the value of your engagement ring. Even if you’re already married, it’s not too late to insure your most treasured piece of jewelry, so call an insurance agent today to learn your options.