Ring Insurance for Engagement Rings: A Guide & Initial Meaning

Question
Hello! I just became engaged. My fiance purchased my ring from a private seller. It was a little under $7000.00. I've never had a piece of jewelry that expensive. What would I need to do to get it insured?

Also, inside the ring are initials. They are: EMJ Any idea what they mean? I am assuming they belong to the person who created it. Just curious.

Thanks,

Fraces in Iraq

Answer
Hi Frances,

I would definitely get it insured.  If you have a homeowners policy you could specifically add the ring to your policy. Normally I would suggest and insurance appraisal, but since the ring was just purchased I would insure it for the purchase price, unless your insurance company won't use the receipt as a value.
If you carry no other personal property insurance, you can still get a policy to protect the ring against loss and damage.  

Check first with the company you use to insure a car or any similar insurance to see if they will insure it for you. You can also check rates with Jewelers Mutual.

Lisa