Your diamond ring is probably covered to some extent for loss due to theft under your homeowners/renters insurance policy. However, check your policy. Most home insurance policies have limits for certain types of personal property—including jewelry.If the value of your ring exceeds your home insurance policy coverage limits, you have a couple of options. First, you can purchase a floater, which will provide you with a specific amount of coverage for your ring based on its appraised value. Or, you can purchase a stand-alone policy that is specially designed to protect valuable items. Keep in mind, however, that your insurance company will most likely require you to have your ring appraised by a certified jeweler when you purchase either a floater or a stand-alone policy.