You should absolutely insure it. I was married last year and went through the same thought process 2 years ago. If you bought the ring from a jeweler, you can more than likely get an appraisal form them for free. If you bought the ring online it may be a bit tougher to get an appraisal, but you'll still need one.
Once you have an appraisal in hand, call your homeowner's or renter's policy holding insurance company and ask about adding a rider to your policy (if you don't have some type of personal property and liability insurance, you should probably go ahead and get this too).
The other option, which is what I did, was to go through Jeweler's Mutual and purchase a policy that covers the ring. They specialize in insuring jewelry and collectibles and were actually priced better than adding a rider to my homeowner's policy.
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