Around this time of year and into May, a lot of people become engaged. That means a wonderful engagement ring, often one of the most expensive jewelry items a woman or man will ever own. While we may be drooling over the diamond, gold, platinum, whatever, ring we receive from our betrothed, we also need to remember icky, boring things like insurance.

From Valuables and jewelry are worth protecting:

"The Insurance Information Institute warns those receiving engagement rings, diamond earrings and other expensive Valentines jewelry to get the appropriate insurance.

Some standard homeowners or renters insurance policies may not cover such valuable items. Other policies may only cover theft or loss to a certain limit, which is usually $1,000 to $2,000.

"To properly insure jewelry and other expensive items, consider purchasing additional coverage through a floater or an endorsement," says Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I.

Floaters and endorsements also cover jewelry that disappears off your hand or down the drain. According to the I.I.I., there are no deductibles for insurance through floaters or endorsements and you can sometimes get a choice of having the item replaced or receiving the value of the item in cash."