Long story short, I lost my diamond engagement ring. I was anxious to get home and call the insurance company to find out about my coverage and as you can imagine, it's not a good story. Theft is covered, but not loss. I guess I could have said it was stolen, but I'm not willing at all to even blur the truth.
So, in addition to my $500 deductible, there is a $1000 limit on jewelry which means it's pretty much pointless to pursue it, even if the adjustor allowed it on the basis of loss v. theft.