An appraisal enables your insurance company to determine:
Your policy's coverage limit, which is the maximum amount the insurer will pay out for a covered claim
Your premium (cost of coverage)
A ring appraisal for a repair or replacement cost policy (not the standard cash payout) would seek all the details below:
Jewelry description
Type of metal the ring is cast in
Stone description in terms of carat weight, cut, color, and clarity
Details about the side stones
Value of the ring
This information enables your insurer to determine the type and quality of ring to look for when you file a replacement claim.