Wedding Ring Question

I know we all insured our engagement ring, but is it the same deal for our wedding rings? If this ring is only like $1K is it worth it?

Also - please help, did you or are you engraving it? If so, what do you usually have it say? The wedding date?

On the insurance part I feel its just a matter of preference.

FH and I had both our wedding bands engraved with the following:

Danielle <3 Gary 3-9-08

Wanted to keep it simple and something that we can look at and smile at.