Diamond insurance before/after setting?

[Sparky_fry]

I had another thread about picking out a diamond and I am now in the process of purchasing it from WF. Once I recieve the diamond I know I should insure in before getting it set. I am from Canada but also have no homeowners insurance (we are renting). I was planning on using jewlers mutual to insure. Does anyone have any experience with them? Should I get the diamond appraised for the insurance before setting or jet use my purchase amount? Also should I get another appraisal/insurance for the whole ring after its insured?

Thanks for the help!

 

[junhox212]

I'd recommend you get it insured before it is set as the possibility of the diamond chipping is not an impossibility. And you can get an appraisal from your vendor or ask jewelers Mutual if you can ask to use the purchase price but usually the appraised value comes out higher. Jewelers mutual will insure your stones first and then insure the stone plus setting after you get it set. You just have to insure the stones first and then call them again after its been set.

I went through the same thing a month ago and it worked out fine. In my case, my vendor from downtown provided me an appraisal along wtih my purchase. I am sure WF will provide you with something for insurance purposes. When i bought with James Allen while back, they had a tab where you can click and the info was automatically transferred to Jewelers mutual and i didnt even have to input any info of my jewelry. No appraisal was needed.