Jewellery is one of the expensive things that many people keep in their home. In India, gold ornaments have a high monetary value and an emotional value attached to them as they are passed down from generations as a family heirloom. Furthermore, jewellery can also come to rescue in case of a financial emergency.
It is sensible to be extra cautious to protect your valuable jewellery. Some say it is best to keep ornaments in bank lockers. But banks do not take liability for loss of valuables in the locker. Some say the best way to keep ornaments safe is to wear them. But an unforeseen event like theft are events you can’t avoid. The answer to cover these risks is getting a good jewellery insurance policy.
What is Jewellery insurance?
People who own jewellery, including jewellery shop owners, constantly worry about keeping the ornaments safe from misplacing and theft. Good jewellery insurance can protect such people against various risks. Many insurance companies offer various types of jewellery insurance plans, from which a person can select the one that suits his/her requirements. Usually, when an individual takes a Household Insurance Policy, it covers the jewellery kept at home. However, one can opt for a standalone jewellery insurance policy to protect the precious jewellery.
What does jewellery insurance cover?
The coverage offered under a jewellery insurance policy differs from one insurer to another. Here are a few situations under which you can get covered for the loss of jewellery under a standalone jewellery insurance policy.
- Protection against flood, fire, earthquake, and lightning
- Burglary or house-breaking
- Loss or damage to jewellery kept in a bank
What is not covered in a jewellery insurance policy?
- Damage or loss of jewellery items
- Loss or damage caused to jewellery arising out of territorial limits mentioned in policy documents
- Damage caused to jewellery items due to explosion, heating or spontaneous combustion
- Damage to jewellery due to terrorism, forest fire, nuclear strike or war
- Damage to jewellery due to repairing, cleaningor any similar process
How to apply for jewellery insurance?
Below given factors will help you to apply for jewellery insurance:
- Know TheValuation –Valuation of high-valued items is crucial when you go to insure it. Hence, you need to present the list of items along with its valuation. You can get the valuation certificate from the jeweller.
- Cost of Premiums –The premium of your jewellery insurance policy depends on the total sum assured. You must check if the insurance company offers any discounts though.
- Filing a Claim – In case of any unfortunate event where you face loss or damage of insured jewellery, you must file a claim mentioning details of loss and its valuation. In case of fire, you need to provide a report from the fire department. In case of theft of jewellery, an FIR must be provided. It is also good to keep a copy of the insurance policy.