We always buy insurance to protect the most valuable and expensive things we own like our home and car. But what about our precious jewellery, to which our memories and emotions are attached? Most of them are left to us by our ancestors. And the remaining ones are either bought with our hard-earned money or someone gifted us on a special occasion. But what if they get stolen? Gone were the days when our jewellery was safe at home. Here, jewellery insurance comes to the rescue.
Jewellery Insurance provides protection against jewellery being lost or robbed. A person can opt for standalone insurance for his jewellery or can cover them under a household insurance policy if the items are stored at home.
Situations where you can get the insurance for jewellery
- If you store your precious jewellery items at home, you can insure them in a home insurance policy and protect them against theft, burglary, fire, etc.
- Ornaments in stock, in transit, in an exhibition, etc., can be insured by the jeweller in a comprehensive package.
Standalone jewellery insurance covers losses due to:
- Fire, flood, earthquake, lightning
- Accidental loss
- Damage to jewellery kept in a bank locker
When can your claim get rejected?
- Deliberate attempt to get a claim
- Damage due to forest fire, war, nuclear strike
- Loss or damage during cleaning, repair.
- Damage due to terrorism
- Damage due to explosion in boilers or the natural heating
Q1. Is there any insurance for gold?
Yes, gold can be insured. If stored at home, you can cover it in home insurance or you can opt for standalone jewellery insurance.
Q2. I have kept my jewellery in a bank locker, do I still need to insure them?
Yes, you must get a jewellery cover even when your jewellery is stored in a bank locker as banks no longer provide safety along with interest. If any uncertain event occurs like fire, the bank is not liable.
Q3. My engagement ring was lost in a hotel room, will my home insurance cover it?
No, home insurance covers jewellery items which are kept at home only. If jewellery is lost or stolen outside the house, home insurance will not cover it.
Q4. Do I need to buy separate insurance for my jewellery?
Not necessarily. You can opt for an add-on cover with home insurance.
Q5. What are the documents required to make claims?
Generally, you need to submit:
- Claim form (Duly filled)
- Policy papers
- Copy of FIR (in case of theft or burglary)
Contact your insurer to know more about it.
Go ahead and buy an insurance policy for your jewellery.
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