What is the purpose of jewellery insurance?

Posted on: Nov 29, 2024 | 3 mins | Written by: HDFC ERGO Team

What is the purpose of jewellery insurance?

There are many types of interesting and useful covers available in modern-day home insurance plans. From the usual covers such as theft and fire protection to the more innovative covers like jewellery insurance, you can indeed get well-rounded protection for your property and its belongings. But what purpose does jewellery insurance serve? Let’s find out in the article below.

Understanding jewellery insurance

Jewellery insurance is getting more and more popular these days. Leading insurance providers like HDFC Ergo are offering these covers as part of the home insurance plans, and also as standalone policies. Since jewellery is an essential and precious item you keep at home, you can cover it under your home insurance plan. The insurer will offer protection against theft, fire, accidental loss or other damages, provided the jewellery is kept at home in a safely locked compartment.

Beneficial purposes of jewellery insurance

1. Easy access to your jewels

You can easily access your jewellery when they are safely kept at home. Bank lockers are a great option for safe security, but you don't get access to your jewellery if there is an instant need. Whether you have a sudden invitation or you urgently need to mortgage the gold for some emergency cash, you will have ready access to your jewels at all times if you keep them at home under the protection of a comprehensive house insurance plan.

2. Easy and affordable

The jewellery coverage under a customised home insurance plan is easy to procure. It is quite affordable as well. You can get a large sum of money to adequately cover the precious items by paying an affordable premium. This is a huge benefit and a good reason why you should consider investing in jewellery insurance when you buy a property insurance policy.

3. Greater protection

While bank lockers are broadly safe, they do not offer compensation if there is any damage or theft. You then stand to lose all your valuables. However, when you buy a jewellery insurance cover, you get compensated if your jewels are stolen from your house, even after you keep them in a safe and protected place.

Conclusion

As you can see, there are many beneficial reasons why you must opt for a jewellery insurance cover under your home insurance plan. You may need to have your policy customised as not every home plan has this cover included in it. You can get the cover included in your renters insurance plan as well, so speak to your insurance provider and see what’s the best offer you can get.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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