Whether it’s a gold necklace that was gifted by your mother, or the diamond ring with which your husband popped the question, or those gold and silver coins you bought on auspicious occasions, jewellery items not only help us make a statement in social gatherings, but a gamut of emotions are also attached to them. And from a financial point of view, they are considered great investments. Be it a family heirloom or the latest buy, jewellery items have a good resale value.
Given their monetary worth, it is only prudent to protect them from accidental loss, damage, burglary and theft. While bank lockers are one way to do that, with time, people are getting more comfortable with the idea of getting
their jewellery insured. While insurance companies offer standalone jewellery insurance, largely it is available under a home insurance policy. And you don’t need to buy a comprehensive home plan for that; you can
simply opt for a customized plan that offers protection to your jewellery.
Please Note: Jewelery will be covered subject to it's being kept in locked safe within the home premises.
There’s always a risk factor in keeping jewellery at home. An unfortunate incident can rob you of your valuable possessions, and therefore, you should add a layer of protection to them by getting them covered under home insurance. Given how jewellery items can be sold in times of need and rescue a family out of its financial woes, having insurance cover becomes all the more necessary. And, compared to bank lockers, insurance covers offer more benefits.
For example, you can opt for comprehensive plans that take into account almost all kinds of risks, something bank lockers do not provide. Though banks lockers offer less paperwork, they usually don’t take the responsibility for the loss, and therefore, the element of risk is higher. Gettting your jewellery covered is absolutely essential for those who recently got married and has a lot of ornaments at home, or people who travel a lot, leaving their homes vulnerable to theft.
The amount of depends upon multiple factors that influence the premium cost as well as the coverage that comes with it. Here is a look at the same:
Our solutions offers coverage for jewellery against any damage due to fire.
It’s distressing to even think about your jewellery getting stolen. Stay peaceful by insuring them under home insurance against theft/burglary.
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Items whether they are kept at home, shops, in lockers or at exhibitions, can be covered.
Damage due to normal wear and tear,reckless conduct while driving or damages sustained while cleaning,servicing or repairing
Damages caused due to wilful negligence of the owners since the item is insured.
If the insured items are replaced i.e., if you sell your old items for new ones, then the insurance policy does not get automatically transferred to the new items. The insurance protects only those items that are listed at the time of taking the insurance
At the time of taking the policy, it is necessary for the insured to provide correct information about the product in a transparent manner. In case any important information is not provided or wilfully hidden, it will not be covered by the washing machine insurance
If the insured items are replaced i.e., if you sell your old items for new ones, then the insurance policy does not get automatically transferred to the new items. The insurance protects only those items that are listed at the time of taking the insurance
If your jewellery is confiscated due to default in EMIs, then the insurance company won’t take care of your loss
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While it is not necessary to buy jewellery insurance, the policy is still recommended. Here are some reasons why –
● When you take the jewellery out of the locker, even occasionally, you fear the risk of theft, loss or damage. in such cases, the jewellery insurance policy would help
● Bank lockers do not guarantee the safety of your jewellery or financial compensation in the case of theft or damage. Jewellery insurance does.
● Jewellery can get stolen from your locker. Alternatively, it might get damaged even when kept in the locker. In such cases, the jewellery insurance policy can protect you from the financial loss suffered
While keeping your jewellery in the locker can safeguard it, you might suffer a financial loss in the case of possible thefts or damages. As such, a jewellery insurance policy proves useful.