• Indians have a passion for jewellery. Even the rising prices of gold do not stop us from purchasing jewellery. There are several reasons for this. Firstly, gold acts as an asset, which can be quite useful during challenging situations. Since it is one of the most prized possessions, it is important to protect your jewellery with jewellery insurance. Here’s everything you need to understand about it.

Understanding Jewellery Insurance

• For many of us, jewellery holds significant sentimental and emotional value, in addition to its intrinsic worth. Your first diamond ring, engagement ring, heirloom jewellery, etc. are nearly invaluable. Taking into account the extra value added by sentiments and emotions, it becomes even more crucial to safeguard your jewellery. Acquiring a thorough jewellery insurance will aid in protecting your cherished jewellery and provide you with complete peace of mind simultaneously. The plan will enable you to wear your jewellery and store it without the constant worry.

Perks of Jewellery Insurance

• Homeowners face considerable risk from potential burglary. There are numerous occurrences throughout the country where jewellery and other important valuables are taken from homes, either in the absence of the residents or, in some extreme cases, even while they are present. Choosing a home insurance policy that includes jewellery cover or a jewellery insurance plan provides the following advantages:

1. Although burglary and theft are significant concerns, they are not the only threats. By choosing jewellery insurance, you can protect your jewellery from burglary, theft, loss, damage, or fire-related events.
2. Most plans allow you to select a sum insured that suits your preferences, offering greater flexibility and coverage for your valuables.
3. A jewellery insurance plan is essential if you prefer keeping your valuables at home rather than in bank lockers. It guarantees complete peace of mind.
4. If your home suffers damages from natural disasters such as floods, cyclones, earthquakes, landslides, etc. , your jewellery will likely be damaged during the event. A good home insurance policy with jewellery coverage will ensure all-round protection.
5. The plan not only shields your jewellery at home but also protects it in shops and exhibitions.

Jewellery Covered Under the Plan

A jewellery insurance plan provides coverage for a broad array of needs and circumstances. The following are some of the most common situations in which a policyholder can opt for the plan:
1. If you are an individual or homeowner wishing to protect your jewellery. This may include any heirloom jewellery, jewellery received as a wedding gift, or jewellery accumulated over the years. You can choose either a home insurance policy or a comprehensive jewellery insurance plan for situations such as burglary, theft, natural disasters, etc.
2. If you possess a showroom and aim to safeguard your jewellery stock, which encompasses stock on site, stock that is being transported, or stock that is displayed at exhibitions, a thorough jewellery plan is strongly advised.
3. If you decide on a thorough jewellery policy, you may select add-ons to cover additional aspects such as electronic devices, cash held in the store or in transportation, damage to protective glass for the jewellery, and more.

Inclusions

The majority of property insurance plans provide jewellery protection to some extent. You can also opt for a detailed jewellery insurance. Below is the coverage you can anticipate from the plan.
1. The plan defends your jewellery against incidents related to fire, which can lead to considerable damage.
2. Your jewellery remains protected regardless of its location, whether at your residence, store, or any exhibition.
3. The plan shields your jewellery from natural disasters, which have a much more frequent occurrence. Natural disasters of various kinds and intensities can inflict serious harm to your property and jewellery as a consequence.
4. Lastly, the plan safeguards your jewellery against any burglary or theft.

Exclusions

Before selecting a jewellery insurance policy, it is crucial to understand the various clauses regarding when the policy offers protection and when it does not. Below are the exclusions or conditions under which your insurance provider might reject the policy claims.
1. If you dispose of your current jewellery and purchase a new piece, the new jewellery does not automatically receive the required coverage. The plan exclusively covers the items that were listed when you purchased the policy.
2. Regular wear and tear that results in damage to your jewellery is not included as part of the plan. This encompasses any damages incurred during the repair, cleaning, or servicing of your jewellery.
3. In the case of any confiscation of the jewellery by authorities due to failure to pay EMIs, such incidents are not covered by the policy.
4. If it is found that the owner of the jewellery intentionally neglected the items, the policy may not cover the claims.
5. It is vitally important that you are honest about the jewellery you possess. Failing to provide accurate information when purchasing the policy can adversely affect your claim possibilities later on.

Documents Required for Claim
If you wish to submit a claim for your jewellery insurance, you must provide the following documents to your insurance company.
1. A claims form that is completely filled out.
2. A copy of the insurance policy.
3. Any type of photographic or video proof of the damages incurred.
4. FIR for any items that were stolen or burglarized.
5. A report from the fire department, in case of a fire.
6. KYC related documents.

How to Submit a Claim?

Here are the steps that you will need to follow in order to submit a claim for your jewellery insurance policy.
1. Notify your insurance provider about the incident whether it is fire, theft, or burglary.
2. In the case of theft or burglary, make sure to provide a copy of the FIR.
3. You will need to furnish a valuation for the jewellery for which you are making the claim.
4. Submit any additional supporting documents, as requested by your insurance provider.
5. The insurance provider typically sends an independent surveyor to evaluate the damage and after a thorough investigation, sends the report to the provider.
6. Once accepted, you will receive the insured amount of the policy as per the claim submitted.

Conclusion

Given the increasing prices of gold and other precious metals, it is only reasonable that you choose a jewellery insurance policy to protect them. The plan provides coverage against the most common risks that jewellery encounters in our country. Fortunately, there is considerable flexibility regarding jewellery insurance. You can either select property insurance policies and include your jewellery in the plan, or you may choose a comprehensive jewellery plan for enhanced coverage and protection.

Disclaimer: The above information is for illustrative purposes only. For additional details, please review the policy wording and prospectus before finalizing the purchase.