Home Improvements

H1: Safeguard Your Jewellery with Home Insurance Cover

Several of your most treasured items in your home, such as a diamond necklace, a classic Rolex, pearl earrings, or your engagement ring, might not be safeguarded. We usually keep these items tucked in a safety box, but that is not enough. You may lose them while using them, or might just get scratched or damaged, and their repairs would also cost you a leg. That is why you need jewellery insurance. You can also keep your jewellery and other precious items like artifacts, gadgets and likewise protected by investing in home insurance. There is a lot of home insurance in India that offers comprehensive coverage that includes the contents of your home along with its structure.

Jewellery Insurance

Family heirlooms passed from generation to generation through the centuries, engagement rings, and wedding bands can all be pricey possessions that, when lost, can be challenging to replace. Getting some type of protection is crucial for those who own this exquisite jewellery. Jewellery insurance can be useful in this situation.

Like other types of coverage, jewellery insurance protects owners financially in the situation that their expensive personal ornaments are misplaced, damaged, or stolen.

Factors that determine the insurance premium

  • Number of items to be insured: First, make a list of all the jewellery pieces you have and the one that you would want to be insured.
  • Valuation of the jewellery item: Any reputable jeweller can provide valuation certification for the jewellery. The entire sum insured will have a significant impact on your premium. 
  • Research and evaluation: Study and compare the deals carefully by understanding all terms and conditions carefully. Choose the option that offers more coverage for less money and fewer exclusions. While conducting research, always keep an eye on the company’s claim settlement rate and any discounts they may offer.
  • Add-on covers: To be clear, only an “All-Risk Cover” will offer protection from the majority of the likely risks. Some of the insurance policies offer complete coverage, meaning you can receive up to 100% of the jewellery’s cost, unlike the other normal insurance coverages.

What is Covered by Jewellery Insurance?

Usually, a jewellery insurance covers the losses under the below-mentioned circumstances:

  • Theft or burglary at home
  • Accidental loss
  • Theft or burglary at some fixed bank lockers
  • Natural disasters like fire, earthquake, etc.
  • Chain-snatching

What is Not Covered Under Jewellery Insurance?

Not all types of losses are covered by insurance. Typically, insurance coverage excludes the following:

  • Wear and tear
  • Previously existent jewellery damage
  • Damage caused by pests
  • Intentional harm
  • Any such piece of jewellery that has not been disclosed while buying the jewellery insurance
  • Sold and replaced jewellery
  • Confiscation of the jewellery due to payment default

Tips on How to Keep Your Jewellery Safe

  • Keep valuable jewellery in a safe location, such as a safe deposit box. High-value jewellery should be kept in a sturdy at-home safe that is anchored to the floor and hidden,
  • To stay protected from an extreme situation like burglary or theft it is a better idea to keep your jewellery in multiple places instead of stacking them up in one place.
  • Bring only the jewellery you intend to wear when you are traveling.
  • Be sure to save copies of your receipts.
  • You should have photographs of your jewellery items.
  • Buy jewellery insurance

Home Insurance

The other option to protect your jewellery but also your other precious belongings is to get comprehensive home insurance in India which will not keep your jewellery locked away in a safe. Given that it is protected, you will feel free to wear it more often and also make use of other valuables too!

The Need for Home Insurance India

Home insurance in India is a must-have for all residents, whether tenants or owners, as it protects your assets and offers coverage for the building’s structure and contents. Home insurance coverage will protect against financial loss brought on by unanticipated events like storms, robbery, fire, etc.

  1. For homeowners: Owning a home is a major accomplishment. It is often seeing a dream come true for many people. It is necessary to deal with this reality. That’s where the home insurance India policy comes in and assists you in safeguarding your home and its possessions from potential harm.
  2. For renters: Though rented, you live in that house as your own even if you don’t own it. To create a place for yourself, you have to organize the house. Thus, it is your responsibility to safeguard your home’s possessions which is why you need a home insurance policy.

Factors that Affect the Cost of Home Insurance in India

  • Your home’s location and size: A house in a safer neighbourhood will cost less to insure than one that is close to a natural disaster or a theft hotspot.
  • The safety precautions in place: A home with several security precautions in place will be less expensive to insure than one without any security or safety features.
  • The value of your possessions: The premium that must be paid increases in line with the worth of the high-value items that you are insuring, such as pricey jewellery or valuables.
  • Coverage’s extent: The level of security for your house will rise along with the cost of additional coverage.

One of the major advantages of getting these kinds of coverages for those who own pricey possessions is the sense of security that comes from knowing that their priceless items are secured against theft and damage.

The majority of insurance companies give discounts to clients who buy several plans. You will probably get a better rate overall if you buy your house, auto, and maybe other types of insurance from the same company. You can also get stand-alone jewellery insurance or home insurance at an affordable price if you compare and evaluate the options and choose the best fit that matches your requirements. 

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