With more than 24,000 tonnes of gold in their possession, there is no doubt that Indians love gold. Considering how valuable and precious gold is, it is essential we put in some extra effort to safeguard it from theft and damage. While people generally think about home, car, life, or health when it comes to insurance, did you know you can also insure your precious gold jewellery?
Jewellery insurance covers accidental loss, damage, burglary and theft of jewellery and other precious items, including jewellery kept in some specified bank lockers. Some policies also cover jewellery that is currently being worn i.e. gold that is ‘on one’s person’.
You can opt for a ‘contents cover’ under home insurance policy that includes valuables and jewellery protection. There is usually a sub-limit for risks in this policy. For example, if the maximum cover is 25% of the total sum insured for contents and your total home content risk is covered up to INR 10 lakh, jewellery worth INR 2.5 lakh will be covered.
This type of insurance covers losses incurred in a wider range of incidents as against the other insurance policies. It covers your jewellery risks to the amount for which the insurance has been taken.
While the steps below are not part of a rigid process, they can help you safeguard your precious possessions.
Prepare a list of items to be covered and get their valuation done. You can procure a valuation certificate from a trusted and reputed jeweller.
While some insurance policies operate on a ‘first-loss limits’ basis and only insure a portion of your jewellery’s value (determined by the insurance company), you should always opt for a 100% cover or an ‘all risk’ cover as it provides protection against fire and theft too. ‘First loss sum insured’ is the maximum probable value that can be lost in a single incident and is determined by the insurance company. Also, the premium depends on the total sum insured but you can look for discounts.
Your gold jewellery can be your saviour during any financial crisis and its sentimental value is priceless. Hence, it advisable to get it insured.
‘Kaasu’ means money and ‘mala’ means necklace. Popular among Hindu women in Kerala, kaasumala consists of gold coins joined to form a neckpiece. The coins are engraved with a likeness of Goddess Lakshmi. In Hindu tradition, Lakshmi is believed to be the symbol of wealth and prosperity.
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