How to safeguard your jewellery at home

Insure your jewellery not just kept at home but also in bank lockers. All public-sector insurers cover jewellery as part of their home insurance plan if you declare the jewellery as contents of the house. However, most of these covers are all-risk ones—the valuables are insured against any kind of loss or damage like theft, loss, fire, accidental damage and so on.

Declaration

A list of items has to be made along with their valuation. Valuation certificates from a jeweller may be required. The value of gold on the day the policy was bought is taken into account the day the claim is made.

Cost

Jewellery covers cost anywhere between 1 and 1.5% of the sum insured. A Rs 2 lakh cover would cost you Rs 2,000 a year. Some insurers offer discounts if you club together some covers.

Exclusions

There are standard exclusions like loss or damage to any item used mainly for business purpose, damage attributed to any process of cleaning, repairing or restoring and unexplained disappearance.

Note

Preserve the invoice as claims for jewellery worth Rs 50,000 and above would be accepted only if a valuation certificate or the invoice of purchase is available. Also, file the claims within the timeframe.