golCHENNAI: Amid these pandemic times, people have learnt a lot about safety and gained awareness about insurance. Be it your health or any other precious belongings, it’s always wise to get it insured to ensure your preparedness during an exigency situation.
Like any other property, it is equally important to protect your gold jewellery and having an insurance cover for it. According to experts, in comparison to bank lockers, insurance cover offers more benefits.
Many jewellers have been offering free insurance cover to customers on jewellery purchases.
This insurance cover secures the risk of damage or loss of jewellery under circumstances such as theft, burglary, during extreme events such as riot and natural calamities like earthquake, flood or storm. The customer needs to check the bill if the product purchased was insured. Since the insurance product is not standardised across all jewellers, one needs to check the extent of insurance coverage and period of coverage from your jeweller.
Not many individuals opt for home insurance with valuables cover, but it is always advisable to go for a separate valuable cover for your gold jewellery. If you are opting for an insurance cover for your gold jewellery, factors like the number of items, valuation of your gold jewellery and extent of coverage you are seeking for will decide the premium of your insurance cover.
However, it is very important to keep in mind that any kind of damages caused to the jewellery due to the negligence of the owner will not be paid for under the claim. “It is very challenging to prove how you lost the jewellery so people should ensure safe storage of the jewellery pieces,” said the official of an agency handling jewellery insurance.
Experts also highlighted that while buying gold jewellery components like making charges, wastage and even taxes are included in it and it has been widely noticed that people at best receive only 95 per cent of the product value during the insurance claim. For registering claims for the lost jewellery, an FIR copy, invoice, detailed description of the incident and non-traceable certificate issued by the Police are required.
Multiple factors to influence premium rate
If you are opting for an insurance cover for your gold jewellery, factors like the number of items, valuation of your gold jewellery and extent of coverage you are seeking for will decide the premium of your insurance cover