Coverage for Jewellery

Whether it’s a gold necklace that was gifted by your mother, or the diamond ring with which your husband popped the question, or those gold and silver coins you bought on auspicious occasions, jewellery items not only help us make a statement in social gatherings, but a gamut of emotions are also attached to them. And from a financial point of view, they are considered great investments. Be it a family heirloom or the latest buy, jewellery items have a good resale value.

Given their monetary worth, it is only prudent to protect them from accidental loss, damage, burglary and theft. While bank lockers are one way to do that, with time, people are getting more comfortable with the idea of getting their jewellery insured. While insurance companies offer standalone jewellery insurance, largely it is available under a home insurance policy. And you don’t need to buy a comprehensive home plan for that; you can simply opt for a customized plan that offers protection to your jewellery.

Please Note: Jewelery will be covered subject to it's being kept in locked safe within the home premises.

Benefits

There’s always a risk factor in keeping jewellery at home. An unfortunate incident can rob you of your valuable possessions, and therefore, you should add a layer of protection to them by getting them covered under home insurance. Given how jewellery items can be sold in times of need and rescue a family out of its financial woes, having insurance cover becomes all the more necessary. And, compared to bank lockers, insurance covers offer more benefits.

For example, you can opt for comprehensive plans that take into account almost all kinds of risks, something bank lockers do not provide. Though banks lockers offer less paperwork, they usually don’t take the responsibility for the loss, and therefore, the element of risk is higher. Gettting your jewellery covered is absolutely essential for those who recently got married and has a lot of ornaments at home, or people who travel a lot, leaving their homes vulnerable to theft.

Factors that decide the premium of the insurance

The amount of depends upon multiple factors that influence the premium cost as well as the coverage that comes with it. Here is a look at the same:

  • Number of items: First, you need to list the number of jewellery items you need protection for

  • Valuation: Once you have made the list, find out the market price of the items to understand exactly what amount of money can get insured. Valuation certificates of the jewellery can be obtained from any noted jeweller. Your premium largely depend on the total sum assured.

  • Research and compare: The next obvious step is to do some research about companies offering standalone jewellery insurance or provision to cover it with home insurance policy and get quotes from different insurers. Do a thorough study of the offers by reading the terms and conditions. You should opt for one that provides greater coverage with smaller premiums and less exclusion. Always keep an eye on the claim settlement ratio of the company and discounts offered by them, while doing your research.

  • Extent of coverage: To reiterate, only an ‘All-Risk Cover’ will provide coverage against most of the probable perils. Some of these insurances provide 100% coverage i.e., you can get up to 100% of the cost of the jewellery items insured. The regular insurances cover only a portion of the jewellery’s value.


What’s Included?

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Fire

Our solutions offers coverage for jewellery against any damage due to fire.

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Burglary & Theft

It’s distressing to even think about your jewellery getting stolen. Stay peaceful by insuring them under home insurance against theft/burglary.

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Natural Calamities

Did you know that 68% of India’s land is prone to drought, 60% to earthquakes, 12% to flood, and 8% to cyclones? You can’t  Read More...

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Items kept at home

Items whether they are kept at home, shops, in lockers or at exhibitions, can be covered.

What’s Not Included?

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Wear&Tear

Damage due to normal wear and tear,reckless conduct while driving or damages sustained while cleaning,servicing or repairing

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Wilful negligence

Damages caused due to wilful negligence of the owners since the item is insured.

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Sale

If the insured items are replaced i.e., if you sell your old items for new ones, then the insurance policy does not get automatically transferred to the new items. The insurance protects only those items that are listed at the time of taking the insurance

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Non-disclosure

At the time of taking the policy, it is necessary for the insured to provide correct information about the product in a transparent manner. In case any important information is not provided or wilfully hidden, it will not be covered by the washing machine insurance

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Replacement

If the insured items are replaced i.e., if you sell your old items for new ones, then the insurance policy does not get automatically transferred to the new items. The insurance protects only those items that are listed at the time of taking the insurance

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Confiscation

If your jewellery is confiscated due to default in EMIs, then the insurance company won’t take care of your loss

Why HDFC ERGO?

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Trust redefines relations at HDFC ERGO. We consistently strive to make insurance easier, more affordable and more dependable. Here promises are kept, claims are fulfilled and lives are nurtured with utmost commitment.
Why HDFC ERGO?

All the support you need 24x7

We understand that in times of distress, instant help is the need of the hour. Our In-house claims team provides round the clock support to ensure hassle-free claim experience. We ensure to be your constant support system in times of need.
Why HDFC ERGO?

Catering customer needs

Since, last 16 years, we have been catering to endless customer requirements seamlessly, by providing wide range of plans and add on covers for every portfolio.
Why HDFC ERGO?

Transparency at its best

HDFC ERGO General Insurance claims are settled with utmost transparency and ease.
Why HDFC ERGO?

Awards

We have received the Best Customer Experience Award of the Year and excellence in financial reporting for the year 2016.
Why HDFC ERGO?

Secured 1 Crore+ Smiles

Trust redefines relations at HDFC ERGO. We consistently strive to make insurance easier, more affordable and more dependable. Here promises are kept, claims are fulfilled and lives are nurtured with utmost commitment.

All the support you need-24x7

We understand that in times of distress, instant help is the need of the hour. Our In-house claims team provides round the clock support to ensure hassle-free claim experience. We ensure to be your constant support system in times of need.

Catering customer needs

Since, last 16 years, we have been catering to endless customer requirements seamlessly, by providing wide range of plans and add on covers for every portfolio.

Transparency at its best

HDFC ERGO General Insurance claims are settled with utmost transparency and ease.

Awards

We have received the Best Customer Experience Award of the Year and excellence in financial reporting for the year 2016.

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Frequently asked questions

Well, that is because banks don’t take any responsibility for the items in case of any mishap. To eliminate this risk, getting jewellery insurance is suggested
The basic home insurance does not necessarily insure contents like electrical gadgets, jewellery, wall hangings, furniture, etc. It only protects the basic structure of the house. A sub-part of home insurance is contents insurance, and even if you have opted for it, it does not mean that all the jewellery items are insured. Contents insurance only protects the items listed on the policy. Some insurance companies, however, offer comprehensive plans that don't require a listing of the contents
Once you are well aware of the inclusions and exclusions and other terms and conditions of the policy, the first step you should take is contact your insurance provider via a call, email, or fax and inform about the damage caused or loss of the items. Though not mandatory, take images and videos of the damage as evidence. Keep all supporting documents like policy papers, ID proofs, First Information Report (FIR) copy, rent agreement, fire brigade report, invoices of owned belongings, etc. ready. The insurance company will appoint a surveyor to assess the damage. After the claim is validated, you will be offered a suitable reimbursement
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