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Posted by Royal Sundaram on 12 Feb 2010
Cover for your jewellery is usually available under home contents insurance. Losing a piece of your most precious jewellery can be quite hard on you emotionally and even though the loss can not be compensated for, getting it covered under insurance might prove to be a wise decision.
Also, considering the premium is not very high, and you get significant coverage, it will be worthwhile to go for a home contents insurance policy.
Factors to consider to get the right cover:
Not all insurers provide similar cover. Make sure the sum insured you choose for your home contents policy, includes the value of your jewellery.This value could vary from Rs 50,000 to Rs 3,00,000. For this kind of a cover, you do not need to provide any documentation.
If you are looking at customised cover for your jewellery, you need to provide the insurer with appropriate documentation. You will have to produce the invoice for each jewellery item you want insured, in case you do not have invoice, you should be prepared to get it evaluated by a jeweller and provide the valuation document to your insurer.
In case of loss, you will have to file an FIR regarding the loss/burglary as soon as you notice the same. Submit the filled claim form along with details of the stolen jewellery to your insurer. Your insurer will appoint a third party investigator to investigate the same. Obtain a non-traceable certificate from the police and submit the same to your insurer. Your claim will be settled once your insurer is satisfied with the investigation. Remember the claim amount will be only up to the limit specified and excluding the voluntary deductible component as per your policy terms and conditions.
Familiarise yourself with the terms and conditions to avoid confusion during claim.
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