You protect everything that you hold dear and that is valuable. So, why not insure your jewellery, too?

Have you considered insuring your favourite jewellery?

Jewellery is a woman’s best friend. It forms an integral part of her life – right from the bangle gifted to her on birth to the necklace she wears on her wedding day. You undoubtedly take pride in the jewellery you own. But what happens when you lose it?

Like you insure every precious possession – for example, home and car – it is important that you insure your jewellery too. Here are some things you should know about jewellery insurance:


What does a jewellery insurance cover?

Most jewellery insurance cover loss or damage to jewellery in case of:

  • Accidents
  • Damages
  • Theft (including jewellery in specified bank lockers)
  • Natural calamities such as fire, earthquake, storms
  • Acts of terrorism
  • Landslides

What options can you choose from?

There are mainly two kinds of jewellery insurance policies available for you choose:

  1. Home insurance policy

Under this policy you can opt for a ‘contents cover’ wherein all the jewellery items, precious stones and valuables mentioned will be protected. However, there is usually a sub-limit in such a case.

For example,

Maximum cover = 25% of the total sum insured

Contents cover = Rs 5 lakh

Only jewellery worth Rs 1.25 lakh would be covered

  1. Stand-alone insurance policy

This policy covers your jewellery risks to the amount for which insurance has been taken, that is, there is no sub-limit. Also, this policy covers a wider range of risks for example if the jewellery worn on person gets stolen.

On the other hand, few policies available in the market provide an ‘all-risk’ cover.

What is not covered under jewellery insurance?

Most jewellery insurance policies do not cover:

  • Damage to jewellery during a war, terrorist attack or riot
  • Damage caused to jewellery by a deliberate attempt by the person who asks for insurance cover, his/her domestic staff, family member
  • Loss of jewellery due to burglary or theft in your home while it is left unoccupied for 30 days continuously

Why should you buy a jewellery insurance?

Jewellery insurance has a lot of advantages:

You don’t need to open a bank locker which comes with the risk of theft along with extra fees and charges for storing jewellery and precious items.

It saves you from taking your jewellery in and out of the locker every time you wish to wear it. With jewellery insurance, your precious possession will always be with you.

How do you get a jewellery insurance?

Buying a jewellery insurance policy follows a certain procedure with respect to safeguarding your jewellery:

  • Get a valuation certificate

Valuation certificate is basically a document provided to you by a jeweller which ascertains the worth or value of your jewellery. So, prepare a list of all jewellery items to be covered and get their valuation done by a trusted and reputed jeweller.

  • Evaluate all options

While premiums for jewellery insurance are based on the total sum insured, you can look for discounts. Also, check whether it is an ‘all-risk’ cover. Some insurers provide insurance on a ‘first-loss limits’ basis – only a part of your jewellery’s value is insured.

How to file a claim?

In case there is loss or damage to your insured jewellery, you’ll have to file a claim to receive amount:

You’ll be required to fill in all the details regarding the loss or damage and value of the jewellery.
In case the loss or damage occurred during a fire or theft, you’ll be required to provide the report from the fire department or the FIR (First Information Report).


Besides being your pride and an important part of all celebrations, jewellery is also your friend during a financial crisis. Hence, insuring your jewellery is as important as insuring your home, car, or even your life.


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