Gold jewellery kept at home can also be insured against theft and damage

We usually insure medical expenses, vehicles and take term insurance, but few people know that gold jewellery kept at home can also be insured.

In most Indian households, gold is kept either at home or in a bank locker. If the gold is stolen or damaged in an incident at either place, insuring the jewellery becomes very important. The question is whether such a facility is available for gold kept at home too.

The answer is yes, gold jewellery kept at home can be insured. General insurance companies issue a householder policy under which gold jewellery gets cover. The premium varies from company to company and depends on how much protection is provided in the policy. The premium can also change after a claim is made.

As for what is covered under this policy, insurance companies specify in advance the conditions under which cover will be given and under which it will not, and these conditions vary by company. Generally, forced entry into the house, burglary and robbery at home are included. Some companies also give cover for loss or theft of jewellery outside the house or while travelling.

For this, it is very important to keep the documents and photographs of the jewellery. However, insurance cover is not given in cases of ordinary wear and tear, damage during cleaning or repair, gradual deterioration, or if the jewellery goes missing without any evidence of theft.

Keeping gold at home is as common as its safety is essential. The fear of theft or damage to jewellery always remains, and a householder policy emerges as an option, provided its terms are well understood.