Bank Locker: If you have jewelery worth Rs 10 lakh then you will have to pay a premium of Rs 10,000 annually.
Bank Locker: Keeping precious gold-diamond jewelery safe at home is very difficult. There is always a fear that the jewelry kept in the house is safe or not. Keeping jewelry in a bank locker is not easy for everyone. Keeping jewelery at home is still a practice in sub-urban areas. Keeping jewelery in the house makes the chances of theft very high. What to do to keep jewelry at home that will keep your jewelry safe. So let’s know how you can keep your jewelry safe without having a locker at home.
No worry of financial loss
Take a jewelery insurance cover so that there is no tension of financial loss in case of jewelery theft, disappearance from the house. Insurance companies offer two types of policies to protect the jewellery. One is a standalone jewelery policy and the other is a home insurance policy. Home insurance policies have their limitations. If the jewelery is stolen after taking insurance cover under a home insurance policy, the full value of the jewelery is not realized. It is rider only. A standalone jewelery insurance policy should be taken for complete protection of the jewellery. This policy provides complete insurance cover for the jewellery.
Information before taking policy
Before taking a jewelery insurance policy, get the market valuation of the jewelry. You will get it from any nearby authorized jewelery shop. Failure to do so may result in undervaluation of your jewelery by the insurance company while making an insurance claim and you may incur a loss.
Insurance premium
The premium for jewelery insurance is not very expensive. Insurance companies charge a premium of Rs 1,000 on the sum assured of Rs 1 lakh for jewelery insurance. That is, if you have jewelery worth Rs 10 lakh then you will have to pay a premium of Rs 10,000 annually. If, you take cover of other items at the same time, then the insurance company also gives a discount in the premium.
Take care of these things
Before taking a policy for jewellery, read its refund rules thoroughly. What is the refund policy of the insurance company? In case of missing jewellery, get information about the procedure you will have to follow to take the claim. Only then decide to take the policy. The jewelery policy also covers damages caused by fire and natural calamities.
