Keep gold safe at home without a bank locker
Safeguarding gold is a headache. There is always a fear whether gold is safe at home or not. If you keep your jewelery at home, the chances of it being stolen are very high, but we are telling you about a method by which you can keep your jewelery safe at home without a locker. That means you don’t have to worry if the jewelery gets stolen or goes missing.
You can take jewelery insurance cover so that you don’t have to worry about financial loss if the jewelery gets stolen or goes missing from home. To be clear, insurance companies offer two types of policies for jewelery protection. One is a standalone jewelery policy and the other is a home insurance policy. Home insurance policies have their own limitations.
If you are taking insurance cover under a home insurance policy, the full cost of jewelery is not available in case of theft as it is only a rider. Hence, it is always advisable to take a separate jewelery insurance policy for complete jewelery protection. This policy provides complete insurance coverage for jewellery. Before taking a jewelery insurance policy, make sure to get the market valuation of the jewelery done. You can get it from any authorized jewelery store nearby, otherwise the insurance company may reduce the valuation of your jewelery while making an insurance claim, leading to your loss.
Know what the insurance premium is
Jewelery insurance premium is not very expensive. Insurance companies charge a premium of Rs 1,000 on a sum assured of Rs 1 lakh for jewelery insurance. That is, if you have jewelery worth Rs 10 lakh, you will have to pay a premium of Rs 10,000 annually. Also, the insurance company also discounts the premium if you take cover for other items at the same time.
Pay special attention to these things
Before buying a policy for jewellery, read its refund policy carefully. What is the refund policy of the insurance company? Make sure to get information about the procedure you need to follow to make a claim in case of missing jewelery and only then decide to take the policy. The jewelery policy also covers losses due to fire and natural calamities. So, first of all you should know the rules of the policy well, only then start the process of taking the policy.