Does it make sense to insure your jewellery?
In India, almost every household from the wealthiest to the most humble, has a collection of precious jewellery. It’s an integral part of our culture, which serves a dual purpose; that of investment and ornamentation. In most other parts of the world precious jewellery is worn mostly on special occasions or at formal events, but in India, it is absolutely normal to wear precious metals, especially gold on a daily basis. The heaviness of the pieces may vary depending on the occasions, but most women wear gold earrings, rings and bangles all the time, whether they are working, relaxing at home or attending a wedding.
Most families invest in lockers so that jewellery can be securely stored when not in use. However, if you want to wear it regularly, you cannot keep jewellery in a safe deposit box. It needs to be kept at home where it is accessible. Especially during festivals or when there is a wedding in the family expensive jewellery, some of which is extremely rare and passed down through generations is kept in the house. This makes it susceptible to theft or damage by natural or unnatural causes like fires or floods. Since it is so precious and valuable, it makes sense to insure jewellery. We pay premiums to insure our cars, which is some cases are cheaper than gold and diamond jewellery! So why not insure jewellery as well?
Jewellery insurance is very common in most of the western world, but still at a very nascent stage in India. But today, there are quite a few reputed companies that now offer jewellery insurance; (Axis Bank, Tata AIG, New India Assurance to name a few). When insuring your jewellery you will need to properly document all items of jewellery, and have them evaluated and appraised by a reputed jeweller. Appropriate certification will also be needed. The rules, documents needed and insurance coverage offered varies depending on the company, but it is important to always opt for ‘all-risk cover’, which ensures protection against all perils ranging from burglary to environmental damage.
In most cases the loss or damage of jewellery is more than just financial. It is also emotionally troubling since we get attached to jewellery, especially if it has been gifted to us or been passed down to us from the older generation. An insurance policy will never make up for this loss, but it will at least ease the monetary burden.
We at KaratCraft.in only sell certified jewellery made with hallmarked metals. This transparency not only helps during the time of re-sale, but actually helps avail on insurance policies! That’s one more benefit of shopping with us at KaratCraft.in.
