Don’t let your physical wealth be wiped out through one act of misfortune; safeguard it by taking insurance
For most of us, jewellery is not just a monetary possession, but our emotions are invested in it too. They might define your living standard and status; however the joy of owning precious gems and jewelry comes with the apprehension of losing it. One cannot undermine the risk associated with the large amount of cash and valuables kept at home. Outlook Money highlights certain ways in which one can safeguard their valuables at home:
Get it insured
Jewellery insurance can protect by providing cover in case of loss, theft or damage. Jewellery can be insured as a part of home insurance policy. However, while opting for this insurance, you must be mindful of what it covers and what events it excludes. Such policies might cover or exclude loss or damage caused by perils like fire, riot and strike, theft, accident or from any fortuitous cause.
A damage caused by any process of cleaning, dyeing or bleaching, restoring, repairing etc is not covered under the jewellery insurance policy. Policy covers loss or damage to your jewellery whether it's worn or carried anywhere in India subject to the value declared. Says Shweta Jain, Chief Operating Officer, International Money Matters: A jewellery insurance policy might exclude terrorist attacks or riots or in case of war. Some policies may cover only jewellery kept in the bank lockers while some will cover jewellery worn as well. You will be required to submit a valuation certificate which can be obtained by reputed jewellers.”
Take care of your jewellery invoice
At the time of proposal, complete information regarding your jewellery weight and value needs to be provided to the insurer. It’s important that the asset is correctly described and insured for full value to get adequate compensation. It's better if the jewellery is examined and valued by an approved valuer. Says Pankaj Mathpal, Managing Director, Optima Money Managers: “In case of loss, the full description like date of purchase, bill number or name of presenter in case of gift, date of last seen the item will be provided in the claim form. Form should be supported by the FIR copy in case of theft, snatching or burglary. Premium varies from one insurer to another insurer but generally it is high.”
Keep track of your riches
When you are filing a claim in case of theft, you will be needed to file an FIR too. Jewellery in bank lockers can be insured too. The bank is not responsible for contents of the locker or its loss. Says Jain:“Keep a list of all your jewellery and tally it on a quarterly basis. In case you are keeping jewellery at multiple places/ lockers; do ensure that you keep the place written on the list in a way that is clear but not displaying details like passwords/ complete addresses.”
People should take pictures of their jewellery so that in case of loss they can provide the correct description to the police. Owner must take pictures and make a list of jewellery even before keeping it in the safe deposit locker in the bank.
As precaution is better than cure, besides insurance, protect your valuables by taking proper measures to prevent theft or loss. Says Kaushlendra Singh Sengar, Founder & CEO, Advisorymandi.com: “Never leave any valuables where they can easily be seen by passerby. Keep your home safe by installing CCTV camera, also regular inspection of your valuables at home is recommended. Lastly one should always get police verification of your domestic help.”