Jewellery Insurance in India: What to Know

Jewellery combines high value with small size, which is why it is easy to lose and attractive to thieves. Insurance can reduce the financial risk. This article is general information, not advice. Policies and rules differ, so ask an insurer or an adviser about your own situation.

Ways jewellery can be covered

• Home insurance: some home policies cover jewellery kept at home, often up to a limit.
• A valuables or jewellery cover: a specific policy or add-on for jewellery, sometimes including cover outside the home.
• Travel insurance: may cover some items on trips, usually with limits.
• Bank locker cover: policies for items kept in a locker.

Each has its own terms, so compare.

What to ask an insurer

1. What is covered: theft, loss, damage, fire, accidental damage?
2. Where is it covered: at home, in a locker, while travelling, while worn?
3. What is the limit, and how is value decided: agreed value, replacement or market value?
4. What are the exclusions: for example, loss through carelessness, or items left unattended.
5. What is the excess, the amount you pay on a claim?
6. What conditions apply: for example, security requirements at home.

Documents you will need

• Invoices: proof of purchase and value.
• Certificates: for diamonds, the grading report. See diamond certificates.
• Hallmark details and HUID.
• Photographs: clear photos of each piece.
• A valuation: an appraisal stating current replacement value, from a qualified valuer.

Keep these together. See what to keep with your jewellery: invoice, certificate and box.

Why valuation matters

Prices change. A piece bought years ago may cost more to replace today. Insurers often ask for an up-to-date valuation, and policies may need to be updated.

What a claim needs

If something is lost or stolen:

1. Report it to the police and get a copy of the report.
2. Tell your insurer promptly.
3. Provide your documents and photographs.
4. Cooperate with their assessment.

Reducing risk

Insurance is not a substitute for care. Keep jewellery in a secure place, use a locker for pieces you rarely wear, and avoid advertising what you own. See keeping jewellery safe at home and in lockers.

Wedding jewellery

A wedding concentrates a lot of valuable jewellery in one place and time. Ask about cover for the period of the wedding, including transit. See wedding season jewellery shopping timeline.

Is it worth it?

For a small collection of modest value, you may decide to rely on care. For high-value pieces, an engagement ring or an inherited set, cover may give peace of mind. Weigh the premium against the value and the risk.

Common questions

Does insurance cover a lost earring? Policies differ. Some cover individual items, and some have exclusions for loss through carelessness.

Do I need to insure each piece separately? Some policies cover a total amount, and some require a schedule of items.

Can I insure jewellery I wear every day? Some cover items outside the home. Check the terms.

Keep good records

A documented collection is easier to insure and easier to claim on. Our invoices list weight, purity, HUID and stone details, and you can book an appointment to ask about valuation for your pieces. See also diamond certificates.