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Jewellery Insurance: Coverage, Benefits, and Exclusions
Feb 25, 2023

Insure Your Jewellery with Jewellery Insurance: Its Coverage, Benefits, and Exclusions

Ornaments have always been considered a by-product of the different traditions that have been observed in India. No occasion is complete without jewellery. However, jewellery is a significant investment which, if not safeguarded, could easily get stolen. Jewellery insurance in India is a specialized form of insurance that covers the financial loss of precious jewellery and other valuable items, such as gold, diamonds, and other precious stones. If you want to safeguard your precious jewellery from any unwanted incidents, here’s all you need to know about the coverage, benefits and exclusion of this insurance coverage.

 What is jewellery insurance?

Jewellery insurance typically covers a wide range of jewellery items, including engagement rings, wedding bands, earrings, bracelets, necklaces, and other precious items. Depending on the policy terms, the coverage can also include loss in transit or loss while on display. Additionally, some policies may also cover loss due to damages caused by natural disasters, such as floods and fires. *

Understanding its importance

As Indians prefer to buy jewellery for auspicious occasions or during festivals, this increases the potential risk of jewellery theft. One of the main challenges is the lack of awareness and understanding of the benefits of insurance among jewellery owners. Many people in India who own home insurance  may not be aware of the jewellery cover that is offered with the policy. Additionally, the lack of standardization in the coverage offered by different insurance companies can make it difficult for jewellery owners to compare policies and choose the one that best meets their needs. Another challenge is the lack of data on jewellery loss and theft. This can make it difficult for insurance companies to accurately assess the risk and set premium rates.

 Inclusions and Exclusions of Jewellery Insurance

The following are the inclusions of jewellery insurance:
  1. Damages caused to the jewellery due to fire
  2. Theft of jewellery from the home
  3. Damages caused due to natural calamities
The following are the exclusions:
  1. Wear and tear of the jewellery over time
  2. Transfer of cover over to new items in exchange for selling your old jewellery
  3. Not disclosing actual value or other jewellery
  4. Confiscation of your jewellery by authorities
*Standard T&C apply

 Filing a claim

If you have home insurance, the claims process in case of loss of jewellery is as follows:
  1. Inform your insurer in the event of a loss of your jewellery.
  2. If the loss has taken place due to a fire, you need a report from the fire department.
  3. If the loss has taken place due to theft/burglary, you need to file an FIR.
  4. Provide the proper valuation of the jewellery you have lost.
  5. Submit the documents, including the fire department report/FIR for verification.
If the insurer is satisfied with the provided information and your claim proves to be genuine, you would be compensated as per the declared value of your jewellery.

How does the future look?

Despite these challenges, the jewellery insurance market in India is expected to continue to grow in the coming years. The increasing wealth and purchasing power of the Indian population, as well as the government's efforts to increase awareness of this insurance and to encourage more people to purchase coverage, will likely lead to more jewellery owners purchasing it. Additionally, as the Indian economy continues to grow and more people are able to afford to purchase precious jewellery, the demand for this insurance will only continue to increase.


Just as you insure your other valuables such as your car or bike from the potential harm that could be caused to it along with the financial harm you may have to endure, it is similarly important to insure the jewellery you have in your house. You can get in touch with your insurance advisor to know more about this general insurance; get to understand its coverage and its overall benefits. Before you purchase the policy, be sure to declare all of your belongings to avoid any hiccups in the future.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.  

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