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Jewelry Insurance
Oct 29, 2023

Jewelry Insurance Coverage for Your Home

Jewellery in India is considered not just a status symbol, but also as an investment. For centuries, jewellery has played an important role in Indian culture. The long journey that jewellery has had in India, be it gold or silver, may be said to be mesmerising. Even today, despite the rising prices of metals, jewellery is still in high demand. Whatever the occasion, it is considered auspicious to purchase certain type of jewellery. However, with such a huge investment, comes the responsibility of safeguarding it. This can be done with the help of jewellery insurance. Let’s learn more about jewellery insurance.

What is jewellery insurance?

It is a type of insurance that covers a wide range of jewellery items such as engagement rings, wedding bands, earrings, bracelets, and necklaces. The coverage also includes loss of jewellery which might occur while in transit or while on display. Additional coverage might include damage which might be caused due to natural calamities such as floods and earthquakes, as well as due to theft. Damage caused due to fire is also covered.*

Understanding its importance

In recent years, there has been an increase in the number of Indians buying jewellery, especially for auspicious occasions or during festivals. Such a rapid increase in the purchase of jewellery also increases the potential risk of jewellery theft. A major challenge is the lack of awareness and understanding about the benefits of this insurance, especially 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, due to no uniformity in the coverage, which is offered by different insurance companies, jewellery owners may find it hard to compare policies and go for the one that checks all the boxes in their list. 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

The following are the inclusions of jewellery insurance:
  1. Damage caused to jewellery due to fire*
  2. Theft of jewellery from home*
  3. Damage caused due to natural calamities*
These 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*

How to File a Claim?

In the event of theft of jewellery, you can follow these steps to file a claim with your jewellery insurance:
  1. Inform your insurer in the event of a loss of your jewellery
  2. If the loss has taken place due to fire, you need a report from the fire department
  3. If the loss has taken place due to theft/burglary, you need to file a 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 feel the information provided by you is genuine, the insurer will compensate you as per the declared value of your jewellery.*

The future for jewellery insurance

Despite the challenges, the insurance market for insurance involving jewels in India is expected to continue to grow in the coming years. The increasing wealth and purchasing power of the Indian population is one factor. Another factor is the government's efforts to increase awareness of this insurance and to encourage more people to purchase coverage. There is a hope among insurance companies that this initiative will likely lead to more jewellery-owners purchasing it. Additionally, as the Indian economy continues to grow and more people become able to afford to purchase precious jewellery, the demand for this insurance will only continue to increase. As this insurance is a part of home insurance, there is a growing expectation that this will also lead to increased sales of the policy. Due to the rapid development of cities and the increase in the number of high-rises, there has been a rise in the number of incidents where houses are getting damaged. There has been a rise in the number of house break-ins as well. Considering these situations, it would be beneficial for you to get this policy to safeguard your house and all its belongings.


With the benefits offered by this policy, it is easy to see that the policy is a sensible investment. If you wish to purchase this policy, you may use the home insurance calculator to see how much a policy would cost you, based on the parameters you select. Note that you might want to include the option of a jewellery cover in your policy, to get more accurate values while using the calculator.   *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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