Value your valuables !

Value your valuables!


Jewellery is always precious to us—both for emotional reasons and for its financial value. So, it is important that we take special care of jewellery and keep it safe. The two most common ways of safekeeping jewellery is either bank lockers or opting for insurance. Read on to find the pros and cons of these two methods:

Bank lockers: Earlier people often kept jewellery at so-called “safe” spots in their homes. But as burglars for smarter and with numerous cases of theft reported from all over the country, this practise has proven to be a not-so-foolproof option. More and more people are now opting for bank lockers to secure their jewellery and other valuables. Many banks offer the option of a bank safety deposit box for a period of six months to one year. This is definitely safer than hiding jewellery under the mattress or inside kitchen cabinets.   

In India, not all banks have lockers and so it’s mostly allotted on a first-come first-served basis. Bank lockers are let out to both single and joint account holders. In order to obtain a locker, one must first open a savings account with the bank and also draw up an agreement on a stamp paper. The rates of opening a locker vary from bank to bank depending upon its size and placement. The rates are different for private and public banks as well. In most banks, one is required to open a fixed deposit and pay the locker fees before-hand.

Insurance cover: Most insurance companies offer jewellery insurance under their home insurance policy. The policies usually have a jewellery and valuables protection segment. This covers accidental loss of jewellery, damage or theft of jewellery. Some policies also cover loss of jewellery kept in specified bank lockers. If a person loses jewellery while he/she was wearing it, this section also offers cover for it. Most insurance companies set a sub-limit for jewellery and precious items. There are insurance companies which have a separate all-risk cover section for jewellery in which the customer can choose the suitable sum to be insured.

If you are considering insuring your jewellery, you must keep all the documents regarding the jewellery safe. This includes receipts, valuations and diamond certificates. If in case your jewellery is stolen or misplaced, these papers have to be presented to stake claim and collect the insurance. In cases wherein your jewellery is above the policy’s single article limit, each item should be specified as “high value” on the contents insurance because only then will you be entitled to the full insurance amount.

In case of high value jewellery, insurance companies ask customers to get their jewellery valuation done because they may have purchased the jewellery abroad and forgotten to get the valuation done. Once the valuation is done, the insurance claims process becomes easier.

Insurance cover is available for the customer, his children and parents as well. The jewellery owned by all the family members can come under one policy provided all live under the same roof. This is one big advantage of getting jewellery insured as it covers all the items with a single policy.

Whether you seek insurance or decide to keep your jewellery in a safe deposit locker, both options are better than safeguarding your precious items at home where the risk of theft is high.


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