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Understanding Insurance for Gold

Gold is one of the most valuable pieces of jewelry you can own. Whether it may be a necklace or a wedding ring, these coveted ornaments have a high sentimental value. But gold is more than just jewelry, it is a great investment. Along with real estate and stocks, gold is one of the most popular choices of investment for many people. Also, gold ornaments have a high resale value and can be used to procure money in emergency situations.

Given its monetary worth, this jewelry should be protected from any unwanted risks. gold insurance is always a good idea to protect your jewelry from theft, loss, or damage.

Let’s dive a little deeper and know more about the Insurance for Gold!

Inclusions under Gold Insurance

The gold insurance offers protection to your jewelry in the following scenarios:

1. Fire

A fire at your house or any other place of storage is one of the main causes of damages to jewelry. But there is a provision in the insurance to protect your jewelry from this damage.

2. Burglary & Theft

The insurance covers your jewelry from theft or burglary and protects you from emotional and financial stress.

3. Natural calamities

The insurance protects your jewelry from any damage caused by natural calamities like earthquakes, floods, storms, hurricanes, etc.

4. Location

You can opt to store your jewelry at home, in shops, in lockers, or in exhibitions. If any kind of damage mentioned above occurs at the place of storage, it gets covered under the insurance.

Exclusions under Gold Insurance

Here are some exclusions under which the jewelry is not covered.

1. Wear and tear

Damage caused to the jewelry by normal wear and tear or during cleaning, servicing, and repairing is not covered under the insurance.

2. Negligence

Sometimes the jewelry is damaged due to reckless handling by the owner. In such cases, no financial compensation is provided.

3. Replacement

If you wish to replace the old insured jewelry with a new one, then the insurance policy does not get transferred to the new item. Only those items that were listed at the time of taking the insurance are covered.

4. Non-disclosure

You are bound to provide accurate information about the jewelry while purchasing the insurance policy. If you fail to provide correct information about your jewelry and any kind of damage that happens to it, it will not be covered by the insurance.

5. Confiscation

If you choose to take a loan for the purchase of jewelry, you are required to pay regular EMI’s. If you default the EMI payment and the jewelry gets confiscated, the insurance company is not bound to pay for your loss.

If you are someone who prefers investing in gold, it is necessary for you to add a layer of protection around your investment. Gold along with being a safe investment also helps you to get emergency money, which makes Insurance for Gold all the more necessary. Always make sure to compare various insurance covers and their benefits before buying one.

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