Gold Jewelry Comes with 1 Year of Free Insurance Upon Purchase; Jewelers Pay for Losses Due to Theft or Fire
Gold insurance is an insurance cover provided for the security of gold jewelry. Just like car, home, or health insurance, this insurance covers your gold ornaments.
Gold prices are constantly rising. Along with the price increase, incidents of theft, chain snatching, and burglaries are also becoming common. This has increased people's concerns about their gold jewelry. Very few people know that when they buy gold jewelry, they also get free gold insurance, which can provide full reimbursement in case of theft or damage to the jewelry. So, let's tell you how you get one year of free insurance when you buy gold jewelry.
What is Gold Jewelry Insurance?
Gold insurance is an insurance cover provided for the security of gold jewelry. Just like car, home, or health insurance, this insurance covers your gold ornaments. If the jewelry is stolen, lost, damaged by fire, or damaged in conditions like floods during the insurance period, the insurance company compensates for its value.
1 Year of Free Insurance is Provided Upon Purchase of Gold Jewelry
According to information, when you buy gold from a reputable jewelry shop, you are usually given one year of free insurance. Under this free insurance policy, the company compensates for your losses. The customer does not have to pay any extra money for this.
Under What Circumstances Can You Claim?
Gold insurance covers theft, chain snatching, robbery, burglary, fire, natural disasters like earthquakes and floods, and damage during transit. Many policies even cover events like riots and strikes. However, the most important condition for an insurance claim is that you must have the purchase receipt for the jewelry. Claims without a bill are not accepted. It is also essential to inform the insurance company about the incident in a timely manner.
Which companies offer gold insurance?
In India, several insurance companies offer gold insurance coverage, including HDFC, Reliance General Insurance, Oriental Insurance, and Royal Sundaram. Large jewelers typically take out group insurance policies with these companies. These large jewelers take out group insurance policies to protect their own stock. Under this policy, the jewelry sold to customers is also covered for a specified period. Therefore, in case of theft or damage, the insurance company compensates the customer. Gold jewelry insurance is usually for one year. After that, customers can renew it if they wish.
