Will You Get Insurance Money If Your Gold Goes Missing? Important Facts You Must Know
Gold continues to remain the most trusted investment for Indians, even as its price rises at a rapid pace. Despite soaring rates, the purchase and sale of gold have not slowed down. In fact, the country’s investment in gold has been increasing significantly over the past few months.
According to recently released data, Indian households collectively hold 34,600 tonnes of gold in the form of ornaments, coins, or bars. Based on current market prices, this massive reserve is valued at approximately ₹3,37,000 crore.
However, alongside the increase in gold investments, incidents of theft have also been on the rise. Reports of house break-ins, chain snatching, and other gold-related thefts are becoming increasingly common. Although one can file a police complaint after such incidents, the chances of recovering stolen jewelry are often uncertain.
Jewelry Insurance Becoming Essential
Many people are still unaware that gold jewelry can be insured, providing financial protection in cases of theft or loss. Today, several jewelry stores encourage customers to insure their purchases. Many shops even offer insurance for newly purchased ornaments as well as for jewelry brought in for remaking or milling.
Insurance is available not only for gold, but also for diamond, silver, and gemstone jewelry. In the event of:
- House burglary
- Chain snatching outside
- Bank locker theft
- Fire accidents
- Floods
- Earthquakes
the insured person can claim up to 95% of the jewelry’s value.
What Is Not Covered?
Jewelry insurance does not cover losses due to:
- Negligence or misplacement
- Forgetfulness
- War
- Terrorism
- Riots
How to Claim Insurance After Theft
If jewelry goes missing, the owner must:
1. Immediately file an FIR at the nearest police station.
2. Submit a complaint to the insurance company along with:
- FIR copy
- Purchase receipt
- Insurance documents
After verification and investigation, the insurance provider will refund the value of the jewelry as per policy terms.
