Your jewellery is irreplaceable — a family heirloom passed down through generations, a diamond ring that marks a milestone, or a bespoke gold set worn on the most cherished occasions. Standard home insurance may not cover your jewellery, and a bank locker provides no financial compensation if your pieces are lost, stolen, or damaged. Jewellery All Risk Insurance is the purpose-built solution — covering your gold, diamond, and precious jewellery comprehensively against every significant risk, wherever they are kept.
Home Insurance · Jewellery All Risk · Gold · Diamonds · Precious Gems · Family Heirlooms
Jewellery All Risk Insurance is a specialised home insurance cover that protects your gold jewellery, diamond ornaments, precious gemstone pieces, and other valuable jewellery items against a comprehensive range of risks — including theft, burglary, fire, natural calamities, and accidental loss or damage. It is called “All Risk” because it covers the full spectrum of perils that could result in loss or damage to your jewellery, rather than limiting coverage to specific named events. The policy covers your jewellery wherever it is kept — at home, in a bank locker, at a jewellery shop, or on display at an exhibition.
Complete protection against jewellery stolen by burglars who break into your home, or snatched / stolen while being worn or carried outside your home.
THEFTProtection for jewellery damaged or lost in a house fire — whether accidental fire, electrical short circuit, or any other fire event that damages your jewellery collection.
FIRECoverage for jewellery lost or damaged in floods, earthquakes, cyclones, storms, lightning, and other natural disasters that affect your home or place of storage.
CALAMITYCovers accidental loss — stones falling from settings, clasps breaking, pieces lost while being worn — and accidental physical damage to jewellery items.
ACCIDENTALCover applies at your home, in your bank locker, at jewellery shops for repairs or cleaning, and at exhibitions and events where jewellery is displayed.
MULTI-LOCATIONOptional worldwide coverage available for an additional premium of 25% on the base rate — protecting your jewellery during international travel and when kept abroad.
WORLDWIDEWhat Jewellery All Risk Insurance Covers — and What It Does Not
The Jewellery All Risk Insurance policy uses a broad coverage structure — all risks are covered unless specifically excluded. This is more protective than named-peril policies that only cover the specific events listed.
A “Named Perils” policy only covers losses caused by the specific events listed in the policy — e.g., “fire, theft, and flood.” If your jewellery is lost due to a cause not explicitly listed, there is no coverage. An “All Risk” policy works in reverse — everything is covered unless specifically excluded. This is a fundamentally more protective structure. When you submit a claim, the insurer must demonstrate that an exclusion applies to deny it; with a named perils policy, you must demonstrate that the specific peril listed applies. For jewellery — which faces a wide variety of loss causes — the All Risk policy is the recommended coverage structure. Always confirm with your insurer that the jewellery policy is an “All Risk” cover, not a named perils policy.
How Sum Insured Is Calculated and What Determines Your Premium
Jewellery insurance is unique in that the sum insured must be based on a professional valuation, not just the original purchase price. Understanding how valuation and premium work helps you insure your jewellery correctly.
The first step is creating a comprehensive inventory of the jewellery you wish to insure. For each item, record: the type of item (necklace, ring, earrings, bracelet, pendant, etc.), the metal (gold — karat, platinum, silver), the gemstones (diamond — cut/carat/clarity, ruby, emerald, pearl, etc.), the estimated weight (in grams for metal), and the approximate purchase date. For high-value items — especially diamond jewellery — include the original purchase invoice if available. This inventory forms the basis of the policy schedule. Items not listed in the schedule are not covered, so be thorough.
Practical tip: Photograph every piece of jewellery before insuring it — front, back, and detail shots of stones and settings. These photographs are invaluable in the event of a claim to prove the item’s existence, design, and quality, and to assist in replacement or repair. Store photos securely in the cloud, separate from the physical jewellery.
The sum insured for jewellery insurance must be based on the current market value of the jewellery at the time of insurance, not the original purchase price. Market value considers current gold prices, current gemstone prices, and current craftsmanship charges — all of which can differ significantly from the original purchase price, especially for jewellery purchased years ago when gold prices were different.
Obtain valuation certificates from:
• A reputable, licensed jeweller or hallmarking centre
• A certified gemologist (for high-value diamond and gemstone pieces)
• A government-approved valuation agency for very high-value collections
The valuation certificate must specify: the description of the item, the metal (purity and weight), the gemstone details (type, carat, quality), and the current market value. Valuation certificates should be renewed every 1–3 years to ensure the sum insured keeps pace with rising gold and gemstone prices — if you are underinsured at the time of a claim, the insurer pays only in proportion to the actual value.
The annual premium for Jewellery All Risk Insurance depends on several factors:
• Total sum insured: The aggregate market value of all jewellery items to be insured — the primary premium determinant. Higher total value = higher premium.
• Type of coverage: All Risk (comprehensive) coverage commands a higher premium than named-perils or fire-only coverage, but provides far superior protection.
• Location of storage: Jewellery stored in a bank locker carries lower risk than jewellery kept primarily at home — premium may be adjusted based on declared storage habits.
• Geographic extent: India-only coverage is cheaper than worldwide coverage. The worldwide extension adds approximately 25% to the base premium rate.
• Security measures: Homes with alarm systems, electronic locks, safe deposit boxes, or 24-hour security may be eligible for premium discounts.
• Claims history: A clean claims history may qualify for no-claims discounts at renewal.
As a general indication, All Risk jewellery insurance premiums in India typically range from 0.5% to 1.5% of the sum insured per year, depending on the above factors. A jewellery collection valued at ₹10 lakh might have an annual premium of ₹5,000–15,000. Call 022 4302 0000 for a precise quote based on your specific collection value and storage arrangements.
Jewellery insurance can be structured in two ways:
As an add-on to home insurance: Many home insurance policies (like Home Shield Insurance) allow jewellery to be covered as a contents add-on. The sum insured for jewellery is typically capped at 20% of the total contents sum insured under the home policy. This is a convenient bundled option if you already have home insurance.
As a standalone jewellery all-risk policy: A dedicated jewellery policy provides unlimited sum insured (subject to valuation) and more comprehensive All Risk coverage, not constrained by the home policy’s terms or sub-limits. This is the recommended approach for significant jewellery collections, for those who do not have separate home insurance, or for professional jewellers and exhibition participants.
Probitas can advise on the most cost-effective and comprehensive structure based on your existing home insurance and the value of your jewellery collection.
The Bank Locker Misconception — Why a Locker Is Not Enough
Many people believe that storing jewellery in a bank locker provides complete protection. This is a misconception with potentially significant financial consequences. Here is what each option actually provides.
| Feature | Bank Locker | Jewellery All Risk Insurance |
|---|---|---|
| Financial compensation for theft | ❌ Banks accept NO liability for locker contents | ✓ Full sum insured paid |
| Coverage while jewellery is being worn | ❌ No — locker only covers stored items | ✓ Yes — covers jewellery on your person |
| Coverage during travel | ❌ No coverage outside the locker | ✓ India-wide; worldwide extension available |
| Coverage at jeweller / for repairs | ❌ No — not in the locker | ✓ Yes — covered at shops and exhibitions |
| Fire at bank branch | ❌ Bank disclaim liability; contents typically uninsured | ✓ Covered under fire peril |
| Natural calamity (flood/earthquake) | ❌ Bank has no obligation to compensate | ✓ Covered |
| Compensation amount | ❌ Zero — bank not liable | ✓ Market value per valuation certificate |
| Accessibility (when you need it) | ❌ Bank hours only; access restricted | ✓ Unlimited access to your jewellery |
Under RBI guidelines, banks can offer locker facilities but are not obligated to compensate customers for loss of locker contents unless the bank itself is proven negligent. In practice, if your jewellery is stolen from a locker due to a third-party break-in, a bank employee’s fraud, a fire at the branch, or any other event, the bank will typically deny responsibility — leaving you with no financial recourse. The Supreme Court of India has repeatedly upheld this position. Jewellery Insurance is the only mechanism that provides guaranteed financial compensation for loss of jewellery, regardless of how, when, or where the loss occurred.
Which Individuals and Families Should Prioritise Jewellery Insurance
Jewellery insurance is most valuable for families and individuals with significant jewellery collections — particularly those who regularly wear their jewellery or travel frequently.
How to Make a Jewellery Insurance Claim
Jewellery claims require prompt action and proper documentation. Here is the step-by-step claim process to ensure your claim is processed smoothly and quickly.
As soon as you discover the loss, theft, damage, or disappearance of insured jewellery:
• For theft or burglary: File an FIR (First Information Report) with the nearest police station immediately. The FIR is a mandatory document for all theft and burglary claims and must accurately describe what was stolen, when, and how.
• For fire damage: Obtain a report from the local fire brigade / fire department confirming the fire event and the damage caused.
• For natural calamity: Document evidence of the calamity event (photographs of damage, news reports, government declarations).
• Notify Probitas: Call 022 4302 0000 to report the loss. Probitas notifies the insurer on your behalf and registers the claim. Do not delay notification — most policies require notification within a specified timeframe (typically 7–14 days of the loss event).
For damage claims (fire, accidental damage, natural calamity):
• Photograph the damaged jewellery from multiple angles before any repair is attempted
• Do not attempt to repair or restore damaged jewellery before the insurer’s surveyor has assessed it
• Photograph the location of loss or damage (the house after burglary, the fire damage, the flooded room)
• Retain all damaged pieces — even if the jewellery appears completely destroyed, retain the remains for surveyor inspection
For loss claims (theft, accidental loss during wear):
• Use your pre-insurance photographs of the lost jewellery to provide the insurer with accurate descriptions
• Gather purchase invoices, previous valuation certificates, and any other documentation that establishes the lost jewellery’s identity and value
The complete set of documents required for a jewellery insurance claim:
• Claim form: Duly filled and signed claim form provided by the insurer
• Policy copy: Copy of the jewellery insurance policy schedule
• FIR copy: For all theft, burglary, and chain-snatching claims — mandatory
• Fire brigade report: For fire-related claims
• Valuation certificate: The professional valuation certificate for all lost or damaged items — this establishes the sum insured basis for each item
• Original purchase invoices: Where available
• Photographs: Pre-loss photographs of the jewellery (this is why photographing your jewellery before insuring it is strongly recommended)
• KYC documents: ID proof and address proof of the policyholder
• Bank account details: For claim settlement payment
After claim documents are submitted, the insurer appoints an independent surveyor to assess the loss:
• The surveyor inspects the site of loss (your home, in case of burglary), examines damaged jewellery, verifies the circumstances of the loss, and prepares an assessment report
• For theft claims: the surveyor verifies the FIR, the circumstances of the theft, and the value of the stolen items based on the policy schedule and valuation certificates
• For damage claims: the surveyor assesses the extent of damage and whether repair or replacement is appropriate
• Settlement is offered as: (a) cash payment equal to the assessed loss value up to the sum insured, (b) repair to original condition, or (c) replacement with equivalent pieces, depending on the nature and extent of the loss
Probitas manages the surveyor interaction and claim settlement process on your behalf to ensure you receive the maximum covered compensation.
The single most important thing you can do to protect a jewellery insurance claim is to photograph every piece of jewellery before it is lost or damaged. When a theft or loss occurs, the insurer needs to know exactly what was taken — what it looked like, its quality, and its approximate value. Without photographs, describing a stolen necklace from memory — the weight, the design, the stone quality — is unreliable and can lead to disputes about the settlement amount. Photograph each piece individually from multiple angles, note the weight and metal purity on each photo, and store the photographs in a cloud service (Google Photos, iCloud) separate from your home. This takes less than an hour but can save months of claim dispute if a loss occurs.
What Is NOT Covered
While the All Risk policy provides very broad coverage, certain specific situations and causes of loss are excluded. Understanding these helps avoid surprises at claim time.
Jewellery that is simply found missing with no explanation of how the loss occurred cannot be claimed. There must be an identifiable event (theft, fire, calamity, accidental loss) to support a claim.
Gradual deterioration from regular use — scratching, fading of finish, loosening of stones over time, tarnishing of silver — is not covered. Only sudden and accidental events are insured.
Loss or damage arising from a pre-existing defect in the jewellery itself — a stone that was already loose before the policy was taken, a clasp that was already worn and weakened — is excluded.
Loss or damage caused by war, invasion, civil war, revolution, military action, nuclear contamination, or government expropriation is excluded from all jewellery insurance policies.
Jewellery items not listed in the policy schedule (or covered by a general description endorsement) are not covered. If you acquire new jewellery, update your policy to include it.
Any loss or damage intentionally caused by the policyholder, family members, or anyone acting with their knowledge or consent is excluded from coverage.
Any claim based on fraudulent misrepresentation — claiming jewellery was stolen when it was not, overstating the value, or claiming items not actually owned — voids the policy entirely.
Failure of mechanical components in jewellery (watch movements, mechanical clasps) due to breakdown rather than external accident is excluded. This applies to jewellery watches and mechanical decorative pieces.
The information and product comparisons displayed on this platform are intended solely for general informational and evaluation purposes, and do not constitute a legal offer or binding insurance contract. Specific policy features, premium rates, riders, and underwriting guidelines are determined exclusively by the respective general insurance carriers and may vary significantly based on the insurer, product tier, and location across multiple Indian states. All quotes and premium calculations generated on this website are indicative estimates based on preliminary data and do not guarantee final underwriting approval or policy issuance by the insurer. For comprehensive details regarding specific coverage terms, limits, and permanent exclusions, please refer directly to the official sales brochure and policy wording issued by the respective insurance company, which will take absolute legal precedence in the event of any discrepancy or dispute.
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