Gold Buying In Diwali: What Is Gold Insurance And Why Do People Opt For It?
If you possess just one bar of gold, it is unlikely that you will require insurance beyond your existing home insurance policy
However, possessing multiple pieces of gold or a significant amount of gold jewellery requires exploring additional coverage options
Gold insurance or jewellery insurance has been an upcoming trend in the industry
Typically, companies offer gold jewelry insurance as part of home insurance, along with coverage for other household items
Some insurance providers may limit the coverage for gold jewellery to a maximum of 15% of the total sum insured under the home insurance policy
Jewlery insurance in India provides specialized coverage for precious jewelry and valuable items safeguarding against financial loss
A comprehensive insurance policy should protect the entire value of your jewellery in scenarios involving damage, theft, accidental loss, or mysterious disappearance
Upon analyzing the most recent market reports, it is evident that there will be a significant increase in demand for gold during the upcoming festive and wedding season
Presently, the average price for 24K gold stands at Rs 79,000 with a growing interest in gold investments and insurance protection
Gold insurance plans can be tailored specifically for individual gold owners, jewelry purchasers, jewelers, and businesses involved in gold transactions
Gold insurance policies typically reimburse 95% of the value of the gold jewelry, excluding taxes and making charges