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- Author of the entry: Mennica Skarbowa
- Date of entry:
Do you have home insurance that covers the contents of your home? Great. Your jewelry is probably insured too. But probably only up to PLN 1,000 per item. More expensive items need to be insured separately.
UP TO A SPECIFIED VALUE ONLY
Different insurance companies define their scope of liability differently in their general terms and conditions of insurance, but gold, silver, and platinum jewelry are usually covered. It cannot be more expensive than specified in the general terms and conditions of insurance, as the insurer is only liable for jewelry up to a specified unit value. More expensive jewelry is not covered by insurance, or alternatively, its insurance requires the payment of an additional premium, or even the fulfillment of additional security conditions (i.e., a safe, alarm system, monitoring, constant surveillance). What value are we talking about? To be honest, not much when it comes to jewelry. Even jewelry worth PLN 1,000, which is the average value of an engagement ring, may require additional insurance. A safe, alarm system, or monitoring will be necessary when the total value of the jewelry exceeds, for example, PLN 20,000.
ONLY IN THE CASE OF BURGLARY
We will not receive compensation for every piece of stolen jewelry. The circumstances of the theft are also important. First of all, the insurance only covers the theft of jewelry that was in the home. Therefore, if someone steals it outside the home, e.g., during a move, we are not entitled to compensation. Secondly, there must be a break-in. Compensation is not payable if there was no break-in. Therefore, if someone steals our jewelry and there are no signs of a break-in, we will not receive compensation. This may happen if, for example, we forget to lock the balcony door or if someone steals our jewelry while legally in our home.
ONLY UP TO A SPECIFIC AMOUNT OF COMPENSATION
Another important issue is the amount of compensation. For jewelry, compensation is usually calculated based on the cost of manufacture or purchase price. We can therefore assume that the amount will correspond to the value of the stolen jewelry. However, compensation is often limited to a specific amount or percentage of the sum insured. In practice, this means that regardless of the value of the stolen jewelry, we will only receive compensation up to a specific amount specified in the General Terms and Conditions of Insurance, e.g., up to 30% of the sum insured for household movables and fixed elements of the apartment, not exceeding PLN 50,000. In simple terms, this provision means that if, for example, we insure furniture and its contents for PLN 60,000, the maximum compensation we will receive is PLN 18,000, even if the jewelry was worth PLN 25,000. However, if we insure furniture and other movable property and permanent fixtures in the apartment for PLN 84,000, we will receive the entire amount of PLN 25,000. Either way, we will not receive more than PLN 50,000, regardless of the value of the stolen jewelry and the amount for which we insured the furniture.
The situation is different if we have paid an additional premium. In this case, the compensation may reach 100% of the sum insured for which we have secured the jewelry. This means that if we have insured a necklace worth PLN 15,000 for PLN 15,000, this is the amount we can receive, regardless of the amount for which we have insured the furniture.
