General insurance Can Someone Insure Gold?

[kayode10]

Gold is one of the precious stones in this world. Gold is very scare and attracts lots of money no matter how small it is.

This is one the reason athletes works very hard to made it to Olympic so that they would have chance to win gold.

These are easy to flip for a good amount of money. So when those athletes need some money, they would just sell off some the gold they have at disposal.

Gold is the reason why Bitcoin rises in price right from the early stage because the coin was backed by Gold, the same thing for the dollar note.

My grand father is a goldsmith and he has possession of some gold. So I want to ask that can someone insure gold and other precious stones?

 

[Mandy96]

I don’t think that is a good idea because if you insure a gold and it get stolen, don’t even expect the insurance company to compensate you enough to get you another gold, so if you have assets like that, it’s more safer to go save it in the bank

 

[btaliat]

It is possible to insure gold because it will be under content insurance but to me it is not necessary going too far to insure such an asset. There is always a way of keeping your assets like gold safe without the need for insuring them. You can keep them in banks.

 

[Good luck]

Gold is a valuable items and materials which has a very high value in the market depending on the weight.Gold can be insured for a particular period of time.people insured things like this because of theft and insecurities in the society..it is just that one needs to be paying premium for the gold till unforseen circumstances arise or may arise.

 

[Wisdom01]

It's an asset so it's insurable , buy what risk would you be insuring it against I think that should be the thing to note first , because apart from theft ,I don't really see gold have so much risk it's been prone to apart from theft and others I think

 

[Lens1000]

I think it should be possible to insure gold . Gold is a commodity and it should be grouped under business insurance. The only thing is that, you should expect to pay high premium too. Because gold is a valuable commodity and the worth is very high. I will try to understudy this , to see if there is a coverage for gold in all the insurance policies.

 

[Nite]

Gold is considered a safe haven during any financial crunch. An insurance will assure gold's security from various types of risks. Gold's monetary worth makes it necessary to protect from burglary, damage, and accidental loss. And with time, people are getting more comfortable with the idea of getting their gold insured.

 

[Jamoflondon]

Yes of course, it is possible to insure gold because, apparently it is worth insuring, it is an expensive property to own and for that reason, it is advisable to insure such jewelry. If you are not so worried about the premiums to be paid for it. The expensive rate determines the rate of the premiums

 

[Mataracy]

Gold is an is costly thing which is very valuable and its well seeing as an important commodity which should be well protected.
To me I believe that one can insured gold because is still property owns by somebody.
Insurance policy can cover it after thorough examination may be the risk involve in the cover will not be more than the benefit to be receive.

 

[dagm]

It is actually feasible to guarantee gold since it will certainly be actually under material insurance coverage however to me it's not required going as well much to guarantee such a possession. There's constantly a method of maintaining your possessions like gold risk-free without the require for guaranteeing all of them. You can easily maintain all of them in financial institutions.

 

[kayode10]

@Wisdom01 yes the gold worth insure against theft. People can come into your house locate the place where you put the jewelries and gotten away with the gold and diamond with other valuable goods you have in the house. The premium for gold might be expensive but it is still worth of insure.

 

[Wisdom01]

@Wisdom01 yes the gold worth your name against theft. People can come into your house locate the place where you put the jewelries and gotten away with the gold and diamond with other valuable goods you have in the house. The premium for gold might be expensive but it is still worth of insure.

Yeah it's expensive depending on the quantity of gold you have with you ,if you have a high amount of gold that's worth more ,you might likely pay more when insuring the gold you are willing to insure and have more cover for the risk , so insuring gold is worth it ,just go for a legit insurance company to insure your gold

 

[Alexandoy]

First off, I wonder if it is really true that Bitcoin is backed by gold. This is the first time that I've heard about it. Secondly, the title may be hypothetical because insurance is taken for something that can be damaged or can be gone. If you have a gold ingot, what is the reason for insuring your gold? That is very lame.