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Stay covered against natural calamities

Calamities come unannounced and can cause irreparable damage to your home and finances. With comprehensive home insurance, secure your home and its contents against natural calamities and stay rest assured.

7 reasons to buy ICICI Lombard Home Insurance

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    Protect your home from burglary, terrorism, theft, etc.

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    Cover your home against losses due to theft, burglary, terrorism, etc.

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    Don’t let fire accidents burn a hole in your pocket

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    Cover damages due to fire or allied perils

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    Think long term, get 50% discount

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    You get a massive 50% discount when you opt for a 10 year structure cover

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    Be prepared for unexpected calamities

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    Secure your home against natural calamities like earthquakes, floods, cyclones, storms, etc.

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    Enjoy a 25% discount when you insure your home contents

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    Protect your home content like electronics, furniture and avail 25% discount

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    Don’t let water damages stress you financially

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    Stay protected against water seepage and resultant damages

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    Be at peace, your treasured possessions are secured

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    Protect your jewellery with our All-Risk Cover and stay worry-free

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All About Home Insurance

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Home Insurance While Travelling – Expert Opinions


5 Reasons to buy A Home Insurance Policy in India

5 Reasons to buy A Home Insurance Policy in India

5 Reasons to buy A Home Insurance Policy in India
Descriptions- It takes years to build a house, where you create beautiful memories with your dear ones. So why not protect your haven with home insurance cover?

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Understand your home insurance policy coverage

Your policy covers:

  • Your home insurance policy gives you the option to buy insurance for only the building (structure) of your home, or only the content (belongings) of your home, or both.
  • The policy covers losses to the structure and content of your home, that might occur due to a number of natural and/or man-made calamities.

    The calamities covered are

    • Fire
    • Lightning
    • Impact damage
    • Aircraft damage
    • Explosion / implosion
    • Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation
    • Riots, strike, malicious and terrorism damage
    • Subsidence and landslide including rockslide
    • Bursting and/or overflowing of water tanks, apparatus and pipes
    • Missile testing operations
    • Leakage from automatic sprinkler installations
    • Bush fire
    • Earthquake
    • The content of your home is also covered against loss due to burglary or an attempted burglary / housebreaking including theft. It also covers loss of jewellery, silver articles and precious stones kept under lock and key, up to 25% of the total content sum insured or `1 lakh, whichever is lower.
  • In addition to the basic policy coverage, you can opt for useful add-on covers that add to your protection

      Additional expenses of rent for alternative accommodation:

    • If you are forced to shift into an alternative accommodation because your home is destroyed or damaged by any insured peril, the policy will cover your additional rent expenses.
    • The maximum coverage is upto ` 1 lakh, for upto 6 months. This cover is available only if you are insuring the structure of your home.

Refer to the Policy Wordings document to understand exactly what all your policy covers, so you can benefit from it better.

Your policy does not cover:

  • Willful destruction of property
  • Loss, damage and destruction caused by war, wear and tear etc.

Check the sum insured offered by your home insurance policy

When you are considering the value of your home for insuring the structure, you should remember that it is not determined by the market value, which is a combination of cost of land, demand and supply, etc. The value, called reconstruction value, is decided on the basis of how much it would cost you to reconstruct the house if it is damaged.

Insuring the structure of the home

  • The sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet, e.g. if the built up area of your home is 1000 sq. feet and the construction rate is `800 per sq. feet, the sum insured for your home structure is ` 8 lakhs.
  • We recommend the rate of construction for few major cities when you buy online; click here to know the construction cost. However, this value can be revised appropriately if expensive material – like marble flooring – has been used in construction. If your home has lawn / garden surrounded by a perimeter wall, the construction rate can be revised to include the cost of construction of this wall in the home structure sum insured.

Insuring the content of the home

  • The contents of your home – furniture, durables, clothes, utensils, jewellery, etc., is to be valued on market value basis, that is the current market value of similar items after depreciation.

Explore our simple, hassle-free claim process

In case of an unforeseen loss/damage to your home, be assured of complete assistance from us

  • When in an emergency, call us on our 24x7 toll free insurance helpline, 1800 2666, and leave the rest to us
  • Provide relevant information, which includes your policy and other details regarding your claim
  • We will then authenticate your claim request and escalate it to our claims department
  • Once our claims department validates and registers your request, we appoint a surveyor within 48 hours
  • You will then need to submit all the relevant documents to the surveyor, after which the surveyor submits the Final Survey Report (FSR), along with the documents, within 7 days
  • On receipt of the documents, our claims department processes the claim within 7 days

To make your claim settlement process faster and simpler, follow this checklist of documents

  • Duly completed and signed claim form
  • Photocopy of policy
  • Copy of FIR
  • Final report from police
  • Copy of all invoices, price lists, and repair estimates

Please note that this is an indicative list and some other documents may be required at the time of claim settlement. If you wish to make a claim, download the Home Claim Form.

Get answers to common queries about ​Home Insurance

  • GENERAL
  • COVER
  • PREMIUM
  • CLAIMS
  • POLICY
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How can you renew your home insurance policy?

You can renew your policy by visiting the nearest branch. Alternatively, you can also visit icicilombard.com and renew your home insurance policy instantly.

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What is the procedure for assessing the value of my home structure and its contents?

The value of your home structure is assessed as per the area of your home multiplied by the rate of construction per. sq. feet, as on the date of taking the policy. For example, if your home is 1000 sq. feet and the construction rate per sq. feet is ` 800/-, then the sum insured for your home’s building structure is ` 8,00,000.
On the other hand, the contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation for the usage.

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Is my home insured if my wife uses a part of it (room) for conducting coaching classes?

No. Homes used for business purposes are not covered.

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I live in a building insured by my society. Would I need to take additional insurance?

The insurance that your society provides may offer you a limited cover and generally includes only structure and not contents. You could consider home content insurance cover for your belongings if the building structure of your house is insured by the society.

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Can the contents be covered in a building that is 45 years old?

We offer a cover for the buildings not more than 50 years old on a case-to-case basis.

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What is the Policy start date for Home Insurance?

The policy start date for home insurance will be 7 days from the online transaction date.

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Who can take the insurance?

The owner of the property (dwelling and contents) with insurable interest can insure an asset. However, you can declare the possessions as 'goods held in trust' and take insurance for them.

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If I work out of my home, is my inventory and business property also covered?

The home insurance product is only for residential property. In case you use your home as your place of business also, you have to take Merchant Cover.

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If I take additional safety precautions like fire extinguishers, smoke alarms, sprinklers etc., will it reduce my premium amount?

Installing fire-extinguishing apparatus does not lower the premium in case of home insurance. Fire Extinguishing Allowance [FEA] is applicable for the entire building, which the society can take.

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What are the different modes of payment?

Now you can choose between 5 payment options to pay your premium online:
  • Credit Card: Make secure premium payment with your VISA, Master and AMEX card.
  • Net banking: Transfer premium amounts online through ICICI Bank and 9 other select banks
  • Bill Pay: Use your ICICI Bank Internet Banking account to pay your insurance premium
  • Debit Card: Just enter your Citibank Debit Card details to pay your insurance premium directly
  • Cash Card: Use your Done Card to make payment online.

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What do I do in case of a claim?

In case of a claim:

  • Inform the Call Centre with the policy details
  • The company authenticates the claim request
  • The surveyor is onsite within 48 hours
  • The surveyor submits a report to the company within 72 hours on returning from the site
  • The documents are processed by the company within 7 days
  • On approval, you will receive the payment

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What are the documents required for filing a claim?

The documents required for filing a claim are:

  • Claim Form of the company duly completed and signed
  • Other evidence of the event occurring, nature and extent of loss such as:
  1. First Information Report
  2. Fire Brigade Report
  3. Estimate of the repairers
  4. Rent Agreement
  5. Transport details for baggage loss

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What do I do in case of a burglary claim?

In case of burglary claims, amounts up to 75% of the claim payable (as assessed by the company appointed surveyor) will be paid on receipt of a copy of the first information report (FIR). The balance settlement will be made only on receiving the final police investigation report.

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How is the value of jewellery calculated?

The maximum value of jewellery covered will be 25% of the total contents or `1 Lakh, whichever is lower.

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What are the exclusions of this policy?

The company is not liable to make payment for:
  • Any loss or damage caused by you or your domestic staff direct or indirect involvement in an attempted burglary
  • Any loss or damage on account of loss of livestock, motor vehicles, pedal cycles, money, securities for money, stamp, bullion, deeds, bonds, bills of exchange, promissory notes, stock or share certificates, business books, manuscripts, documents of any kinds, ATM debit or credit cards, unless previously specifically declared by the company.
  • Any loss or damage to any property that is illegally acquired, kept, stored which is subject to forfeiture.
  • Any loss or damage occurring while your home is unoccupied for a period of more than 30 days consecutively and if you failed to inform the company about the same.

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What if I sell the property during the insured period?

You can cancel the policy and take the premium back.

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If three people share an apartment, can each one take a separate home insurance policy?

Yes, for their part of the asset.

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How do we get the valuation of our property done?

The contents are covered on market value i.e. the cost of buying a similar new item after deducting appropriate depreciation on the basis of the age of the item. This includes household appliances, furniture, jewellery, personal effects and miscellaneous items.

Review and Rating

1 review

Write a review
  1. Sachin Gupta | Feb 09, 2016
    4

    Good service, good guidance. Your team guided me step by step and all details of the product were explained in detail. Complete procedure done online, in continuation with a call.

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    “ICICI Lombard’s service is excellent and I am truly impressed. I had lodged a claim against my Home Insurance policy on 30 July and th... ”

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    “I am happy with the proactive and responsive customer support and how they advised me to solve the error while buying my home insurance policy. ”

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    ICICI Lombard General Insurance Company Ltd. is one of the largest private sector general insurance companies in India. We offer insurance coverage for motor, health, travel, home and others. Customers can buy or renew policies online with instant policy issuance.
    Trade logo displayed above belongs to ICICI Bank Ltd. and Northbridge Financial Corporation and is used by ICICI Lombard GIC Ltd. under license. The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale. ICICI Lombard General Insurance Company Limited, ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhi Vinayak Temple, Prabhadevi, Mumbai - 400025. Reg. No.115. Fax no - 022 61961323. CIN: U67200MH2000PLC129408.
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