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Introduction | Key Benefits | What is Covered | Claims Process | What is not covered | FAQ |
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Introduction
Protect your single largest investment
Insure your home and its contents against natural calamities like fire, earthquake, flood, gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary.
- Structure
An ideal cover for a Homeowner’s to protect the structure of the Home i.e. walls, roof and flooring. In case you have given the house on rent then this cover is all the more important for you. This insurance cover protects your home structure against any damages by the perils covered by paying for the repair / remake of your home structure.
- Content
This cover is ideally suited for individuals staying on rent who do not own the property but own the contents inside the house. The contents cover can include consumer durables, furniture & fitting, jewelry and other special items like utensils, clothing etc. The contents are covered against the perils listed below and also against burglary.
- Structure & Content
This cover is ideally suited for individuals having their own Home and owns the contents in the home. The contents cover can include consumer durables, furniture & fitting, jewelry and other special items like utensils, clothing etc. The contents are covered against the perils listed below and also against burglary. The structure cover protects your home structure against any damages by the perils covered by paying for the repair / remake of your home structure.
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| Key Benefits
Discount
Avail discount on buying a Home Insurance:
- 25% discount on a 5-year cover
- 15% on a 3-year cover
Advance Payment
In case of a huge claim, you can avail advance payment before the final claim is settled.
Home Loan
Financial institutions prefer to provide home loans to people who have home insurance, as the safety level of such homes is much higher.
Alternate Covers
A Home Insurance cover allows you to avail an optional cover for alternative rent & Terrorism cover.
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| What is covered?
Coverage
For both structure and contents a. The Fire and Special Perils Cover
This is a comprehensive packaged cover that covers damages to the structure of your home due to
- Fire
- Storm, tempest, flood & inundation
- Riot, strike & malicious damage
- Lightning
- Explosion & implosion
- Aircraft damage
- Damage due to impact by vehicles
- Subsidence, landslides and rockslides
- Bursting and/or overflowing of water tanks, apparatus and pipes
- Missile testing operation
- Leakage from automatic Sprinkler installations
- Bush fire
b. Earthquake Cover
Covers damages to the structure of your house due to earthquake
The extensions that are offered:
- Terrorism Cover – Covers damages to the structure of your house due to acts of terrorism.
This cover should be taken by people who own a house / bungalow / villa / row-house of their own. If you own / rent a flat, this cover can be availed of, but ideally the society should be taking this cover for the entire building.
The insurance cover is only for the cost of constructing the building. And compensation will also be given by the insurance company for the same.
The sum insured is calculated by multiplying your home area by the construction rate per sq. feet.
Thus, if your home is 1000 sq. feet and the construction rate per sq. feet is Rs. 800/-, then the sum insured for your home’s building structure is Rs. 8,00,000/-.
The premium for the same would be the rate per lac multiplied by the sum insured. The claims amount would also be calculated in the same manner.
For contents
The Fire and Specials Perils Cover
This is a comprehensive packaged cover that covers damages to the structure of your home due to:
- Fire
- Storm, tempest, flood & inundation
- Riot, strike & malicious damage
- Lightning
- Explosion & implosion
- Aircraft damage
- Damage due to impact by vehicles
- Subsidence, landslides and rockslides
- Bursting and/or overflowing of water tanks, apparatus and pipes
- Missile testing operation
- Leakage from automatic Sprinkler installations
- Bush fire
Earthquake Cover
Covers damages to the structure of your house due to earthquake
- Burglary
- Loss / damage to contents due to burglary or an attempted burglary
- Loss of jewelry, gold ornaments, silver articles and precious stones kept under lock & key
All the contents are covered on the market value of the items. This means that if there is a loss, the claim would be paid on the value of purchasing a similar new item, minus depreciation.
The limit for the value that jewelry can be covered is 25% of the chosen sum insured or Rs 1 lac, whichever is lower. Thus, if you have chosen a sum insured of Rs. 3 Lacs, then the value of jewelry that can be covered is Rs. 75,000/- and if you have chosen a sum insured of Rs.6 lacs your jewelry can be covered only for Rs.1 lac even though 25% of your sum insured comes to Rs.1.5 lacs. |
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Claim Process:
- Inform the call center with policy details. Click here for the call center numbers
- Provide relevant information, which includes your policy details and your personal details. Consequently, your claim request is authenticated and is escalated to the company's operations department
- Company's operations department validates and registers the request. They appoint a surveyor within 48 hours.
- The surveyor inspects the site and submits an Initial Loss Advice (ILA) within 24 hours after the survey.
- The insured submits all the relevant documents to the surveyor. The surveyor submits the Final Survey Report (FSR) along with the documents within 7 days.
- If surveyor is not appointed, the company's operations department sends a letter of requirement for submitting documents to the insured within 24 hours of claim intimation.
- On receipt of documents, the operations department processes the claim within 7 days. On approval of the claim, a letter is send to the insured giving the approved amount of settlement along with the discharge voucher.
- Payment cheque is released on receipt of the signed discharge voucher.
Documents required to settle the claim: (If available)
- Duly completed and signed claim form
- Copy of FIR
- Final Report from police
- Copy of all invoices, price lists
- Letter of Indemnity from Insured
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What is Not Covered
- Wilful destruction of property
- Loss, damage and destruction caused by war, wear and tear, atmospheric conditions etc.
- Losses if your home has been unoccupied for more than 30 days.
- Cash, bullion, painting, works of art and antiques
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FAQ's
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What are the losses/ perils covered under this policy?
Home Insurance covers natural and man-made calamities.
- Fire
- Earthquake
- Lightning
- Floods
- Explosion of gas cylinder
- Spread of Fire due to short-circuit
- Riot, Strike, Malicious damage
- Aircraft laws
- Impact from rail/ road vehicles
- Storm, Cyclone, Flood
- Landslide
- Burglary
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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 Rs. 800/-, then the sum insured for your home’s building structure is
Rs. 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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I live on rent, why would I require insurance?
We have an option to cover your Contents. Our comprehensive Home Insurance policy covers your:
- Household appliances
- Jewellery
- Furniture & fixtures
- Personal items at your home.
- Against fire and allied perils like earthquake, terrorism and burglary. |
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Is my home insured if my wife uses a part of it (room) for conducting coaching classes?
No. Home used for business purposes are not covered. |
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What are the exclusions of this policy?
The company is not liable to make payment for:
- Any loss or damage by the insured and/ or insured’s 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 insured’s home is unoccupied, for a period of more than 30 days consecutively and if the insured failed to inform the company about the same. |
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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 premium in case of Home Insurance. Fire Extinguishing Allowance [FEA] is applicable for the entire building that the society can take. |
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| What if I sell the property during the insured period?
You have two options while selling your property during the insured period:
- You can transfer the policy to the person to whom the policy is sold by you.
- Or cancel the policy and get the premium back on pro- rata basis. |
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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 case-to-case basis. |
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| If parents/ in-laws live in the same house are their possessions also covered?
The person with Insurable Interest can insure an asset. However the insured can declare the possessions as ‘goods held in trust’ and take insurance for them. |
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| 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 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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If I rent out my house will my tenants be also covered under Home Insurance?
The person who is the rightful owner can take Insurance Cover for an asset. If you own the building, you will have to take Building Insurance for the Civil Structure. In case your tenants want to insure their belongings, they have to buy insurance for the Contents separately. |
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| If my AC is damaged or is out of order due to the usual technical process, is it covered in the policy?
The admissibility of the claim will depend on the home insurance product issued to the said customer. In case there is no coverage for mechanical and electrical breakdown the loss to the AC will not be covered. Only if the damage is caused due to the action of insured perils in that specific policy will the cover be extended. |
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If losses are incurred due to an incident like the garden catching fire and spreading to the premises. Will it be covered?
Yes, the spread of fire to the insured premises is covered but the fire should not be a deliberate action of the insured. |
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If the insured carries his valuables outside his premises and the valuables are burgled the way, is the burglary covered?
No. Any burglary taking place outside the insured’s premises or when the insured items are outside the insured’s premises is not covered under the insurance policy. This is because this is a premises insurance policy and all coves are linked to the insured property inside the insured’s premises. |
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If the insured’s servant is involved in the burglary, is the loss covered?
No. Any loss or damage caused due to burglary or attempted burglary where the insured servants are involved is not covered under the policy. |
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What are the exceptions against cover within the purview of the Householder's Insurance Policy?
Under Section 1 (B) the Householder's Insurance policy, any loss or damage suffered to the following is treated as an exception and cannot be claimed.
- Consumable articles
- Money/ Securities/ Stamps/ Stamp collection
- Bullion and Livestock
- Motor vehicles and Pedal cycle
- Deeds/ Bonds/ Bills of exchange/ promissory notes/ Shares
- Books/ Manuscripts
- Loose precious stones, Jewellery and valuables |
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| How do we get the valuation done of our property?
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. |
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What happens if a house is sold?
If the new owner of the house wants to continue the cover, we might issue an endorsement on the name of the insured and pass the policy in the name of the current owner of the house. |
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| How do you differentiate between riots and terrorism cover in case of Home policy?
- Riot refers to the violent disturbance of the public peace by three or more persons assembled for a common purpose.
- Terrorism/Terrorist activity means use of force or violence harming human life or property, with the objective of pursuing personal or vested interests |
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What are the documents required to buy a home insurance cover?
While buying the policy, you only have to fill the proposal form. |
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| On what basis are the structure and contents insured?
The structure of your home is insured as per the re-instatement value and the Contents are insured as per the market value |
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| Do I get any additional benefit if I switch to or renew my policy with ICICI Lombard?
When you buy Home Insurance from ICICI Lombard you:
- Receive long term discounts up to 25% on a 5-year policy and 15% discount on a 3-year policy
- Fast customer service and claims services
- Benefit from multiple payment options; credit card, net banking, Cheque, DD. |
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ICICI Lombard General Insurance
Company Limited. Insurance is the subject matter of
solicitation. Misc
13. |
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