ICICI Lombard Home Insurance

Building or buying a home is a dream of many people in India. People save for years to achieve their dreams. However, there are many human-made and natural calamities which can ruin your home, if the home isn't taken care of properly.

In India house, owners spend millions to build their homes but think twice before buying a comprehensive home insurance plan. A comprehensive coverage plan can offer protection against unforeseen incidents. ICICI Lombard home insurance plan is an excellent solution for customers who wish to protect their home from any loss/damages. Apart from providing zero home loan liability to the policyholder, this plan also offers complete financial assistance to the customer.

Benefits and Features of ICICI Lombard Home Insurance

ICICI Lombard home insurance is a comprehensive home insurance plan available in India. It is affordable and can be purchased by following a few easy steps. ICICI Lombard gives two options to its customers who are looking for comprehensive home insurance. Customers can either buy a structural cover plan or a contents coverage plan. These plans are applicable for homes that are up to 50 years old. Customers can opt for one of the covers or take both the covers for a tenure of five years.

Structure Cover

Structure cover plan guards the entire structure of the home. The coverage is extended up to 10 years, during which the compensation is provided for damages/losses to the structure of the building caused by the different types of disasters which are mentioned in the policy document. This plan covers fixtures, walls, fittings, sheds, gates, built-in wardrobes, fitted kitchens, etc. Customers who have taken a home loan can be benefited by acquiring this type of cover for their new buildings. The sum insured for this cover is estimated based on the cost that'll be incurred if the building would be built on the same day. The reinstatement value is not the result of the market value of the house but the cost of reconstruction.

Contents Cover

The content coverage portion of an ICICI Lombard home insurance plan protects household contents such as furniture, home appliances, electronic gadgets, jewelry, and other personal belongings against accidental damages for a tenure of 5 years. This cover can be acquired by tenants and students living in rented properties as well. The contents coverage offered by ICICI Lombard Home Insurance can be extended by paying an additional cost for the luggage carried while traveling. Here, the total sum insured or the market value for household contents is estimated by deducting the value of depreciation from the market value of the commodities.

Both structure and contents cover to pay for the expenses incurred due to natural and human-made calamities such as:

• Fire

• Impact damage

• Lightning

• Aircraft damage

• Explosion or implosion

• Storm

• Cyclone

• Damages caused due to missile testing

• Earthquake

• Bushfire

• damages due to riots, strikes or terrorist attacks

• Bursting/overflowing of water tanks/pipes/dams

• Hurricane

• Floods

• Landslide

Optional Covers offered by ICICI Lombard Home Insurance

Along with structure or content home insurance plan, customers can opt to buy optional or additional covers for extra protection to their homes. Some of the optional or additional covers offered by ICICI Lombard are described below:

Alternative accommodation

This is an optional cover which the homeowners can buy if they wish. If a homeowner selects the alternative accommodation cover, the insurance company offers compensation when they are staying in a different building when their insured home is being reconstructed. The coverage amount can be raised to Rs 1, 00,000 for a tenure of 6 months. You must note that this add-on cover is available for the customers who purchase the structure cover insurance plan.

Terrorism Cover

This cover refunds the damage costs which occur due to an act of terrorism. People who reside in terrorism-sensitive regions can opt for this additional cover to recover the loss/damages caused due to terrorist attacks.

Exclusions

Some of the exclusions under the plan are listed below:

• Damages/Loss due to the negligence of the owner or residents of the property

• Theft

• Losses/Damages caused due to wars

• Losses/Damages caused due to depreciation.

• Losses sustained by the property when it hasn't been occupied for more than 30 days, without any intimation to the insurer company

• Cash

• Paintings

• Artwork

• Antiques

• Bullion

• Cell Phones

• Laptops

• Losses caused due to electrical disruptions.

• Seepage

• Electrical or Mechanical Breakdowns

• Loss/Damage caused by the domestic staff of the insured

How Can I Submit a Claim?

Customers can initiate the claim process by registering with the toll-free helpline number and providing the necessary information. Details linked with the policy and the accident must be mentioned while registering a claim. After the claim is verified by ICICI Lombard, for further processing, it is forwarded to the claims department. The claims department verifies and records the claim request and an insurance surveyor is appointed within the next 48 hours. After the necessary documents have been submitted to the surveyor, the Final Survey Report is generated within 7 days. ICICI Lombard processes the claim within seven days after the documents have been submitted.

Documents Required for making a Claim

• Claim Form

• Copy of ICICI Lombard Home Insurance Policy

• Copy of FIR

• Copy of Invoices / Price Lists / Repair Receipts

Frequently Asked Questions (FAQs)

How Can I renew my ICICI Lombard home insurance policy?

You can visit the nearest ICICI Lombard branch or visit the official website of ICICI Lombard for renewing your home insurance policy.

How are the building and its contents evaluated while availing the home insurance policy?

• The structure of your house is evaluated based on the area of the building multiplied by the rate of construction.

• Contents of the building are estimated based on their market value.

What happens when I sell my insured property?

If you're selling your insured property, then you can cancel the home insurance policy and get back the total premium that you had paid.