Buying or building a home is a dream to many in India. It is not just an investment but a milestone and a status symbol. People save for years to make this dream a reality. There are many man-made and natural calamities that can ruin the condition of your home, if proper care is not given. That’s exactly why your home and the stuff in it needs constant care and protection.
Many homeowners in India spend lakhs or even millions to build their homes but think twice when it comes to buying a comprehensive home insurance plan. An all-inclusive home insurance plan with an extensive coverage protects your home and the contents thereof. ICICI Lombard home insurance plan is an ideal solution for people who are want to protect their home. Apart from offering zero home loan liability to the policyholder, this plan also provides complete financial assistance with timely playouts.
Features and Benefits of ICICI Lombard Home Insurance:
ICICI Lombard is one of the comprehensive home insurance plans available in India. It is not only affordable but very convenient to purchase. ICICI Lombard offers two options to homeowners looking for an all-inclusive home insurance. Customers can either choose to buy a structure cover plan or contents cover plan. These plans are applicable for homes aged up to 50 years. Individuals can opt for either of the covers or can take both for a more comprehensive coverage for up to a period of 5 years.
As the name suggests, structure cover plan protects the entire structure of the home. The coverage will be extended up to 10 years, during which compensation will be provided for damages to the home structure caused by the various types of disasters which will be mentioned in the policy document. This plan covers fittings, fixtures, walls, sheds, gates, fitted kitchens, built-in wardrobes, etc. Homeowners who have taken a home loan can be benefited by availing this type of cover for their new homes. The sum insured for this type of cover is calculated based on the cost that would be incurred if the insured property was to be rebuilt today. The sum insured or the reinstatement value is not a resultant of the market value of the house but the reconstruction cost.
The content coverage part of an ICICI Lombard home insurance plan offers protection to household contents like furniture, home appliances, electronic gadgets, jewellery and other personal belongings against burglary, fire, flood and accidental damages for up to 5 years. This cover can be taken by tenants and students residing in a rented property and individuals owning a lot of valuable items. The contents cover can also be extended at extra costs on personal belongings carried while travelling. Here, the sum insured or the market value for household contents is determined by deducting the depreciation value from the market value of the items.
Both structure cover and contents cover pays for expenses incurred due to many natural calamities like:
- Impact damage
- Aircraft damage
- Explosion or implosion
- Damages caused due to missile testing
- Bush fire
- Riots/strikes/terrorism damage
- Bursting or overflowing of water tanks/dams/pipes
Optional Covers offered by ICICI Lombard:
With a structure or content home insurance plan, customers can choose to buy optional covers to add extra protection to their home. Some of the optional covers offered by ICICI Lombard are as follows:
Alternative accommodation: This is an optional cover homeowners can buy at their own interest. If a homeowner opts for alternative accommodation cover, compensation will be provided if they are staying out while their home is being refurbished. The coverage amount can be extended up to Rs 1, 00,000 for up to 6 months. Please note that this add-on cover is available for customers who buy the structure cover home insurance plan.
Terrorism cover: This cover reimburses the cost of damages done due to acts of terrorism. People who live in places where terrorism exists can choose this cover to be on the safer side.
Though ICICI Lombard home insurance plan is comprehensive and offers great protection to one’s home, it has some exclusions. Listed below are some of the exclusions under the plan:
- Damages done deliberately to the property
- Losses or damages caused by wars and other perils.
- Losses or damages caused by general wear and tear.
- Losses sustained when the property has not been occupied for more than 30 days, without any intimation to ICICI Lombard.
- Cash /Paintings / Works of Art / Antiques / Bullion / Mobile Phones / Laptops
- Losses caused due to electrical disturbances.
- Electrical or Mechanical Breakdowns
- Any loss or damage caused by the insured’s domestic staff or in an attempted burglary
- Any loss or damage to any property that is illegally acquired
How do I Submit a Claim?
Customers can initiate claims by registering at the 24/7 toll free helpline and provide all the required information. Details regarding the policy and the accident need to be reported while making a claim. After the claim is authenticated by ICICI Lombard, it is sent for further processing to the claims department. This department verifies and registers the claim request and a surveyor is appointed within 48 hours. After the required documents have been submitted to the surveyor, the Final Survey Report is given within 7 days. ICICI Lombard processes claims within a period of 7 days after receiving all the documents.
Documents Required for making a Claim:
- Filled-in claim form
- Copy of ICICI Lombard home insurance policy
- FIR Copy
- Final Report from the police
- Copy of Invoices / Price Lists / Repair Estimates
Frequently Asked Questions (FAQs):
- How do I renew my ICICI Lombard home insurance policy?
Customers have the option of renewing their existing home insurance policies by visiting the nearest branch office. They can also do renewals online on ICICI Lombard’s website.
- How is my property and its contents evaluated while availing home insurance?
Your home structure is evaluated according to the home area multiplied by the rate of construction per sq.ft on the date the policy was taken. Home contents are evaluated based on their market value.
- What happens when an insured property is sold?
When an insured property is sold, the policyholder can cancel the home insurance policy and get back the premium that has been paid.
- Do I require home insurance if I am living on rent?
Yes, you can take home insurance for the household contents in your rented property.
- What are the documents required to be submitted while buying home insurance from ICICI Lombard?
Customers need to submit only the filled-in proposal form while buying the policy.
- How is the sum insured calculated for my home insurance?
The sum insured will be calculated by multiplying the built-in area of your home with the construction rate per sq.ft.
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News About ICICI Lombard Home Insurance
A survey shows that 93% participants do not have a home insurance policy
As per a recent survey conducted by ICICI Lombard, about 93 percent of participants responded saying that they do not own a home insurance policy. The surprising part is that that 62 percent of those who participated in the survey are aware of the advantages of a home insurance policy.
It has also been stated that most home owners do not feel that getting a home insurance is even required and 59 percent admitted that if the premium amount was lower and claims process, then they would have bought a home insurance policy.
10th March 2016