ICICI Lombard Home Insurance

Structure Cover:

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.

Contents Cover:

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:

1. Fire
2. Impact damage
3. Lightning
4. Aircraft damage
5. Explosion or implosion
6. Storm
7. Cyclone
8. Damages caused due to missile testing
9. Earthquake
10. Bush fire
11. Riots/strikes/terrorism damage
12. Bursting or overflowing of water tanks/dams/pipes
13. Hurricane/flood
14. Landslide

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.

Exclusions:

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:

1. Damages done deliberately to the property
2. Theft
3. Losses or damages caused by wars and other perils.
4. Losses or damages caused by general wear and tear.
5. Losses sustained when the property has not been occupied for more than 30 days, without any intimation to ICICI Lombard.
6. Cash /Paintings / Works of Art / Antiques / Bullion / Mobile Phones / Laptops
7. Losses caused due to electrical disturbances.
8. Seepage
9. Electrical or Mechanical Breakdowns
10. Any loss or damage caused by the insured’s domestic staff or in an attempted burglary
11. 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:

1. Filled-in claim form
2. Copy of ICICI Lombard home insurance policy
3. FIR Copy
4. Final Report from the police
5. Copy of Invoices / Price Lists / Repair Estimates