Home Insurance FAQs

What are the losses/ perils covered under this policy?


Home insurance covers the following fire and special perils:

  • Fire
  • Lightening
  • Explosion/Implosion
  • Aircraft Damage
  • Impact Damage
  • Riot, Strike, Malicious and Terrorism Damage
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
  • Subsidence and Landslide including Rockslide
  • Bursting and/or overflowing of water tanks, apparatus and pipes
  • Missile Testing Operations
  • Leakage from Automatic Sprinkler Installation
  • Bush Fire
  • Man- made Calamities
  • Burglary & Theft
  • Optional Cover for Terrorism
  • Optional Cover for "Additional rent for Alternate Accommodation"

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.

I live on rent, why would I require insurance?


We have an option to cover the contents of your home. Our comprehensive home insurance policy covers

  • Household appliances
  • Jewellery
  • Furniture and fixtures
  • Personal items against fire and allied perils

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.

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




The structure of your home is insured as per the re-instatement value. The policy covers the losses to the structure of your home due to any natural and man-made calamities.

The following fire and special perils are covered:

  • Fire
  • Riot, strike & malicious damage
  • Explosion & implosion
  • Lightning
  • Storm, cyclone, tempest, tornado, hurricane, flood & inundation
  • Damage due to impact by vehicles
  • Missile testing operation
  • Subsidence, landslides and rockslides
  • Leakage from automatic Sprinkler installations
  • Aircraft damage
  • Bursting and/or overflowing of water tanks, apparatus and pipes
 

Optional covers:

Please confirm whether the below-mentioned covers are optional covers.

Terrorism cover: Covers any damages and losses to the structure of your home due to acts of terrorism. Please note that the Terrorism Cover is an optional cover and the coverage is valid for the first year only.

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 you against the additional rent.

The maximum coverage is up to Rs.1,00,000 for up to 6 months. The cover is available only if you are insuring the structure of your home.

What are the exclusions of this policy?


In home insurance policy, the structure of your home is insured for its reconstruction value (and not for market value). This value is the cost incurred to reconstruct the home if it is damaged. On the other hand, market value of your home is a combination of cost of land, demand & supply scenario, etc.

The sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet, e.g. if your built up area of your home is 1000 sq. feet and the construction rate is Rs.1800 per sq. feet, the sum insured for your home structure is Rs.18,00,000

The cost of construction can be increased to a maximum of Rs.2000 / sq. feet for the top 10 cities and to Rs.1800 / sq. feet for other cities.

What if I sell the property during the insured period?


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.

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


Documents required for filing a claim are:

  • Claim Form duly completed and signed
  • Photocopy of policy
  • Other evidence of event occurring, nature and extent of loss such as:
    • First Information Report
    • Fire Brigade Report
    • Estimate of the repairers
    • Rent Agreement
    • Transport details for baggage loss
    • Final Report from police
    • Copy of all invoices, price lists, repair estimates
 

Please note that this is an indicative list and some other documents may be required at the time of claim settlement.

Can we offer insurance for a building, which is 45 years old?


In case of burglary claims, amounts up to 75% of the claim payable (as assessed by its 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.

What is the policy start date for Home Insurance?


Maximum value of jewellery covered will be 25% of total contents or 1 Lakh whichever is lower. For more coverage kindly visit to our nearest branch.

Who can take the insurance?


Claim will be assessed on the basis of Surveyor Report, Claim documents and Policy Conditions

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


Insurance works on good faith. We as an insurance company trust our customers. Therefore, the specific & detailed listing of your contents is NOT always necessary when you buy Home Insurance from us.

Preserving the bills helps in faster claims settlement. In absence of bills, alternate evidence will be taken into consideration.

 

 

Disclaimer: For complete details on coverage, terms, conditions and exclusions, please read the policy document carefully concluding a sale.
ICICI Bank Limited ("ICICI Bank") is licensed by the IRDA to act as a Corporate Agent of ICICI Lombard General Insurance Company Limited, IRDA License No. - ILG 2470377. The contract of insurance will be between ICICI Lombard General Insurance Company Limited and the Insured, and not between ICICI Bank and the Insured. ICICI Bank is acting merely as the Corporate Agent of ICICI Lombard General Insurance Company Limited and there is no direct or indirect linkage between the provisions of the banking services offered by ICICI Bank and your usage of the product or participation in the scheme offered by ICICI Lombard General Insurance Company Limited. Your participation in this product is purely on a voluntary basis. ICICI Bank is not liable or responsible for any claim, dispute, liability, loss or shortfall resulting from the scheme. This policy is brought to you from ICICI Lombard General Insurance Company Limited.
Insurance is the subject matter of solicitation
Insurance Underwritten by ICICI Lombard General Insurance Company Limited.

If I rent out my house will my tenants be also covered under Home Insurance?


The person who is the rightful owner can take an 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 their contents separately.

If my AC is damaged or is out of order due to a technical issue, is it covered in the policy?


If the damage is caused due to the action of insured perils then it will be covered under the policy.

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.

If I carry my valuables outside my premises and the valuables are burgled on the way, is the burglary covered?


No. Any burglary taking place outside your premises or when your items are outside your premises is not covered under the insurance policy. This is because this is a premises insurance policy and all covers are linked to the insured property inside your premises.

If my servant is involved in the burglary, is the loss covered?


There are no documents required if you opt for a policy online. You need to fill requested details to opt for the policy.

What are the documents required to buy a home insurance cover?


There are no documents required if you opt for a policy online. You need to fill requested details to opt for the policy.

What is the structure of my home insured for?


The structure of your home is insured as per the re-instatement value. The policy covers losses to the structure of your home due to any natural and man-made calamities.

The calamities covered are:

  • Fire
  • Riot, strike and malicious damage
  • Explosion and implosion
  • Earthquake
  • Lightning
  • Storm, cyclone, tempest, tornado, hurricane, flood and inundation
  • Damage due to impact by vehicles
  • Missile testing operation
  • Subsidence, landslides and rockslides
  • Leakage from automatic Sprinkler installations
  • Aircraft damage
  • Bursting and/or overflowing of water tanks, apparatus and pipes

Optional covers: 

Terrorism cover: Covers any damages and losses to the structure of your home due to acts of terrorism. Please note that the Terrorism Cover is an optional cover and the coverage is valid for the first year only. 

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 you against the additional rent.

The maximum coverage is up to ₹1,00,000 for 6 months. The cover is available only if you are insuring the structure of your home.

What are the contents insured for?


The structure of your home is insured as per the re-instatement value. The policy covers losses to the structure of your home due to any natural and man-made calamities.

The calamities covered are:

  • Fire
  • Riot, strike and malicious damage
  • Explosion and implosion
  • Earthquake
  • Lightning
  • Storm, cyclone, tempest, tornado, hurricane, flood and inundation
  • Damage due to impact by vehicles
  • Missile testing operation
  • Subsidence, landslides and rockslides
  • Leakage from automatic Sprinkler installations
  • Aircraft damage
  • Bursting and/or overflowing of water tanks, apparatus and pipes

Burglary and Theft cover (only for contents): The contents of your home are 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.

Optional covers:

Terrorism cover: Covers any damages and losses to the contents of your home due to acts of terrorism. Please note that the Terrorism Cover is an optional cover and the coverage is valid for the first year only.

How do I calculate the value of the structure?


In home insurance policy, the structure of your home is insured for its reconstruction value (and not for the market value). This value is the cost incurred to reconstruct the home if it is damaged. On the other hand, market value of your home is a combination of cost of land, demand and supply scenario, etc. 

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 ₹1800 per sq. feet, the sum insured for your home structure is ₹18,00,000 

How do I calculate the value of contents?


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.

What are the different modes of payment?


You can make secure premium payments with your VISA, MasterCard or AMEX Credit Card.

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.

How do I register a claim?


You may register your claim by calling our 24-hour Customer Care on 1800-2666.

What are the documents required for filing a claim?


The following are the basic documents required for filing a claim:

  • Duly filled and completed Claim form
  • Policy Copy
  • Invoices of supplier
  • Final bills of repairers
  • FIR, Investigation report of police, if required
  • Any other documents requested by surveyor or claims manager

What do I do in case of a burglary claim?


In case of burglary claims, surveyor assesses the loss and basis surveyor report and FIR claims would be settled.

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.

How will you assess a claim?


  • On providing the relevant information, including your policy details and claim details, your claim request is authenticated and is escalated to the company's claim department
  • The claim department validates and registers the request. A surveyor is appointed within 48 hours
  • The surveyor submits the Final Survey Report (FSR) along with the documents within 7 days
  • On approval of the claim, a letter is sent to you giving the approved amount of settlement along with the discharge voucher
  • The payment cheque is released on receipt of the signed discharge voucher

Why a list of items is not required?


Insurance works on good faith. We as an insurance company trust our customers. Therefore, the specific and detailed listing of your contents is not always necessary when you buy home insurance from us. However, preserving the bills helps in faster claims settlement. In the absence of bills, alternate evidence will be taken into consideration.

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.