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 are the exclusions of this policy?

Its 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 ICICI Lombard.
  • Any loss or damage to any property that is illegally acquired, kept, stored which is subject to forfeiture.

For complete details, please read the Policy Wordings.

What if I sell the property during the insured period?

You can cancel the policy and get the premium back on pro-rata basis.

What are the exceptions against cover within the purview of the Home Insurance Policy?

Under the Home 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

What is the structure insured for?

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.

How to calculate value of structure?

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.

How to calculate 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 documents required for filing a claim?

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.

What do I do in case of a burglary claim?

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.

How is the value of jewellery calculated?

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.

How will you assess a claim?

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

Why a list of items is not required?

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.
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Insurance Underwritten by ICICI Lombard General Insurance Company Limited.