Home Insurance

About Policy
ICICI Lombard’s Home Insurance policy secures the structure as well as the contents of your home against natural and man-made disasters. Secure your most prized possession against terrorist activities by opting for a Terrorism Cover.

Covering not just the structure but also the contents of your home.

  • Avail 15% discount on a 3 year policy and 25% discount on 5 year policy.
  • Opt for alternate covers for terrorism and additional expenses of rent for alternate accommodation.
  • Avail equal monthly installments (EMI) without any extra charges

You can choose to buy insurance for only the building (structure) of your home, or only the contents (belongings) or both.
The policy covers the losses to the structure and contents of your home due to any natural and man made calamities.

  • The calamities covered are:
    - Fire
    - Riot, strike & malicious damage
    - Explosion & implosion
    - Earthquake
    - 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
  • 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 larceny and 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 Rs. 1 lakh, whichever is lower.
  • Optional covers:
    Terrorism cover – Covers any damages and losses to the structure as well as the contents of your home due to acts of terrorism.
    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 lakh for up to 6 months. The cover is available only if you are insuring the structure of your home

How to calculate the sum insured for:
Home Structure:
The policy insures the structure of your home for its reconstruction value (and not for market value). (Reconstruction value is defined as the cost incurred to reconstruct the home if it is damaged. Market value is a combination of cost of land, demand & supply scenario, etc.)
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 Rs. 800 per sq. feet, the sum insured for your home structure is Rs. 8,00,000.
We recommend the rate of construction for your location when you are buying online. However, this value can be revised appropriately if expensive material – like marble flooring, etc. – has been used. If your home has a lawn / garden surrounded by a perimeter wall, the construction rate can be revised to include the cost of construction of this wall.

City Category Construction Cost
Large Cities like: Mumbai, Bangalore, Pune, New Delhi, Hyderabad, Gurgaon, Noida, Kolkata, Ghaziabad) Rs. 1800
Mid-Sized Cities & other Cities Rs. 1500

Home Contents:
The content of your home is to be valued on market value basis i.e. the current market value of similar items after depreciation. NOTE – Depreciation does not apply for jewellery.

Policy Exclusions.

  • Willful destruction of property.
  • Loss, damage and destruction caused by war, wear and tear, atmospheric conditions etc.
  • Losses if your home has been unoccupied for more than 30 days.
  • Cash, bullion, painting, works of art and antiques.
  • Loss to the structure and / or contents of your home due to acts of terrorism. (If terrorism cover is not opted for)

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