Home Insurance Online: Buy House Insurance – ICICI Lombard #free #credit #reports

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Home Insurance

  • Comprehensive cover available, which covers both structure and / or contents of your home
  • Coverage up to 10 years for only structure, 5 years for only contents and 5 years for structure content
  • Cover against Fire and allied perils, Burglary Theft and Optional cover for Terrorism and Additional expenses of rent for alternative accommodation.

Sum Insured and Coverage

What is covered

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.

What is covered

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
  • Lightning
  • Impact Damage
  • Aircraft damage
  • Explosion / implosion
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
  • Riots, Strike, Malicious and Terrorism Damage(optional)
  • Subsidence and Landslide including Rockslide
  • Bursting and/or overflowing of water tanks, apparatus and pipes
  • Missile testing operations
  • Leakage from automatic sprinkler installations
  • Bush Fire
  • Earthquake

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 Rs. 1 Lac, whichever is lower.

Optional covers:

Terrorism Cover: Covers any damages and losses to the structure and / or 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 1 Lakh for up to 6 months. This cover is available only if you are insuring the structure of your home

What is not covered

  • Willful destruction of property.
  • Loss, damage and destruction caused by war, wear and tear etc.
  • Losses if your home has been unoccupied for more than 30 days,without prior notice to the company.
  • Cash, bullion, painting, works of art and antiques.

For more details, kindly refer to the Policy Wordings .

How to calculate the Sum Insured

The home insurance 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. On the other hand, market value is a combination of cost of land, demand supply scenario, etc.

How to calculate the Sum Insured

The home insurance 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. On the other hand 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 your 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 Lakh.

We recommend the rate of construction for few major cities when you are buying online. Click here to know the construction cost. However, this value can be revised appropriately if expensive material – like marble flooring, etc. – has been used in construction. If your home has lawn / garden surrounded by a perimeter wall, the construction rate can be revised to include the cost of construction of this wall in home structure sum insured.

Home Contents:

The contents of your home – furniture, durables, clothes, utensils, jewellery, etc. – are to be valued on market value basis i.e. the current market value of similar items after depreciation.





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