As the saying goes “ Home Sweet Home” or " There is no place like home" and all these sayings are so very true as the home is one place where one cherishes and nurtures their dreams, a place where one share one life with near and dear ones. So protecting the home from all sorts of risks is necessary. ICICI Lombard insurance has Home Insurance Plans which protects the house from all kinds of risks.  It is a perfect resolution to invest in ICICI Lombard home insurance plans which offer extensive coverage for the house and the household contents. The plan provides absolute and complete financial assistance and support with timely pay-outs. An ICICI Lombard Home Insurance plan can be easily availed by homeowners at much affordable premium rates. If one wants to know the premium of his/her home insurance policy, he/she can use a home insurance calculator.

Why one should avail ICICI Lombard Home Insurance Plan?

One should avail Home Insurance Plans from ICICI Lombard Insurance Company; these can be summarized as follows:

• There are certain specific plans which give the benefit of renting. Moreover, an alternate accommodation is also applicable.
• The plans are absolutely cost efficient and has rebates too.
• Tailor made plans are there to choose.
• Coverage upto 10 years for structure and 5 years for contents and 5 years for structure and content.
• Instant Online Policy can be purchased.
• Upto 50% discount on insurance on structure.
• Upto 25% discount on insurance on contents.

What is Covered?

The plan offers two types of covers to the property, not less than 50 years for Structure Cover and Contents Cover.

Coverage against Fire altogether with certain specific Perils i) Building and ii) Contents.

Cover for the Structure

• Fire altogether with certain specific Perils under the plan :

The plan covers the loss or damage arising out of Fire and special perils. The structure of the house is insured as per the re-instatement value. The plan covers the losses to the construction which is caused due to natural and manmade eventualities which can be categorized as under:            

• Fire and lightening
• Riot, Strike and Malicious damage.
• Aircraft Damage
• Impact Damage
• Explosion and Implosion.
• Subsidence and Landslide and also rockslide.
• Natural calamities like, cyclone, storm, typhoon, , hurricane, tornado, flood, tempest and inundation
• Missile Testing Operation.
• Coverage for outflow or leak from mechanical set ups.
• Spilling over of Water Tanks, Apparatus and Pipes.
• Earthquake.

The plan has the following optional coverages:

• Terrorism Cover: It covers the loss or damage arises due to terrorism which is only valid for the first year.
• Additional rent expenses incurred for alternative accommodation: If an individual has to shift into an another alternative accommodation due to the insured home being damaged or destroyed, this home insurance plan will cover the loss or damage up to maximum of Rs 1 lakh for 6 months. However, this cover will be applicable only when the house is insured for the structure.
• The Property or the Building value is calculated on the reinstatement basis which is its reconstruction value and not the market value. The following points are to be considered for calculating the Sum Insured:
• The built up area of the house needs to be multiplied with the current construction cost per square foot.
• The cost of land to be excluded from the calculation of the Sum Insured.
• The cost of construction of any compound wall is to be taken into consideration.

An example can be taken: Mr Amitava Sen has a house with built up area of 1500 sq feet and the cost of  construction rate is Rs 1000 per square feet, then the sum insured will be Rs 1500000/-.

• If the house has been rented, the tenants also can insure the contents of the home which belongs to them. However, the plan will not cover the building against any loss as tenants are not the legal owners of the property or due to tenant’s negligence.
• If one sells the property, then one can cancel the policy and can get back the premium amount.

Content Insurance under the plan: The contents are insured as per the market value. The plan covers the losses to the contents of the insured home due to natural and manmade calamities.

The following calamities are covered:

• Fire and lightening
• Aircraft Damage
• Riot, strikes and Malacious Damage.
• Impact Damage.
• Implosion & Explosion
• Natural calamities like, cyclone, storm, typhoon, , hurricane, tornado, flood, tempest and inundation
• Subsidence and Landslide and also rockslide.
• Coverage for outflow or leak from mechanical set ups.
• Projectile test procedure.
• Spilling over of Water Tanks, Apparatus and Pipes.

The contents are covered 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, upto 25% of the total content sum assured or Rs 1 lakh, whichever is lower.

An optional cover includes terrorism cover and is valid for the first year only.

Calculation of Value of Structure and Contents

Under home insurance plan, the structure of home is insured on the reconstruction value and not on its market value which means the value is the cost or the expenses incurred to reconstruct the house or the building if the same is damaged. Here the sum insured is calculated by multiplying the built up area of the house with the rate of construction per sq feet for example if the built up area of the house is 1500 sq. feet  and construction rate is Rs 1000/ sq feet , then the sum insured is Rs 1500000/-.

The contents, on the other side are assessed on the market value of the objects. Depreciation will be taken into consideration while calculating the value as well.

Some Important Points to Note

Tenants can also continue to have insurance but only for its contents as they have legal rights only for their own contents and not certainly for the building or the structure. Hence, the comprehensive Home Insurance plan can cover their household appliances, jewellery, furniture and fixtures, personal items at home against fire and allied perils.

One can get the premium back if one decides to sell off the property during the policy tenure.

The Basic Exclusions of the Policy:

This plan does not allow any indemnity claim under the following situations:

This policy has the basic exclusions of:

• Each claim can have a 5% exclusion upto Rs 10,000 maximum which is classified as loss due to “Act of God” or natural calamities like earthquake, lightening, etc.
• However, the initial amount of Rs 10,000 in case of every claim due to some other peril due to which the insured individual is indemnified in this plan.
• The plan excludes the loss and damage arising due to war declared or not, attack, warfare, foreign attacks, civil riots.
•  Exclusion of any loss, damage and destruction caused directly or indirectly to the property which has been insured by nuclear rays or infectivity or by radioactivity from any nuclear gas or similar explosive material.
• The plan excludes the loss as well as the damage caused to the property of the insured caused due to effluence.
• The plan excludes the loss, damage and destruction to stock in cold storage premises which is caused due to amendment in temperature.
• The plan excludes the  damage and destruction to the precious items of curios and work of art to the tune of  Rs 10000/- above,  stamp collection , guns, coins, plans,  securities, books of accounts, cheque book,  if not the same has been expressly mentioned in the plan.
• The plan excludes the loss and damage caused to any electrical apparatus or fitting which arises out of overflow, more pressure, more heat, electrical short circuit.
• Expenses incurred for Architects, Surveyors, and Consulting Engineer’s fees and debris removal by the insured following the loss in excess of 3% and 1% of the claim amount.
• The plan excludes the loss by theft throughout or following the incident of any of the insured perils other than as mentioned like riot, strike and malicious damage.
• The plan does exclude the loss of wages or any other major or indirect loss and damage of any type.
• The plan excludes the loss or damage to the property insured if removed to any building or place other than in which it is  other than for machinery and equipment for the time being removed for clean-up , revamp, renovation for less than 60 days.
• Loss or damage due to volcanic activity/ earthquake, volcanic explosion or other paroxysm of environment.

Eligibility

All owners of any property can opt for a Home Insurance Policy as they have insurable interest to insure the property as the loss of the same would affect them financially.

Methods of Payment for this Plan

Below are the some ways how one can make payment:

• Credit Card.
• Bill Pay.
• Net Banking.
• Cash Card.
• Debit Card.

Home Insurance Claim Process

There are two ways of Home Insurance Claim process which are as follows:

• One need to call at the customer care has to be informed in case of claims.
• The insurance companies validate/authenticates the claim request.
• Within 48 hours of reporting, a company appointed Surveyor visits the place.
• The Surveyor then furnishes a full report to the insurance company within 72 hours on returning from the incident place.

The documents are processed within 7 working days. The following documents are needed for the same:

• Duly filed claim form.
• Other evidence of the incident, nature of incident and the extent off loss  which includes
• FIR.
• Fire Brigade Report
• Estimate of the repairs.
• Rent Agreement if applicable.
• Transport details for the loss of baggage.
• In case of burglary, amounts up to 75% of the claim payable as assessed by the Surveyor will be paid upon receipt of a copy of the FIR. The balance amount will be made only after the company receives the final police investigation report.
• After the approval of the claim, a letter is sent mentioning the approved amount along with the discharge voucher.
• Payment cheque is released by the company on receipt of the discharge voucher.

Grievance Redressal

• One can reach at the toll free number of the company
• If someone is not satisfied with the response, then one can email  at insuranceonline[@]icicilombard.com
• The next level of escalation is writing directly to the manager quality service, corporate manager-service quality, national manager –operations and finally director –services and business development.
• The last step will be the Insurance Ombudsman for further redressal.