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It is imperative that you secure your home
from natural and man-made catastrophes.Before Applying for
Home Insurance you should know about Importance
of Home Insurance. Our Home Insurance Plan ensures you
peace of mind by protecting the structure and the contents
of your home.
Policy Details & Coverage
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 cover (only for contents):
The contents of your home are also covered against loss due
to burglary or an attempted burglary. 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.
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.
Key Benefits
Digitally signed policy is available 24X7 online, customer
can take prints instantly. The hard copy of the policy is
couriered the same day (or next day if customer buys after
6 PM) and will reach him/her within 2-3 working days.
Avail 15% discount on a 3 years home insurance policy and
25% discount on 5 years policy.
Optional covers available - Terrorism and Additional expenses
of rent for alternative accommodation.
Sum
Insured
How to calculate the sum insured for:
Home Structure:
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. 8,00,000.
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 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, jewelry, etc. - are to be valued on market value
basis i.e. the current market value of similar items after
depreciation. Depreciation does not apply for jewellery.
Source: http://www.icicilombard.com/ |
