Insurance

It is imperative that you secure your home from natural and man-made catastrophes. Home Insurance Plan ensures you peace of mind by protecting the structure and the contents of your home.

Policy 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 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 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 Rs. 1,00,000 for up to 6 months. The cover is available only if you are insuring the structure of your home.

For more details, kindly refer to the Policy Wordings of your insurance provider.

Key Benefits

 Comprehensive cover - Covers both structure and contents of your home.
 Avail 15% discount on a 3 years home insurance policy and 25% discount on 5 years policy. (This feature available with ICICI Lombard)
 Optional covers available- Terrorism and Additional expenses of rent for alternative accommodation.
 Alternate Covers - A Home Insurance cover allows you to avail an optional cover for alternative rent & Terrorism cover.

Need for Policy

Terrorist activities are no longer limited to the sensitive border areas of India. The recent terror attacks in Mumbai at prominent areas including CST railway station, Hotel Taj and Hotel Oberoi Trident, has shook the entire nation. The bomb blasts at major Indian cities like Delhi, Jaipur, Bangalore and Ahemdabad have put the entire nation under threat. It has become imperative to have a terrorism cover. Our Home Insurance Policy covers the structure and / or contents of your home against damages and losses due to acts of terrorism.
 Natural calamities are unpredictable and can cause significant damage to human life and property. The Maharashtra floods on July 26, 2005 is an unforgettable example. According to official statistics, over 1,87,000 houses were damaged all over the state, affecting eight lakh families. There were floods again in July, 2006 causing similar damage. Thus, a home insurance is necessary as it covers loss to property by a natural calamity. 
 Protect your single largest investment against losses due to natural or man-made calamities like fire, floods, burglary, and earthquake
Cover your household contents including furniture, durables, clothes, utensils, jewelry, at market value to accommodate inflation.

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.



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.