Structure Cover – This is for the structure of your home. The compensation under this cover will be paid to repair damages to the structure caused by specified natural and man-made calamities
Contents Cover – This is for the possessions you have inside your home. If these are damaged or burgled, then the insurance covers the loss you incur for the same
You can take either one of these covers individually or opt for both to make sure you are covered comprehensively. The Home Insurance Policy of ICICI Lombard has a comprehensive range of covers to protect your home.
- Covers the loss of contents due to burglary or an attempted burglary, and loss of jewellery, gold ornaments, silver articles and precious stones kept under lock and key.
- Apart from the above covers, you can also opt for the following covers:
- Additional expenses of rent ` 1,00,000 for alternative accommodation
- This cover provides for additional expenses incurred for the payment of rent, in case you have to shift to an alternative accommodation due to the action of perils covered under this policy.
Terrorism (Structure and/or Contents)
- It covers losses to the structure of the house and the contents due to acts of terrorism.
Building / Structure of your Home
The structure of your home is covered on a Reinstatement Value basis. This is the cost of rebuilding your home with a similar new construction. It does not cover the market value of your home as the land and the status value of the particular location also adds to this price. Only the cost of construction of the house is covered as land is indestructible.
The contents are covered on ‘Market Value’ basis, i.e. the cost of buying a similar item of the same age. This includes household appliances, personal effects and miscellaneous items. For jewellery and furniture, value is appropriately arrived at in consultation with a valuator.