You Can Insure Your Home’s Value
The Home Value Insurance Co. has re-entered the insurance market with a product that promises to protect homeowners from falling home values. Faced with a declining and turbulent housing market this insurance product provides homeowners a level of protection against taking a loss if they sell their home for less than they paid for it.
The product works by covering a loss of owner-occupied primary residences if the homeowner sells for less than home’s value when it was insured. Homeowners who acquire a policy are locked in at the present homes value for 10 years, ensuring that they are protected and compensated in case of a market decline of up to 25 percent. If home values appreciate during the policy term, insureds can cancel their current policy at no cost and purchase a new one with a higher insured value.
While very helpful to some the insurance policy will not apply to short sales or foreclosures and the policies will only cover homes that are worth $500,000 or less. Ohio is one of the first few state to feature such insurance. If you are interested in the product contact us.
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