Insential Inc. has created a program designed for owners of newly built homes and condos.
The program, called HOME VALUE PLUS+, will reimburse homeowners up to 20 percent of the diminished sales price of their home if it sells for a loss within three to eight years of buying the home. That number is subject to a 5 percent deductible.
“Within the last few years we have seen the unemployment rate skyrocket and the housing market fall. This product is designed to bring the confidence back to new home purchasers,” said Dennis Kasprowicz, vice president of Insential.
The product is only available to home builders and developers to place on spec homes, new condos, and custom homes. It is administered exclusively through Insential to retail insurance agents and realtors in all states except New York.
HOME VALUE PLUS+ will also pay up to six mortgage payment for up to $1,500 each if a home buyer suffers involuntary unemployment. This coverage is available in all states except New York, Oregon and Texas.
Insential is a Plano, Texas-based wholesale broker with offices in Chicago and Westchester, Ill.
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