Home Value Protection Product Heads to Georgia

An insurance policy for homeowners looking to protect themselves from declining home prices is rolling out in Georgia this week.

Georgia becomes the third state where this product, called Home Value Protection, is available. It is being offered by Home Value Insurance Co.

“In Atlanta, the state’s largest housing market, hard-hit homeowners have seen year-over-year home price declines of 12.8 percent, according to the most recent S&P/Case-Shiller Home Prices Indices,” said Scott Ryles, CEO of Home Value Insurance Co. “This translates into a $24,766 average loss in home value.”

The company introduced Home Value Protection in Ohio last year and followed this with an expansion into Oklahoma in February. Look for the company to continue adding states.

The product works by allowing homeowners to lock in an insured home value for up to 10 years. If a homeowner is forced to sell a home at a loss, the policy protects against it. If a property appreciates in value, a property owner can purchase a new policy with higher limits.

The coverage also protects against the initial down payment as a homeowner pays down the mortgage. Most homes in Georgia can purchase this product for $25 to $25 a month.

“Homeowners have long been able to buy insurance to protect against events like fires and floods,” Ryles said. “Yet, homeowners are more than twice as likely in any given year to suffer from a decline in home prices than they are to experience the typical hazards a homeowner’s policy covers, such as flood, fire or burglary.”

Home Value Insurance Co. has a corporate headquarter in San Francisco, but the company is licensed and admitted in Georgia.

Topics Georgia Homeowners