In September 2011, Home Value Insurance Co. introduced a type of homeowners' insurance intended to safeguard families against a decline in property value. At the time, the coverage was only available to Ohio residents; however, the company had projected to sell the policies in “15 to 20 states” by the end of 2012.

It would seem that Home Value Insurance is making progress toward that goal, as the company rolled out a plan to help Oklahomans insure against having their homes become a casualty of the depressed real estate market.

The insurance is called Home Value Protection, and policies are sold only for owner-occupied primary residences. According to the Oklahoma Department of Insurance, the state licensed the company as an insurance carrier in December.

“With Home Value Protection, homeowners don't have to worry that they could lose equity in their home or end up underwater,” explains Scott Ryles, CEO and chairman of the board at Home Value Insurance Company. “For an affordable premium, they can protect themselves from downside risk, while still benefiting from the upside when home values appreciate. The typical Oklahoma house [for example] could be insured for $20 to $25 per month.”

Ryles told The Oklahoman the company plans to obtain licensure in Georgia next.

“Ohio represents 'the middle of the road' of the national housing crash,” Ryles said. “Oklahoma has seen light depreciation, and Georgia, specifically the Atlanta area, has experienced high depreciation. Until recently, Oklahoma has been fairly insulated from the massive downturn in housing prices.”

Critics of the coverage charge that it comes “too late” and may be of little use to the majority of homeowners.

Source: The Oklahoman

Special Reports /

Coverage for Declining Property Value Now Available in Okla.

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