Home Value Protection insurance rolls out in Oklahoma

Now you can insure your home against becoming a victim of the market.

It's a different type of property and casualty insurance. Ohio-based home value Insurance Co. sells policies to protect homeowners from "the devastating effects of falling house prices." Oklahoma is just the second state where home value insurance is to do business.

The insurance called home value protection. The state licensed company as an insurance carrier in december, according to Oklahoma Department of Insurance. The company was approved in Ohio in september, but has been in the pipeline for two years, says CEO Scott Ryles.

Not for investors

The policies are sold to owner-occupied and primary residences.

"With home value protection, do homeowners need not worry that they could lose equity in their homes or end up the water. For a very affordable premium, they can protect themselves against downside risk while still benefiting from the upside, When home values ​​appreciate, "Ryles said.

The company began selling policies in Ohio last fall, and in Oklahoma this week and are moving to Georgia next, Ryles told the Oklahoman.

Ohio represents the "middle of the road" by the national housing crash in home prices of $ 1600 on average in the third quarter of 2011, Oklahoma has seen the light depreciation and Georgia, specifically Atlanta area, has experienced large depreciations, Ryles said.

"Until recently, Oklahoma remained relatively insulated from the massive decline in housing prices," he said. "Oklahoma is the poster child for house prices over the past five years."

But he said that such Before magic could have played its course.

Home values ​​slide

In the past year, Ryles said the average value of homes in Oklahoma fell by 2.5 percent, in Oklahoma City, had fallen 2.8 percent, and in Tulsa, it was 3.1 percent, according to Fiserv Case-Shiller Home Price Index Single-Family Aggregate, the home price index at Home Deposit Insurance uses to measure the market.

He said that translates to an average loss in value of $ 3900 for homeowners in Oklahoma City and $ 4100 in Tulsa.

The typical Oklahoma house, he said, could be insured for $ 20 to $ 25 per month.

Here's how it works: If HOME prices decline and a policyholder sells the home for less than the insured value, the policy protects against losses. Homeowners can lock in an insured value of up to 10 years. Coverage is limited to 25 percent of the insured value.

There is a deductible for the first two years of coverage - 10 percent of the insured value for the first year and 5 percent for the second year of coverage. Any claim payment in the first two years of coverage is reduced by the applicable deductible. If HOME values ​​appreciate, can a homeowner buy a new policy with a higher insured home value.

Brokers dubious

The insurance is too late for Oklahoma City, said Linda Tracy-Ryburn, a realtor with Keller Williams Realty, 5629 N Classen Blvd.

"Of course we need this in 2006-2008 when house prices were at the peak of the market, and then declined in the last few years. Our market is now stable, prices are very good and estimates conservative," she said. "Personally, if I was a new homeowner in the metro area, I would not buy. Since the first two years you have a deductible, I feel forecast shows that they will build equity for it."

Ryles said he has heard it before.

"The No. 1 issue we hear from Ohio is" Where were you guys four or five years ago? "Did he.

Flexibility gives the assurance to address life's complications, such as a job change or divorce is a part of his appeal, he said, and no economic forecasting is a sure thing.

Linda Finch, a Realtor with Paradigm AdvantEdge Real Estate, 16301 N May Ave., Was not so impressed. She said homeowners hurt here are the victims of excesses in the housing boom over the next falling market.

"Not sure it would be for anyone in Oklahoma," she said. "A lot of people who are upside down here, can not wait two years to sell their homes. Some are in trouble because they bought their homes with no money down or took a second mortgage when all the air by-night mortgage companies were doing second mortgages and allowing people to borrow more than their homes were worth, which put them in a negative value. My gut reaction is that it's a sucker bet. "

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