Home And Auto Insurance In Oh

New insurance protects against loss in property value

Ohio homeowners now can get a new sort of insurance policy for their home, one that protects against a decline in property value.

Home Value Insurance Co., a San Francisco business, launched the policy this week, saying it is the first of its kind in the country and Ohio the first state to offer it.

“Homeowners can protect every aspect of their lives, but there has been no product to protect the value of their home, which in most cases represents the majority of their net worth,” said Eric Hutchinson, the company’s executive vice president.

Although Home Value might be the first insurance company to offer such a policy, similar policies have been offered for a few years by financial companies that charge one-time fees instead of monthly premiums.

The Home Value premium is determined by the community in which a home is located and the home’s value.A typical house, Ohio, would pay $ 35 to $ 45 per month, the company said.

Value of the house of a person will be determined by how he tracked over time against the Case-Shiller index, or by the sale price, whichever yields the lowest for the owner.

Imagine, for example, an owner of Columbus paid $ 182,000 for a house in September 2007 and sold the house for $ 150,000 in July 2011. Meanwhile, the value of homes in the Columbus area has declined by an average of 10.7 percent, or about $ 19.500 for the home $ 182 000, according to Case-Shiller.

Even though the homeowner lost $32,000 on the home, he would receive $19,500 in the insurance claim. However, if the homeowner sold the home for $170,000, he would receive only $12,000 — the difference between what he bought and sold the home for.

Even though central Ohio home values largely have stabilized since 2009, Hutchinson said enough mystery remains in the housing market to support the policies.

What is the best insurance company to get auto and home through ...

The huge three companies are St. Farm, Allstate, and Farmers. If you do not feel you need an agent try calling Geico and you might save some money. An excellent company based in Ohio is Ohio Casualty. All will give a discount for insuring both your home and autos. To compare rates try www.directoryinsurance.com. Remember that independent agents such as those used by Ohio Casualty have contracts with numerous companies and they can give you options. Companies such as St. Farm, Allstate, and Farmers have agents that write business soley for the company they work for. Keep in mind that agents represent the company they write business for not the client.

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