A New Way to Protect Home Value - Innovative New Insurance Policy Protects Homeowners Against Impact of Rezoning and Eminent Domain Events

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On the heels of the controversial U.S Supreme Court decision relative to eminent domain in the case of Kelo v. New London… and responding to the on-going concerns in communities about re-planning actions and their negative impact, an innovative new insurance policy, Home Value Safeguard (HVS), was developed by San Diego-based insurance underwriting and marketing firm, The Ward Group, LLC. Designed to protect homeowners and mortgage lenders, HVS was launched two weeks ago with a strategy to distribute the policy throughout the residential real estate market. Offered through insurance agents, mortgage brokers, realtors and lenders, the policy will serve as a compliment to a title policy, homeowners insurance, and/or a home warranty policy.

We are seeing a very positive response from realtors and lenders to HVS. We see articles written daily talking about upset neighborhoods over rezoning and eminent domain

While we learn to live with economic trends impacting the housing market, there's another concern amongst home buyers in the United States. The issue revolves around the potential disastrous effect on the value and future marketability of properties caused by unforeseen rezoning, redevelopment and eminent domain decisions by governmental agencies.

On the heels of the controversial U.S Supreme Court decision relative to eminent domain in the case of Kelo v. New London… and responding to the on-going concerns in communities about re-planning actions and their negative impact, an innovative new insurance policy, Home Value Safeguard (HVS), was developed by San Diego-based insurance underwriting and marketing firm, The Ward Group, LLC. Designed to protect homeowners and mortgage lenders, HVS was launched two weeks ago with a strategy to distribute the policy throughout the residential real estate market. Offered through insurance agents, mortgage brokers, realtors and lenders, the policy will serve as a compliment to a title policy, homeowners insurance, and/or a home warranty policy.

The product is backed by AmWINS Group, who has the underwriting authority for certain underwriters at Lloyds of London, one of the world's leading specialists in the insurance market. "We're excited to be partnering with AmWINS and the underwriters in London to offer what we believe will be a great product for homeowners across the country," states Jeffrey Ward, CEO of The Ward Group. "When you consider the value and limits of coverage provided, and the relatively low premium amount, we are confident a high percentage of homeowners will elect to purchase the coverage."

Available for the first time, homeowners can now purchase affordable insurance protection at the time of closing or refinancing their home at an annual premium of under $300. The HVS coverage provides up to $200,000 in loss of value when a home or condominium is sold, plus up to $50,000 of reasonable moving costs to help relieve the expense of relocating.

The HVS policy covers a wide array of unforeseen events, such as new road construction or highway widening, new or expanded commercial buildings, industrial parks, new shopping centers and expanded school facilities. These common occurrences lead to increased congestion and noise in neighborhoods, which make the marketability of a home difficult when it comes time to sell. While the protection does not include typical loss in value due to economic or housing market conditions, there are other unique features of the HVS policy. It covers the negative impact of potential changes to adjacent land, for example the inability or refusal by local government to rebuild your home if it's destroyed by a risk covered by your homeowner's policy.

"Aside from offering real protection against an event that can happen anywhere at any time, the policy provides 'Peace of Mind' for homeowners, particularly those moving into a new neighborhood or development where the zoning or planning issues are not well known or are unpredictable," states Ward.

The HVS sponsors have been collaborating with the major mortgage lenders, realtor firms and title insurers as they look to market the policy through all firms involved in a home or condo sale or refinance.

"We are seeing a very positive response from realtors and lenders to HVS. We see articles written daily talking about upset neighborhoods over rezoning and eminent domain," says George Orr, VP at AmWINS Group. "We have high expectations for large scale distribution around the country."

For more information, visit the HVS website at http://www.hvsinsurance.com

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Kimberly Monday
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