Almost everyone in the real estate world has represented a client buying a new home or condo, where there is concern over the unknown as it relates to potential rezoning….or even eminent domain type decisions…. in their new community. 

Or how about the client trying to sell a house, where there’s a pending controversial decision being made by local government to widen a highway or build a new shopping mall down the street, which will cause all kinds of noise and congestion issues.  These types of concerns and conflicts occur routinely around the country.  We hear and read about them daily.

Now there’s a unique and affordable policy of insurance available to new homeowners, which will protect the value in their home if there’s a rezoning or re-planning type event causing their property value to drop.  It’s called Home Value Safeguard (HVS) and is backed by certain underwriters at Lloyds of London. 

This “Peace of Mind” protection was developed in response to the controversial 2005 U.S. Supreme Court ruling on eminent domain in the case Kelo v. New London.  That decision gave more power to governmental agencies to repossess or condemn land for private or public use.  After additional research on the issues facing many homeowners and lenders, the HVS coverage was then broadened to protect homeowners for any type or re-planning or unforeseen redevelopment type events, which have negative consequences to homeowners in a neighborhood or community.

The HVS launch has been closely watched by the large realtor firms, mortgage lenders, title insurers, mortgage brokers and homeowner insurance carriers.  It’s not often we see new insurance products offered in the real estate market that have real value.

Want more information for your clients? Click Here for HVSInsurance