Sacramento, California-based CENTURY 21 Select Real Estate has announced that Home Value Lock, a market value insurance product for homebuyers, is now available to its clients.
Home Value Lock Insurance, which was launched earlier this year in Northern California, protects the first 10% of the purchase price of a home against a scenario where the market value has gone down when it gets resold, the release explained. The product, which is fully licensed and regulated in the state of California, is the first of its kind to hit the marketplace, the company said.
“We want to offer our homebuyers additional confidence in market values through this coverage,” said Select Group CEO Dan Jacuzzi. “Providing a product like this further demonstrates the meaningful benefit of working with Century 21 Select Real Estate professionals when you purchase a home.”
The company noted it will provide clients the option to utilize the offering at no additional cost. Home Value Lock also will be offered to Century 21 Select Real Estate’s homebuyers as a closing gift for those who have used a mortgage to finance their purchase.
“Homebuyers deserve some protection against unexpected housing market drops like what we saw during the 2008 Financial Crisis,” said Evan Weston, director of sales for OMT Insurance Services, which distributes Home Value Lock. “Outside of massive recessions, localized events like wildfires can have an impact on prices. Our coverage is designed to give the homebuyer some peace of mind, particularly in the first few years of homeownership, that the market value of their home is protected.”
To learn more about Home Value Lock, click here.
