What does Home Equity Insurance mean? Read on to discover the definition & meaning of the term Home Equity Insurance - to help you better understand the language used in insurance policies.
Home Equity Insurance
Insures a home owner against declines in home prices. This insurance requires the insured to make a one-time up-front premium payment. If the housing price index for that neighborhood decreases from the time of this payment, the home equity insurer would pay that individual an amount based on the percentage decrease from the policy's inception to when the house is sold. This coverage is also referred to as home value protection.
We hope the you have a better understanding of the meaning of Home Equity Insurance.