FAQ's

About the company

What is Home Value Lock insurance?

Protecting your most important investment. Home Value Lock gives you the peace of mind you deserve by insuring the market value of your home for the first 3-years after purchase. If for any reason you need to move, whether it be a job relocation, or adding another member to the family and needing a bigger home, Home Value Lock will cover any depreciation in your local market value, up to 10% of the home's value.

The insurance

What is the maximum term length for coverage?

The maximum term length for coverage is 3-years.

How do I submit a claim?

You can submit your claim by clicking login from the HomeValueLock website. Once logged in via the HomeValueLock Client Portal, you can begin your claim process by selecting the Claims tab.

Who is the insured party?

The insured party will be the new home owner.

Can I buy the product at any time as a consumer?

The product can be purchased up to 30 days after the close date.

To make a claim, would there have to be a sale?

Yes. To receive a disbursement from the policy, you would have to sell your property.

How is the value protected?

Here's an example: Purchase a home for $500,000. The insured decides to sell 2 years later. Home values have fallen 10% according to the StreetMatrix Index. The insured will receive $50,000, 10% of the original sales price.

The coverage

How much does the coverage cost?

Cost of coverage is determined by several underwriting factors. For example $25k of coverage will cost around $350~ as a single payment.

What Homes are Eligible?

Currently, Home Value Lock is only available for primary residence, single-family homes.

How does Home Value Lock manage area exposure and catastrophe scenarios?

Home Value Lock tracks exposure and diversification of risk in real-time.

When I try to get a quote for my home, it says 'Our product is not available in your area at the moment'.

Not all homes or regions qualify for Home Value Lock insurance.

Is this product available for condos or commercial properties?

No. Currently, this product is intended for primary residence, single-family homes.

The policy

What is the maximum policy limit?

The maximum policy limit is $150,000. While Home Value Lock now allows properties above $1.5 million, the claim amount is still capped at 10% of the insured value, up to a maximum of $150K.

Can a policy holder make a claim if they've sold their home for a profit?

Yes. Home Value Lock provides coverage against market price depreciation. There are circumstances where the insured could sell their home for a profit in spite of a local market depreciation.

StreetMatrix

What is the StreetMatrix Index and how does it work?

StreetMatrix is a data modeling firm that produces the StreetMatrix Index. The Index tracks local price changes in real-time using arm's length transactions. Policy holders can access and view the Index in real-time to see how the market value of their property has changed as it relates to coverage.

Why is the StreetMatrix Index used to calculate losses?

The StreetMatrix Index provides the basis for the insurer to calculate the loss amount and cannot be manipulated by either policy holder or insurer.