Monday, June 25, 2012

New ruling to benefit home insurance holders

The AJC reports on a ruling that awards homeowner insurance claimants the ability to receive payment for permanent loss of value (i.e., damages that need to be disclosed at future closings and therefore can affect resale value), in addition to just for repairs:

"This is a big deal for homeowners," said former Insurance Commissioner John Oxendine, who supported the rule change. "It's a major sweeping case that's going to give a lot more rights to the insurance consumer. It's one of the biggest cases for consumers that's come down in years." 
It works like this: A homeowner whose foundation was damaged by a storm may get money to repair the house, but the home's value could still plummet because owners have to explain its troubled past to potential buyers.  . . . continue reading @ AJC