EXHIBIT 99.1
          FROM: EDWARD G. NOVOTNY & ASSOCIATES, INC.
          Two Tudor City Place
          New York, NY  10017
          Tel: 212/490-2065

          FOR: HOME HOLDINGS INC.            FOR IMMEDIATE RELEASE
               59 Maiden Lane                Friday, June 13, 1997
               New York, NY  10038
               Contact:  Richard H. Hershman, Treasurer
               212/530-6060

                            HOME HOLDINGS WILL NOT
                        MAKE JUNE 15 INTEREST PAYMENT

               NEW YORK--Home Holdings Inc., a Delaware corporation
          ("Home Holdings" or the "Company"), announced today that
          it will not pay $11,637,500.00 in interest coming due on
          June 15 on the Company's 7-7/8% Senior Notes due December
          15, 2003, 7-7/8% Senior Sinking Fund Notes due December
          15, 2003 and 7% Senior Notes due December 15, 1998 (col-
          lectively, the "Notes").  Under the terms of the Notes,
          Home Holdings has a 30 day grace period from June 15--the
          date that the interest payment comes due--before an
          "Event of Default" (as defined in the indentures related
          to the Notes) occurs.

               Home Holdings will not make this interest payment
          because the Board of Directors of The Home Insurance
          Company, a New Hampshire domiciled property and casualty
          insurance company and the wholly-owned, principal subsid-
          iary of the Company, has voted to defer a decision on
          whether to make a dividend payment to Home Holdings.