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                TUESDAY, JULY 15, 1997
          NEW YORK, NY 10038
          CONTACT:  RICHARD H. HERSHMAN, 
                    TREASURER
          TEL.:  212-530-6060

                          HOME HOLDINGS BONDHOLDERS
                         TO RECEIVE INTEREST PAYMENT;
                       HOME INSURANCE RECEIVES APPROVAL
                         FOR SURPLUS-NEUTRAL DIVIDEND

               NEW YORK Home Holdings Inc. announced today that the
          Board of Directors of its subsidiary, The Home Insurance
          Company, has declared and the New Hampshire Insurance
          Commissioner (Home Insurance's principal regulator) has
          approved a surplus-neutral dividend payment to Home
          Holdings in the amount of $11,637,500 (plus a month's
          interest).  Under the terms of an Order of Supervision
          issued by the Commissioner on March 3, 1997 and a Consent
          Order issued by the Commissioner on June 9, 1995, Home
          Insurance may not make any single non-claims payment in
          excess of $500,000, nor pay any dividend, respectively,
          without the prior approval of the Commissioner.

               Home Insurance's Board declared the dividend for the
          purpose of funding the payment of interest by Home
          Holdings on its 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
          (collectively, the "Notes") to prevent the occurrence of
          an "Event of  Default" under the Notes.

               The declaration and payment of the dividend by Home
          Insurance to Home Holdings is surplus-neutral to Home
          Insurance because Home Insurance's aggregate maximum
          reinsurance coverage under the Aggregate Excess of Loss
          Reinsurance Agreement between Home Insurance and Centre
          Reinsurance Dublin (an affiliate of the Zurich Insurance
          Group) is increased by an amount equal to any dividend
          paid by Home Insurance prior to June 12, 1998, plus any
          interest that Home Insurance would have otherwise earned
          on the funds used to pay such dividend.  As a result, the
          dividend payment will neither increase nor decrease Home
          Insurance's statutory surplus, which at March 31 was
          approximately $30 million after the discounting of loss
          reserves.