(ignore the fact that all icons are of Bezerkers Greaves, i just used them to distinguish the enchantment icons)
I get this when i am the hard engage on my team for team fights and i need my team to be able to follow up quickly when they don't otherwise have engage tools like talisman or RG. I also get this when i'm a back line support who needs to assist the ADC in kiting enemies (often janna). I really wish they didn't cost more than the other enchantments.
I situationally get this only if the CD will affect both my summoner spells, usually interested in the teleport cool down as a top laner. When i know i need to be split pushing a lot and my team will need me to TP in from that duty to help with a team fight.
If you are trying to stick to targets as a melee bruiser or otherwise find yourself chasing people down cleaning up team fights. NOTE: If cleaning up teamfights you should ask yourself if chasing too far is a good idea. Often letting them go and switching focus to an objective would be better.
If you are losing and need to protect your base or get to lane quickly due to frequent backing.
When I need to roam between lanes quickly and i don't have teleport, or if none of the other conditions apply.
The homeguard TP plays can be quite strong but imho those are conditional and infrequent. I prefer the lowered CD on TP and the MS granted by distortion over the greatly increased MS granted by homeguards that you only get if you are coming from base.