A Home Insurance Guide for West Texas Homebuyers
Buying a home is exciting, but there are a lot of details to handle between making an offer and getting to the closing table.
One of those details is homeowners insurance.
If you’re buying a home in Midland, Odessa, Midland County, Ector County or elsewhere in West Texas, it’s a good idea to begin discussing homeowners insurance before the last minute.
Starting earlier gives you time to gather information, review available options and address potential underwriting questions before closing.
Short Answer
If you’re under contract to purchase a home, consider beginning the homeowners insurance process as soon as you have enough information about the property to request quotes.
The amount of time needed can vary. Insurance companies have different underwriting requirements, and factors such as the home’s roof, age, condition, claims information and other property characteristics may affect available options.
Waiting until immediately before closing may leave less time to address questions that arise.
Why Start Before the Last Minute?
Getting a homeowners insurance quote isn’t always as simple as entering the address and receiving a final price.
Depending on the insurance company and property, additional information may be requested.
Starting earlier may give you more time to:
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Gather information about the home
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Review coverage options
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Understand deductibles
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Compare available insurance options
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Provide requested documentation
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Address underwriting questions
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Coordinate insurance information needed for closing
1. Have the Property Information Available
When requesting a homeowners insurance quote, you may be asked for information about the property.
Depending on the insurance company, this could include information such as:
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Property address
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Year built
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Square footage
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Construction type
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Roof age or replacement information
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Heating and cooling information
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Updates or renovations
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Other property characteristics
The information requested varies by insurance company.
Providing accurate information can help make the quoting and underwriting process more efficient.
2. Pay Particular Attention to the Roof
Roof information can be especially important when shopping for homeowners insurance.
Insurance companies may have different underwriting requirements related to roof age, condition, material or other characteristics.
If the seller recently replaced the roof, ask whether documentation is available.
The way a roof is underwritten or covered varies by insurance company and policy, so discuss any questions with your insurance professional.
3. Don’t Compare Premium Alone
When you’re buying a home, it’s easy to focus on keeping monthly expenses as low as possible.
But when comparing homeowners insurance quotes, consider looking beyond the premium.
Review items such as:
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Dwelling coverage
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Other structures coverage
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Personal property coverage
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Personal liability
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Deductibles
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Available endorsements
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Policy provisions
Two quotes with different premiums may also contain different coverage, deductibles or policy features.
4. Understand Your Deductibles
Make sure you understand the deductibles shown on a proposed policy.
Depending on the policy, different deductibles may apply to different types of losses.
Ask questions about anything you don’t understand before selecting coverage.
5. Consider Your Auto Insurance at the Same Time
Buying a home may also be a good opportunity to review your auto insurance.
Some insurance companies offer multi-policy discounts to eligible customers who place both home and auto insurance with the same company.
However, bundling isn’t automatically the best choice for every household.
Compare the overall coverage, deductibles, available discounts, policy features and total premium when considering your options.
6. Your Lender May Need Insurance Information
If you’re financing the home, your mortgage lender will generally require evidence of homeowners insurance before closing.
The lender may also have certain insurance requirements.
Because lender requirements and insurance-company underwriting requirements can vary, consider communicating with both your lender and insurance professional during the process.
7. Don’t Assume Every Home Has the Same Insurance Options
Two homes with similar purchase prices may not have identical insurance options or premiums.
Factors considered by insurance companies can vary and may include property characteristics, coverage selections, claims information and other rating or underwriting factors permitted by law.
Each insurance company has its own eligibility requirements and underwriting guidelines.
Home Insurance for Midland & Odessa Homebuyers
Buying a home in Midland, Odessa or elsewhere in the Permian Basin comes with a long list of decisions.
Homeowners insurance shouldn’t be something you have to figure out at the closing table.
Starting the conversation earlier may give you more time to understand the property, compare available options and make an informed insurance decision.
Frequently Asked Questions
When should I start getting homeowners insurance quotes after making an offer?
Once you’re under contract and have enough information about the property, consider beginning the insurance process rather than waiting until immediately before closing.
The amount of time required varies by property and insurance company.
Can the age of the roof affect my insurance options?
It may. Insurance companies have different underwriting requirements related to roofs, and policy provisions can also vary.
Should I get a home and auto quote together?
It may be worthwhile to compare them together. Some eligible households may qualify for multi-policy discounts, but discounts, eligibility, coverage and pricing vary by insurance company.
Does my mortgage company choose my homeowners insurance company?
Generally, borrowers select their own insurance company subject to applicable lender requirements. Ask your lender about any specific insurance requirements that apply to your mortgage.
Already Buying a Home in Midland or Odessa?
At Killebrew Insurance LLC, we help homebuyers throughout Midland, Odessa, Midland County, Ector County and West Texas understand available homeowners insurance options.
If you’re purchasing a home, have your property information available and consider contacting us before the last minute.
We can review the information you provide, answer questions and discuss available home and auto insurance options through the insurance companies we represent, subject to eligibility and underwriting requirements.
Killebrew Insurance LLC
Midland: 432-694-0508
Odessa: 432-332-6322
Website: www.killebrewinsurance.com
Helpful Resources
For additional consumer information, homebuyers can review resources from the Texas Department of Insurance about shopping for homeowners insurance, understanding deductibles and reviewing policy information.
Mortgage customers can also review consumer information from the Consumer Financial Protection Bureau about homeowners insurance and the mortgage closing process.
Important Insurance Information
This article is provided for general educational purposes only and is not intended to provide specific insurance, legal, mortgage or financial advice.
Coverage, pricing, discounts, eligibility, underwriting requirements, inspections and policy provisions vary by insurance company, policy, property and individual circumstances. Mortgage lender requirements may also vary. Review your individual insurance needs and policy documents with a licensed insurance professional and confirm applicable insurance requirements with your mortgage lender.
