Closing on a Home in Midland or Odessa? 7 Home Insurance Items to Have Ready

Buying a home is exciting, but the weeks leading up to closing can get busy quickly.

Between inspections, financing, paperwork and moving plans, homeowners insurance can become another item on a long closing checklist.

If you’re buying a home in Midland or Odessa, Texas, getting started on insurance early and having the right information available may make the process easier.

Short Answer

Once you’re under contract and have enough information about the property, consider starting the homeowners insurance process rather than waiting until just before closing.

Insurance companies may request information about the home, roof, property characteristics and other underwriting factors.

Your mortgage lender may also request certain insurance information before closing.

Here are seven things that can help you get started.

1. Property Address and Closing Date

Start with the basics.

Have the complete property address available along with your anticipated closing date.

Your insurance agent will need to know which property is being insured and when coverage needs to begin.

If your closing date changes, let your insurance agent know so the requested policy effective date can be reviewed.

2. Mortgage Company or Lender Information

If you’re financing the home, your insurance agent may need information about your mortgage lender and loan.

Your lender may have requirements regarding proof of insurance and how the mortgage company is listed on the policy.

Because lender requirements and closing procedures can vary, confirm the specific requirements with your mortgage company or closing professional.

3. Information About the Home

Insurance companies may consider numerous property characteristics when determining eligibility and pricing.

Depending on the company, information requested may include:

• Year built

• Square footage

• Construction type

• Heating and cooling information

• Plumbing or electrical information

• Attached or detached structures

• Recent renovations or updates

• Other property characteristics

Having accurate information available can help with the quoting and underwriting process.

4. Roof Information

Roof information can be particularly important when shopping for homeowners insurance in West Texas.

Depending on the insurance company, underwriting may consider factors such as the roof’s:

• Age

• Material

• Condition

• Replacement history

If the roof was recently replaced, consider obtaining available documentation from the seller or other appropriate source.

Roof eligibility, underwriting requirements and policy provisions vary by insurance company.

5. Understand the Coverage and Deductibles Being Quoted

Don’t look only at the annual premium.

When reviewing a homeowners insurance option, look at the coverage, deductibles and other policy provisions shown.

A deductible is generally the amount or percentage that may apply to the insured’s portion of a covered loss, subject to the terms, conditions and provisions of the policy.

Depending on the policy, different deductibles may apply to different types of losses.

Ask questions about anything you don’t understand before making your decision.

6. Have Your Current Auto Insurance Information Available

Buying a home can also be a convenient time to review your auto insurance.

If you’d like to compare home and auto options together, have your current auto declarations page available.

Some eligible households may qualify for multi-policy discounts when qualifying policies are placed with the same insurance company.

However, discounts, pricing, coverage and eligibility vary by insurance company.

Bundling isn’t automatically the best choice for every household, so consider the overall insurance picture.

7. Don’t Wait Until Closing Day

There can be underwriting questions or additional information requested before an insurance company will offer or finalize coverage.

That’s why waiting until the last minute may create unnecessary pressure.

Starting earlier gives you more time to gather requested information, understand the options available and coordinate insurance information with your lender or closing professional when necessary.

Buying a Home in Midland or Odessa?

Killebrew Insurance LLC is a local independent insurance agency serving Midland, Odessa and West Texas.

If you’re buying a home, we can review the information you provide, answer questions and discuss available homeowners insurance options through the insurance companies we represent, subject to eligibility and underwriting requirements.

And if you have vehicles, we can also discuss available auto insurance options at the same time.

Frequently Asked Questions

When should I start shopping for homeowners insurance?

Once you’re under contract and have enough information about the property, consider beginning the insurance process. The amount of time needed varies depending on the home, insurance company and underwriting requirements.

Does my mortgage company choose my homeowners insurance company?

Generally, borrowers shop for their own homeowners insurance, subject to applicable lender requirements. Confirm your particular insurance requirements with your mortgage lender.

Can the age of the roof affect my insurance options?

It may. Insurance companies can have different underwriting requirements related to roof age, material, condition and other characteristics.

Should I quote my auto insurance when buying a house?

It may be worthwhile to compare both. Some eligible households may have multi-policy options available, but pricing, discounts, coverage and eligibility vary by insurance company.

What should I send Killebrew to get started?

Having your property address, anticipated closing date, mortgage/lender information, available property and roof information, and current auto declarations page can help get the conversation started. Additional information may be requested depending on the property and insurance company.

Closing on a Home? Let Us Help With the Insurance.

If you’re buying a home in Midland, Odessa, Midland County or Ector County, don’t leave insurance until the last minute.

Contact Killebrew Insurance and let us know you’re buying a home.

Killebrew Insurance LLC

Midland: 432-694-0508
Odessa: 432-332-6322
Email:
Website: www.killebrewinsurance.com

Helpful Resources

For additional consumer information about homeowners insurance, deductibles and shopping for coverage, visit the Texas Department of Insurance.

Homebuyers should confirm mortgage, insurance and closing requirements directly with their lender and appropriate closing professionals.

Important Insurance Information

This article is provided for general educational purposes only and is not intended to provide specific insurance, legal, financial, mortgage or real estate advice. Coverage, pricing, discounts, eligibility, underwriting requirements and p olicy provisions vary by insurance company, policy, property and individual circumstances. Mortgage and closing requirements may also vary. Review your individual insurance needs and policy documents with a licensed insurance professional and confirm lender requirements directly with your mortgage company.