Owning a home in Midland, Texas is a significant achievement, and safeguarding it should be a primary concern. Unfortunately, many homeowners only realize they’ve made costly insurance mistakes when it’s too late. At Killebrew Insurance, we’ve assisted numerous Midland families in securing the appropriate coverage. Here are the top five insurance mistakes we frequently encounter and how you can avoid them.
Common Insurance Mistakes
Underinsuring the Home’s Replacement Cost
Many homeowners insure their property based on its market value rather than its replacement cost. However, if a severe storm strikes and your home is destroyed, the cost to rebuild can be substantially higher.
How to Avoid It:
Ensure your policy is based on the replacement cost, not just the purchase price of the home. Request a current cost estimate from your agent using local construction rates in Midland.
Ignoring Wind and Hail Deductibles
West Texas is familiar with severe weather, particularly hailstorms. Many policies include separate, higher deductibles for wind and hail damage—sometimes as high as 2% of your home’s value.
How to Avoid It:
Review your wind/hail deductible annually. If it’s excessively high, you may be able to lower it or find a carrier with better options.
Skipping Flood Insurance
Flood insurance is often mistakenly thought to be necessary only for coastal areas. However, Midland experiences flash flooding, and standard homeowners insurance does not cover flood damage.
How to Avoid It:
Consider adding a flood policy, even if you’re not in a FEMA flood zone. It’s more affordable than you might think and can save you thousands.
Not Bundling Home and Auto
If your home and car are insured with different companies, you might be overpaying.
How to Avoid It:
Inquire with your agent about bundling. Most companies offer significant discounts—up to 25%—when you combine policies.
Choosing Price Over Coverage
While everyone wants to save money, the cheapest policy can be costly in the long run if it doesn’t cover what you need.
How to Avoid It:
Work with a local independent agent who can compare multiple carriers and help you find the best value, not just the lowest price.
Protect Your Home with Confidence
At Killebrew Insurance, we take pride in being your trusted, local insurance experts right here in Midland. If you’re uncertain about your current coverage, we invite you to reach out to us. We’ll help you avoid costly mistakes and ensure your home—and everything in it—is properly protected.
Feel free to contact us for a free policy review or any questions you may have. Let us assist you in making informed decisions about your home insurance coverage.
