The Value of Price Transparency In Today’s Homebuying Journey

Monthly mortgage payments have nearly doubled in the past four years, and insurance premium increases are becoming a larger part of that overall cost. This has created significant affordability concerns for homebuyers. Home builders can help their customers navigate this new environment with confidence when it comes to homeowners insurance. Here are four reasons why price transparency is so important in the homebuying process.

1. Buyers can factor the home insurance cost into their budget early in the process. This is especially important during a time when insurance is much more complex. The market is still battling frequent climate-related disasters, limited coverage in elevated risk areas, and high insurance premiums, contributing to higher monthly payments. When embedded into the homebuying process, builders provide the opportunity for customers to obtain a no-obligation quote within 24 hours of them signing the purchase agreement. This helps customers figure out exactly how much they’re going to need each month and allows them to finalize insurance coverage early on in the homebuying process.

Westwood Insurance Agency specializes in home insurance for new construction homes and works with many of the country’s top builders to seamlessly embed insurance into the purchasing process. We’re partnered with more than 40 insurance companies to offer customized quotes at competitive prices, saving customers an average of $200 per year.

2. Builders who share important pricing information can build trust with their customers. In a housing market where the cost and availability of insurance may impact whether a buyer can move forward with the purchase, it’s critical to offer tailored solutions such as an embedded insurance process. When builders partner with an experienced insurance agency, they provide homebuyers with the means to secure affordable coverage. Builders who take this extra step can be seen as trustworthy advocates and set the stage for strong, long-lasting relationships.

Westwood uses proprietary technology to link directly to a builder’s systems and access all the information we need to pre-underwrite homes and provide accurate quotes within minutes. Plus, we have a market for over 99% of all builder clients’ communities nationwide so there’s coverage available wherever homes are built.

3. Buyers are able to make an informed decision on insurance. Homebuyers, especially those buying for the first time, may not even think about insurance until the end of the closing process. And many don’t understand what coverages they may need or realize that insurance can be difficult to obtain in certain parts of the country. Builders who present quotes at the beginning stage of the purchasing process allow buyers to consider all coverage options and request additional customized quotes if they’d like. In the end, buyers will be able to select the policy that is best for their situation and feel more confident in their final decision.

Licensed agents at Westwood are dedicated to making sure homeowners understand their coverages and any options they can add to their policy. We have an intuitive website for fast and easy transactions online, or customers may call to ask questions and request recommendations. We’re committed to helping every step of the way.

4. Price transparency often results in a better customer experience. Purchasing a home can be filled with many unknowns, so buyers look to experts to provide exceptional customer service and help simplify the process. Builders who embed the opportunity to receive an insurance quote from a reputable insurance agency during the purchase process help set up their customers with quality, long-term home protection. And when customers are happy with their home insurance provider, it reflects positively on the builder who made that connection. This simple service demonstrates a builder’s commitment to help and makes them the type of company buyers will want to work with again in the future—and refer to friends and family.

Founded by a home builder more than 70 years ago, Westwood Insurance Agency works with 15 of the nation’s top 20 home builders to provide a streamlined embedded insurance solution for their customers. We’re committed to customers throughout the entire life of their home policy and dedicated to creating and maintaining a positive experience, as reflected in our 9.6 customer satisfaction score.

As the insurance market continues to struggle with higher prices and fewer options, the stress of buying a home is amplified. Top professionals in the building industry can recognize this heightened anxiety and leverage strategies to ease customer fears. Embedded insurance is a simple solution that offers the price transparency buyers value and helps them achieve their dream of homeownership.

To learn more about how to partner with Westwood and implement embedded insurance, please visit westwoodinsurance.com/partners/builders. Or for more information on the benefits of an embedded insurance model during this hard market, read the special report: Stability in Uncertainty: Helping Builders Close on Time with Embedded Home Insurance Solutions.