A home closing always carries a bit of suspense. Is everything in order? What’s missing? Most home builders are rockstars at making sure everything is good to go.

Consider Taylor Morrison, the nation’s most trusted homebuilder eight years running and #5 on the Builder 100. They credit in part their “… successful integrations and operational strategies” for achieving record 2022 earnings on sales of over 12,600 homes nationwide. One of those integrations was the launch of Taylor Morrison Insurance Services three years ago.

The in-house insurance agency is a star performer, offering the company’s home buyers sharp pricing on quality home insurance. Few know the inside story better than Michael Previty, Taylor Morrison Home Funding, Inc. senior vice president of finance.

“We introduced home insurance into our transaction process in 2008. Over the last 15 years we’ve seen how offering a home insurance solution early in the selling process provides convenience for our homebuyers and improves customer experience on the journey to their new front door. A self-branded home insurance agency with many carriers that understand new construction helps the home buyer complete a critical aspect of the closing process, and is integrated with the mortgage and title processes our financial services companies provides,” Previty explains.

Today Taylor Morrison’s insurance strategy is highly evolved. Working with its long-time insurance partner, Westwood Insurance Agency, the builder brought home insurance services in-house in 2019. Today the captive agency employs a small staff of licensed agents that work with contracted home buyers, fully dedicated to the Taylor Morrison home buyer.

The Big Prize

However, the big prize is customer satisfaction. “We believe an in-house insurance agency delivers the best possible home buying experience,” Previty reports. “Home buying is a big decision. With so much to consider, home insurance can fall through the cracks. Our service helps remove a decision from the buyer’s plate.” Taylor Morrison home buyers receive a fully prepared quote at contract signing. The buyer can go with the policy or shop the quote on their own. Many home buyers opt for the Taylor Morrison service. “Our conversion rate is much higher than we projected,” Previty says.

De Facto Gold Standard

Key to the agency’s insurance success is the right partner. Taylor Morrison teamed up with Westwood Insurance Agency. The 71-year-old firm works with 14 of the top 20 U.S. home builders, insuring more than 100,000 new homes each year and quoting more than 50% of all new homes built by those on the Builder 100 list.

The builder’s support services agreement with Westwood allows it to leverage Westwood’s proprietary technology and relationships with more than 40 of the nation’s leading personal lines carriers.

“Taylor Morrison uses a white label version of our insurance portal for an easy, online experience for home buyers and mortgage teams,” explains Tom Kriby, vice president of client development and partnerships for Westwood. “We assist in customer servicing and other backend operations.”

Must-Not-Delay Performance

Assist may be an understatement, considering about 10% of home insurance policies are rush, must-not-delay-closing orders. “Closings the last week of a month or a year gets a little crazy,” Previty says, adding that it’s crucial to work with a vendor that understands every minute counts.

Previty also knows every home builder is different. Many factors go into tailoring the best possible home insurance strategy for a particular company. The key thing is to team-up with an insurance expert that understands new-home construction and selling from the inside out. For that, Previty doesn’t hesitate: “It’s Westwood Insurance Agency.”

Learn more about how to improve on-time closings and gain residual income with Westwood Insurance Agency.