Essential Information:
- The Texas Department of Insurance (TDI) has issued an emergency rule authorizing TWIA to provide Weston policyholders more time and flexibility when applying for TWIA coverage.
- This rule allows Weston policyholders who qualify for insurance coverage through TWIA to:
- Select a $0 down payment plan with the first payment due three months after a policy is issued
- Get a TWIA policy with an effective date of September 7, even if application is submitted within 60 days after September 7
- Get a TWIA policy even if a storm is in the Gulf and a policy moratorium is in effect
- Beginning August 31, agents can select the $0 down payment plan.
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Dear agent,
As we shared last week, Weston Property & Casualty Insurance Company has been declared insolvent by Florida regulators and will cancel all policies, including those in Texas, effective September 7.
The Texas Department of Insurance (TDI) has issued an emergency rule authorizing TWIA to provide Weston policyholders more time and flexibility when applying for coverage.
The rule provides Weston policyholders who qualify for insurance coverage through TWIA the following benefits:
- $0 initial payment: TWIA will set up a temporary payment plan available August 31, 2022. The first payment on this plan will be due three months after a policy is issued, with equal monthly payments due beginning the fourth month.
- Additional time to apply: Starting September 7, the effective date of Weston policy cancellations, TWIA will offer a 60-day extended period to submit an application. TWIA is authorized to issue the policy with an effective date of September 7 at the agent’s request to avoid a lapse in coverage.
- Coverage even if a storm is approaching: Get a TWIA policy, even if a storm is in the Gulf and a policy moratorium is in effect.
- The above three temporary benefits expire on November 6, 2022.
Though this rule allows a TWIA policy to be purchased by November 6, 2022, we strongly encourage agents to submit policy applications as soon as possible to ensure coverage is in place and to expedite claim handling should there be a storm.
Learn More
We want to assure you that TWIA is here for Weston policyholders and their agents during this time. Please visit TWIA’s website for the most up-to-date information. You can also contact TWIA’s Weston Policy Support Team at (800) 231-5360 or agentservices@twia.org.
Sincerely,
Texas Windstorm Insurance Association |
