TWIA Introduces Temporary Payment Option

Apr 7, 2020 | eNews

In response to the COVID-19 pandemic, the Texas Windstorm Insurance Association (TWIA) announced a new plan to temporarily reduce the amount of premium due in order to issue a policy, with a 75-day window to pay the remaining premium. These changes take effect immediately for all new and renewal business and will remain in place until TWIA determines they are no longer necessary.

Under the temporary payment option, at least 25% of the premium must be paid prior to the effective date to have a policy issued. The remaining balance can be paid at any point within the following 75 days. If the balance is not paid during this time, TWIA will issue a Notice of Cancellation (NOC) that states the policy will be cancelled if it is not paid within the 15-day NOC period.

This option is available to any TWIA policyholder experiencing financial challenges due to the COVID-19 crisis. Policyholders and their agents do not have to notify TWIA if they are using this option. Invoices will still list due dates as 30 days from the effective date, but the temporary payment option timeline will apply.

Policyholders and agents are encouraged to contact the TWIA Agent Services team at agentservices@twia.org or at (800) 788-8247 with questions or concerns. Additional information about the new payment option can be found on the TWIA website.