TWIA Reports Funding Available for Weather Events
The Texas Windstorm Insurance Association (TWIA) has announced its available funds in the event of a catastrophic weather event in Texas. TWIA has secured $4.9 billion in total funding for 2017. This includes $147 million that has been contributed to the Catastrophe Reserve Trust Fund, bringing the total of the fund up to almost $740 million. According to TWIA, this is the highest balance of the fund in the association’s history.The amount was released on Thursday, June 1, 2017, which is the first day of hurricane season.
Created in 1971 by the Texas Legislature, TWIA provides windstorm and hail insurance for certain properties on the Texas seacoast. It acts as a residual insurer for residential and commercial properties in designated areas of the coast where windstorm and hail insurance is not reasonably available.