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Old 12-22-2016, 02:53 PM
 
Location: Texas
5,841 posts, read 6,117,209 times
Reputation: 12264

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I live in coastal Texas and my current Wind and Hail is through the Texas Windstorm Insurance Association (TWIA), which is the public entity. I received an Offer to Transfer Policy to a company called Weston Insurance of Coral Gables, FL. Basically, Texas is trying to depopulate its policies and get out of the insurance business by transitioning policies to Weston. This looks to be an opt out offer whereby we would automatically transition to Weston unless I fill in a form to request to stay with TWIA.

I checked with our agent and he told me that they are advising clients to go with Weston because from what they've seen, the premiums will remain roughly the same, and you get the benefit of private versus public. All well and good, but my research seems to indicate Weston has only been around 5 years, and I am concerned about its financial solvency/capitalization and ability to pay claims if needed given their limited track record.

Curious if anyone has had a similar situation and what they decided on, specifically if you know anything about Weston. Thanks.
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Old 12-23-2016, 08:24 PM
 
Location: Saint John, IN
11,583 posts, read 6,674,344 times
Reputation: 14786
I've never heard of them, but I'm not an agent in Texas either. I looked them up and they are an A rated carrier. I would be worried that they have only been in business for 5 years, but I'm assuming that if TWIA is trying to get out of the business you will either need to accept Weston's offer or look for another carrier. I would ask around (friends and neighbors) who they use.
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Old 12-23-2016, 10:06 PM
 
Location: Texas
5,841 posts, read 6,117,209 times
Reputation: 12264
Quote:
Originally Posted by CGab View Post
I've never heard of them, but I'm not an agent in Texas either. I looked them up and they are an A rated carrier. I would be worried that they have only been in business for 5 years, but I'm assuming that if TWIA is trying to get out of the business you will either need to accept Weston's offer or look for another carrier. I would ask around (friends and neighbors) who they use.
Thanks for the reply. Most of my neighbors directly around me are TWIA as well, it seems. I think I'll post this to my Nextdoor site and see if I get any additional feedback. Should have done that first, but I rarely use it and didn't think about it.

Last edited by Texas Ag 93; 12-23-2016 at 10:16 PM..
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