I assume this will change how the policy earns. Typically, flood policies are fully earned, whereas H/O policies typically have return premiums in the event of a cancellation. How do they reconcile this?
I hope they do as well. I have many friends off the coast in Harris and Jefferson County and they have been switching over to TWICO because there is no 30 day wait and they will now get LOSS OF USE. They didn’t get loss of use when Harvey hit and although most had flood coverage with standard companies, they still lost their homes because they couldn’t afford to pay for both their mortgage and the rental homes they had to live in while they were renovating. This is HUGE for them.
I hope this coverage grows even bigger country wide so it takes the burden off the taxpayers.
We intend to expand this offering to additional states and hopefully countrywide.
I assume this will change how the policy earns. Typically, flood policies are fully earned, whereas H/O policies typically have return premiums in the event of a cancellation. How do they reconcile this?
This is a part of the Homeowners contract and will earn daily just like the rest of the policy.
Great to see TWFG as a front runner of what long over due. I hope to see this expanded countrywide as well.
I hope they do as well. I have many friends off the coast in Harris and Jefferson County and they have been switching over to TWICO because there is no 30 day wait and they will now get LOSS OF USE. They didn’t get loss of use when Harvey hit and although most had flood coverage with standard companies, they still lost their homes because they couldn’t afford to pay for both their mortgage and the rental homes they had to live in while they were renovating. This is HUGE for them.