The Mutual Assurance Society of Virginia is a mutual insurance company. Unlike a stock insurance company with stockholders, our policyholders are our owner-members. Each member receives an annual report and is eligible to vote at our annual meeting, either in person or by proxy.

A perpetual policy is one without expiration. Both parties agree to keep the policy in-force without an expiration date. As long as the conditions of membership are satisfied, the policy remains in effect, subject to the cancellation provisions of the policy and the Society's bylaws. Other insurance policies expire after a set term, usually one year, and are renewed by both parties. The essence of the Society is a "mutual" commitment of the Society and its member policyholders, each to the other. It is the expectation of the Society that once insured, a member will remain insured by the Society as long as specific membership conditions are met. The perpetual policy is a reflection of that expectation, subject only to the cancellation provisions of the policy and the current underwriting and eligibility requirements of the Society.

No. The Mutual Assurance Society of Virginia operates only in the Commonwealth of Virginia. There are other mutual insurance companies across the U.S., though few operate exactly as we do and may focus on other types of properties such as farms or commercial buildings. If you are moving out of state or know of someone outside of Virginia looking for a similar type of coverage, you can look for resources at NAMIC.org - the National Association of Mutual Insurance Companies.

We require at least a 30-day waiting period for new policies to allow us time to arrange for and conduct an inspection of the prospective property and its premises. Many companies will write your policy over the phone and decide later whether or not they will continue to insure your property. We feel it is in our members' best interest to make underwriting decisions before coverage is effective.

A physical inspection of the property allows us to properly estimate the amount of insurance needed to adequately insure the property. In addition, a physical inspection is the best way to identify existing damage, hazards, or deficiencies present on the premises. After over 200 years of insuring property, we are convinced that a physical inspection is an essential component of sound underwriting principles.

A recent JD Power report has noted that bundling auto and home is no longer the savings opportunity it once was, and many policyholders are better off shopping the two coverages separately. At present, Mutual Assurance only provides homeowners insurance coverage for single-family owner-occupied properties. As an accommodation to our homeowner policyholders, we also offer dwelling fire, scheduled property, and personal umbrella liability insurance. For more information, visit our Policies and Coverages page.

Yes, but only with certain precautions. Hot water heaters have an average life expectancy of only 10 to 12 years. Thus, it is not a matter of if it will fail, but rather when it will fail. The potential property damage from the stored hot water as well as the active cold water supply line is enormous. In addition, hot water heaters and their supply lines in attics or other unheated areas are exposed to the equally serious risk of freezing and bursting. We prefer to see hot water heaters located in garages, basements, or, at worst, in first-floor utility rooms in order to mitigate the property damage that may result from a failed hot water heater or frozen supply line. Therefore, we require a drip pan and outside drain line on every hot water heater unless it is installed in an unfinished basement or garage. If a hot water heater is located in the attic or anywhere else above a finished living area, we also require the installation of an automatic water supply shut-off valve.

Reinsurance is insurance the Society purchases to protect itself against catastrophic losses and events. Facultative reinsurance allows the Society to insure individual homes valued higher than what the Society would ordinarily cover. The cost of facultative reinsurance is charged directly to the individual homeowner as an addition to their annual assessment and the fee is forwarded to the reinsurer. The Society receives no part of the facultative reinsurance premium, nor does it receive any commission for placing this reinsurance. Without the use of facultative reinsurance, less than 1% of members would be unable to continue their homeowners insurance with the Society.