About Mutual Assurance
What is a perpetual policy and what makes it unique from other insurance policies?
Unlike a traditional homeowners policy that renews each year, a Mutual Assurance Perpetual Policy has no annual expiration date. As long as you continue to meet our membership requirements, your policy remains in effect.
You pay an initial premium when the policy is issued. In the years that follow, you pay a much smaller annual assessment rather than another full annual premium. It's one of the features that makes Mutual Assurance unlike most homeowners insurance companies.
Want to learn more? Explore the Perpetual Policy →
Why do you refer to your policyholders as members?
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.
Does Mutual Assurance offer policies outside of Virginia?
No. Mutual Assurance 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.
Can I get my auto insurance through Mutual Assurance?
Yes. The Agency at Mutual Assurance was created to give people in the markets we serve access to auto insurance and other personal insurance options from trusted carrier partners. It’s another way we can help you protect what matters most.
Members in markets served by our Richmond, Lexington, and Staunton offices can contact The Agency at Mutual Assurance for quotes on auto, boat, farm, special event, umbrella coverage over $5 million, and other personal insurance needs.
Members whose Mutual Assurance homeowners policies are serviced through one of our carefully selected partner agencies can continue to work with their local agent for these additional coverages.
Is Mutual Assurance Available 24/7 to get a quote?
You can get an online estimate 24/7 with our online estimate tool.
Getting Started
How do I get a policy with Mutual Assurance?
There are two easy ways to get started. You can use our online estimate tool, or call us at (804) 355-1794 to speak with a member of our Member Services team.
Our policy is a little different from what you may be used to, so a conversation can often be the best place to start. We’re happy to explain how the Perpetual Policy works, answer questions about your home, and help you understand whether Mutual Assurance may be right for you.
Can I get a policy today?
We conduct an inspection of your home and complete the underwriting process prior to issuing a new policy. Many companies will write your policy over the phone and decide later whether they will continue to insure your property. We feel it is in our members' best interest to make underwriting decisions before coverage is effective.
Why does Mutual Assurance inspect every home?
Every home is different. A physical inspection helps us understand your property's construction, features, condition, and replacement cost so we can recommend the right amount of coverage.
We've been inspecting the homes we insure for generations because we believe careful underwriting at the beginning creates a better experience for our members over the long term.
Do I need to do anything to prepare for my home inspection?
The inspector will need access to your mechanicals, such as your water heater, air conditioner, and breaker box. Other than that, all you need to do is be there to provide access to the home.
What are some of the conditions that would exclude my property from qualifying?
There are certain conditions that we consider too risky that would prevent your home from qualifying for our coverage. These include, but are not limited to trampolines, unfenced pools, and raised porches without railings. Your agent or assigned underwriter can discuss any issues with you following your home inspection.
How is the premium determined?
All policy premiums are based on replacement cost. Several other factors also determine the premium for each home. They include:
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Home features and characteristics: the home's age, and construction materials, the type and age of the roof, and the presence of a garage and other structures.
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Location: rates can vary based on local and regional location, weather, and proximity to a fire hydrant/station.
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Protective devices: monitored burglar alarm systems, smoke detectors, water shut-off valves.
Why is the estimated replacement cost different from new construction cost?
The "cost to rebuild" or "replacement cost" is the estimated amount it would take to rebuild or repair your home at the time of a covered loss. Labor, materials, equipment costs, and inflation all impact the estimated replacement cost of your home. Your Mutual Assurance agent or underwriter can walk you through the details.
When rebuilding a home, a few key areas come into play that are not present when building a new home.
New home builders are often able to purchase materials at bulk discounted prices, and labor costs are typically higher as demolition, debris removal, and specific craftmen may be required.
Access to a home that needs reconstruction may also be an issue as nearby homes, landscaping, and detached structures can increase the time needed to complete the rebuild.
Your Home & Policy
Do dogs affect the premium?
The number of dogs, not the type, can affect your underwriting costs. We allow up to 4 dogs to qualify.
Does Mutual Assurance offer a home warranty?
No, but our HO5 policy comes with several added coverages including equipment breakdown, water/sewer back-up, and service line repair, but these are not the same as a home warranty.
Is my home business covered under my homeowners policy?
It depends on the business. Businesses that require clients or customers to come to the property would not be considered. If you operate a business out of your home, make sure you discuss that with your agent or underwriter to ensure you have adequate coverage.
What documents or information make up my homeowners policy
Most insurance policies include the same basic components:
Declarations page (Dec Page): the first page of your policy that contains the following information:
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Name and address of the insured.
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Dollar amount of coverage in the policy.
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Cost of the policy.
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Description of the insured property.
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Contact information.
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Coverage: details on the protection for both property (house, structures, and contents) and liability (bodily injury or property damage to others for which you are liable).
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Exclusions: what is not covered by your policy under both property and liability.
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Endorsements: Insurance riders, amendments or attachments that alter the standard coverage provided under the policy.
Would my policy cover items in my home or just the structure?
Your policy covers your home and belongings. Certain personal belongings such as furs, jewelry, fine art, and guns require separate coverage, which we can provide upon request.
Does Mutual Assurance cancel or non-renew a homeowners policy?
Our perpetual policy means your policy remains in effect until you terminate it, or it is cancelled because membership requirements are not being met. A claim will not increase your rate or cause us to cancel the policy unless it is proven a deliberate action.
Still Have Questions?
Our team is happy to help you understand Mutual Assurance, your coverage, or whether your home may be a good fit.
Talk with us
800-648-1794