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Perpetual Policy

What is a Perpetual Policy with Mutual Assurance?


Put simply, a perpetual policy is just what the name implies  - it is a policy that never expires. As long as membership conditions are satisfied, the policy remains in effect, subject only to the eligibility requirements of the Society and the policy’s cancellation provisions. Other insurance policies expire after a set term, usually one year, and are renewed for an additional premium.

Close up of antique wooden clock face

Tell me more!

Close up of an antique clock hanging in the Mutual Assurance office. It has has stood sentry in all of the company's locations since the 1800s.

Members of Mutual Assurance Society are charged a one-time premium for the life of the policy that is often a little more than what is charged in the first year by other insurance providers because this premium payment covers the life of the policy.  Members are then only charged an annual assessment each year on the anniversary of their policy. This annual assessment is a small percentage of the policy premium and is typically much less than what you would pay for other homeowner insurance policies.

The Mutual Assurance Board of Directors annually sets the assessment rate, which can range from 1% to 200% of the policy premium, based on claim costs, administrative expenses, and investment performance.  In recent years, annual assessments have ranged from 15% to 25% of the policy premium.  The result – our members spend thousands less for homeowner coverage over the lifetime of their policy.

Antique etching of two hands clasping as in a handshake

The benefits of a Mutual


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

At Mutual Assurance, when we work together with our members to keep claims and operating expenses low, our members benefit from lower annual assessments. It is a partnership that has grown and thrived for over 229 years.



Does your home qualify?


Not every home in Virginia qualifies for our insurance. Factors such as location, home condition, and municipal services are considered before membership can be offered. We do this to make sure each member’s risk is equal and mutually beneficial.


We invite you to reach out and let us explore your home's eligibility together.


We look forward to meeting you.

Or call us at 800-648-1794

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