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Perpetual Policy

What is a Perpetual Policy with Mutual Assurance?


A perpetual policy 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.

How does it work?


Members of Mutual Assurance Society are charged a one-time premium for the life of the policy at the time of purchase. Additional premiums are charged only if a new coverage is added to the 

Close up of antique wooden clock face

Antique Clock in Mutual Assurance Offices

policy. Since the premium covers the life of the policy, it is often a little more than what you would pay for a term homeowner insurance policy that expires annually.  Members are then only charged an annual assessment each year on the anniversary of their policy. The annual assessment is a percentage of the policy premium. Our annual assessments are typically much less than what you would pay for other homeowner insurance policies.

The Mutual Assurance Board of Directors annually sets the assessment, ranging from 1% to 200% of the policy premium, based on claim costs, administrative expenses, and investment performance.  For the past ten years, annual assessments have ranged from 15% to 25% of the policy premium.  The result – our members commonly 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. Location, home condition, municipal water sources, fire station and hydrant proximity, and much more 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. Click here to complete a contact form or give us a call at 804.355-1794.


We look forward to meeting you.

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