About Us

The concept of mutual assurance for mutual risk is as valid today as it was in the 18th century. Today the Society seeks to have Virginia homeowners mutually insure each other for the same primary purpose of minimizing their exposure to losses at a reasonable cost.

The Society Today
The Society is a mutual assessment property and casualty insurance company and is operated as a pure mutual for the sole benefit of its member policyholders. The Society conducts its business on the assessment plan whereby the Society’s Board of Directors establishes the initial premiums to be charged each policyholder and thereafter the Board levies an annual assessment. The annual assessment cannot exceed two hundred percent of the policy premium.

Uniquely, the Society issues a perpetual homeowners policy, i.e., there is no policy expiration date, and as long as the conditions of membership are satisfied the policy shall remain in effect, subject however to the cancellation provisions of the policy and the Society’s bylaws.

Conceptually, the advantage of this type of organization is lower insurance costs developed through the mutual sharing of risks, through conservative underwriting of risks and through sound investment of the Society’s funds. It is our hope that once your home is insured by the Society, a mutually satisfactory relationship will develop so that the Society will be able to continue to insure your home as long as you own it.

From its inception in 1794 until 1955, the Society provided only fire insurance on selected buildings throughout Virginia. In 1955, the Society amended its charter to permit it to write extended coverage and again in 1965 its charter was amended to permit the issuance of the homeowners package policy. Since 1955, the Society has specialized in residential property insurance and at the present time writes fire and allied lines, homeowners, inland marine and personal umbrella liability insurance. The Society continues its tradition of physically inspecting every property prior to binding coverage or issuing a policy, a tradition that is in stark contrast to today’s telemarketing and .com strategies.

Community Support – A Culture of Benevolence
The Mutual Assurance Society of Virginia has a long history of benevolent support for the communities in which it does business. From its early history of donating fire fighting equipment to the City of Richmond and contributions to cities throughout Virginia in support of the development of central water systems for fire suppression, to the Society’s support of United Way organizations in every city in which it does business, the Society has demonstrated an unfailing commitment to the good of society.

Today, the Society’s corporate philanthropy is provided through the Mutual Assurance Society of Virginia Fund, a donor advised fund administered through The Community Foundation, Richmond, Virginia. The Fund was created in 1990 and has been used by the Society for many special one-time gifts as well as funding for the Society’s annual corporate giving to cultural, educational and humanitarian organizations. As the Society begins providing insurance to residents of the Commonwealth of Virginia in its fourth century of operation, it expects to continue to provide benevolent support for worthy causes through the Mutual Assurance Society of Virginia Fund.

Financial Strength
One of the most financially sound insurance companies in existence today, the Society is currently rated A (Excellent) by A.M. Best Company and A” (unsurpassed) by Demotech, Inc. Click on the icons below to view the Society’s ratings.

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2014 Annual Report

2015 Annual Report

2016 Annual Report