2020 Base Annual Assessment Rate will drop to 22%
Our base annual assessment rate for Homeowners policies will decrease to 22% for 2020. An additional assessment of 22% applies to secondary residences, and an additional assessment of 10% applies to coastal properties located in designated territories. The minimum annual assessment per policy is $100. Assessments for optional reinsured products such as Equipment Breakdown Coverage are charged in addition to the $100 minimum annual assessment.
Residential construction cost indexes for Virginia necessitate an increase in dwelling values of 1% for 2020. Limits of liability and coverage are shown on each policy’s declaration page. We encourage our members to review these limits and the coverage so they are comfortable with the amounts provided by the policy. Our goal is to make sure each member is confident that the amount of his insurance is adequate to restore his property fully following a significant loss event.