News & Announcements

January 1, 2018

2018 Assessment

2018 Base Annual Assessment Rate Remain at 20%.

Our operating and investment results for 2017 were again mixed.  Despite economic uncertainties, the stock market has been solid, resulting in a good investment performance for our portfolio. This increase in market value helped to offset significant losses from several severe storms during 2017.  A winter freeze event in January, followed by two significant wind/hail events in February and May contributed to an overall loss from weather-related events of more than $10M.  Considering these factors and the adoption of updated tables of rates, our base annual assessment rate will remain at 20% for 2018.   An additional assessment of 20% applies to secondary residences, and an additional assessment of 12% applies to coastal properties located in designated territories.  Annual assessments may be paid by credit card either from the Member Login section of our website, or by calling the office.  The minimum annual assessment per homeowner policy is being increased to $125.  Assessments for optional reinsured products such as Equipment Breakdown Coverage are charged in addition to the $125 minimum annual assessment.

Based on residential construction cost indexes for Virginia, dwelling values have been increased 5.5% for 2018.   Please review the limits of liability and coverage shown on the enclosed declarations page.  It is important that you be comfortable with the amount of coverage provided by your policy.  You should be confident that the amount of your insurance you purchase is adequate to restore your property fully following a significant loss event.