News & Announcements

January 1, 2017

January 1, 2017

2017 Assessment

2017 Base Annual Assessment Rate Will Rise to 20%.

Our operating and investment results for 2016 were moderate.  After a 10% drop in the early weeks of the year, the stock market showed resiliency during the year’s second half.   This increase in market value helped to offset significant losses from several severe storms during 2016.  These included tornados, straight-line windstorms, thunderstorms with lightning and hurricane Matthew.  These storms resulted in just over $8.4 million of weather-related loss.  Considering these factors our base annual assessment rate will increase to 20% for 2017.   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 policy is $100.  Assessments for optional reinsured products such as Equipment Breakdown Coverage are charged in addition to the $100 minimum annual assessment.

Based on residential construction cost indexes for Virginia, dwelling values have been increased 3.6% for 2017.  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.