News & Announcements

January 1, 2016

2016 Assessment

2016 Base Annual Assessment Rate Will Rise to 17%.

Our operating and investment results for 2015 were moderate.  The stock market displayed weakness and high volatility during the second half of the year; we were fortunate to have reduced our stock holdings to the minimum level, per our investment guidelines, shortly before these market fluctuations.  Just as in 2014, 2015 started with two winter freeze events.   This year’s storms resulted in just over $3 million of loss.  Losses for the remainder of the year were up minimally from previous years.  Considering these factors our base annual assessment rate will increase to 17% for 2016.  An additional assessment of 17% is applicable to secondary residences, and an additional assessment of 12% is applicable to coastal properties located in designated territories.  Annual assessments can be paid by credit card either from the Member Login section of our web site, 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 1% for 2016.  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.  After a major loss occurs is not the time to question the amount of your insurance coverage.