Code of Virginia Title 38.2 Chapter 21, §§ 38.2-2100 through 38.2-2131, 35 sections: Fire Insurance Policies

What this document is

Code of Virginia Title 38.2 Chapter 21 - Fire Insurance Policies (§§ 38.2-2100 through 38.2-2131, 35 sections) is a state statute published by Virginia General Assembly, Division of Legislative Automated Systems (Virginia Law Portal, law.lis.virginia.gov). It is one of the Virginia documents that insurance license exam questions are written from, including virginia property & casualty, virginia personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Va. Code Sec. 38.2-2119(C) (Approval of forms or provisions for certain risks; functional replacement cost)

  “Notwithstanding the provisions of § 38.2-2104, insurers may offer, as an option, coverage limited to the amount necessary to repair or replace damaged property with functionally equivalent property at a lower cost than would be required to repair or replace the damaged property with material of...”

• Va. Code Sec. 38.2-2119(B) (Full replacement cost; claim for the difference)

  “B. Where any policy of insurance issued or delivered in this Commonwealth pursuant to this chapter provides for the payment of the full replacement cost of property insured thereunder, the policy shall permit the insured to assert a claim for the actual cash value of the property without prejudice...”

• Va. Code Sec. 38.2-2128 (Certain exclusions permitted; dangerous or vicious animal)

  “Notwithstanding the provisions of § 38.2-2108, any insurer that issues or delivers in the Commonwealth a new or renewal policy written to insure an owner-occupied dwelling may, with the named insured's written consent, exclude from coverage any liability resulting from an injury caused by a...”

• Va. Code Sec. 38.2-2108.1 (Commercial fire insurance policies; changes to amount of coverage)

  “No insurer shall, after a new or renewal contract or policy of fire insurance or fire insurance in combination with other coverage that has been issued or delivered in the Commonwealth to insure commercial property located in the Commonwealth has been in effect for 60 days, initiate and issue any...”

• Va. Code Sec. 38.2-2104(A) (Standard insuring agreement for fire insurance policies)

  “to the extent of the actual cash value of the property at the time of loss, but not exceeding the amount which it would cost to repair or replace the property with material of like kind and quality within a reasonable time after such loss, without allowance for any increased cost of repair or...”

• Va. Code Sec. 38.2-2130 (Coverage for volunteer fire department costs)

  “Every insurer writing a fire policy or fire policy in combination with other insurance coverages shall provide coverage for the cost charged by a volunteer fire department that is not fully funded by real estate taxes or other property taxes for service charges where the fire department is called...”

• Va. Code Sec. 38.2-2131(A) to (C) (Assignment of claims prohibited; exceptions)

  “A. Consistent with the provisions of § 38.2-2104, no person insured under a fire insurance policy or a fire insurance policy in combination with other coverages shall assign or otherwise transfer, in whole or in part, to any other person the duties, rights, or benefits of the insured under the...”

• Va. Code Sec. 38.2-2118 (Required statement on insurance policies for owner-occupied dwellings)

  “Each insurer writing insurance on owner-occupied dwellings and appurtenant structures with a replacement cost provision under the provisions of Chapter 19 (§ 38.2-1900 et seq.) shall provide on each new and renewal policy a statement summarizing (i) any minimum coverage requirement necessary for...”

• Va. Code Sec. 38.2-2125 (Notice regarding flood exclusion)

  “Any insurer that issues or delivers in this Commonwealth a new or renewal contract or policy of fire insurance, or a new or renewal contract or policy of fire insurance in combination with other insurance coverages, which policy or contract excludes coverage for damage due to flood, surface water,...”

• Va. Code Sec. 38.2-2112(B) (Temporary insurance contracts; provisions that may be superseded)

  “B. No temporary insurance contract shall include any provision or agreement which is inconsistent with or waives any provision, stipulation, agreement or condition required by § 38.2-2104 or § 38.2-2105. However, the cancellation provision and the provision fixing the hour of inception may be...”

• Va. Code Sec. 38.2-2103 (Information to be printed on policy)

  “There shall be prominently printed on every policy issued on property in this Commonwealth (i) the name of the insurer issuing the policy, (ii) the location of the home office of the insurer, and (iii) a statement specifying whether the insurer is a stock company, a mutual company, a reciprocal...”

• Va. Code Sec. 38.2-2120(B) (Diminution in value of scheduled personal property)

  “B. Any insurer who issues or delivers a new or renewal homeowner's insurance policy or a stand-alone policy that covers scheduled personal property in the Commonwealth shall offer in writing a provision providing coverage for the diminution in the value of any such scheduled personal property, if...”

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