Virginia State Corporation Commission, Bureau of Insurance - Virginia Consumer's Guide for Homeowners Insurance

What this document is

Virginia State Corporation Commission, Bureau of Insurance - Virginia Consumer's Guide for Homeowners Insurance is a reference published by Virginia State Corporation Commission, Bureau of Insurance (scc.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. SCC Bureau of Insurance, Homeowners Insurance Guide (Types of Homeowners Policies)

  “HO-5 Comprehensive Form (HO-3 with HO-15, Special Personal Property Coverage)”

• Va. SCC Bureau of Insurance, Homeowners Insurance Guide (HO-5 Comprehensive Form)

  “The HO-5 (Comprehensive Form) covers both your real and personal property against all perils except flood, earthquake, war, neglect, nuclear accident, and others specified in your policy.”

• Va. SCC Bureau of Insurance, Homeowners Insurance Guide (Choosing Policy Limits for Contents)

  “Listing these items specifically means that coverage for your most valuable belongings will be excluded from the policy limit that applies to all your other personal property. It also means your insurance company will have an indication of what you felt the value of the property was at the time the policy was issued.”

• Virginia Bureau of Insurance, Virginia Homeowners Insurance Guide (Special Form HO-3)

  “Most companies also sell a homeowners policy that combines the features of the “open perils” policy and the “named peril” policy. This policy is called the Special Form (HO-3). The property damage section of this policy provides “open perils” coverage on the building and other structures by...”

• Virginia Bureau of Insurance, Virginia Homeowners Insurance Guide (MV Market Value Form)

  “The MV (Market Value Form) is designed for older homes, usually constructed in a way that it is not economically feasible to duplicate following a loss. The MV allows owners of older homes to carry lower limits of insurance, such as the market value of the home rather than the 80% of replacement...”

• Virginia Bureau of Insurance, Virginia Homeowners Insurance Guide (Medical Payments Coverage)

  “Unlike liability coverage which provides protection only if you are at fault, medical payments coverage pays if someone is injured in your home regardless of fault.”

• Virginia Bureau of Insurance, Virginia Homeowners Insurance Guide (Personal property, actual cash value)

  “In most cases, the usual homeowners policy will not provide replacement cost coverage for your personal belongings that are damaged or destroyed by a covered peril. Instead, you will be paid only the “actual cash value” regardless of your policy limits. This means you will receive the replacement...”

• Virginia Bureau of Insurance, Virginia Homeowners Insurance Guide (Glossary, replacement cost)

  “the replacement cost of a building equals the amount it would cost to construct the house or building today using materials of the same kind and quality. The replacement cost of a house does not include the value of the land.”

• Virginia Bureau of Insurance, Virginia Homeowners Insurance Guide (How Much Insurance Do You Need)

  “If you purchase an amount less than 80% of the replacement cost of your dwelling, your insurance company will not be obligated to pay the total cost of a loss to your dwelling even if there is a small loss. In this case, you will only be entitled to receive the larger of either (1) the “actual cash...”

• Virginia Bureau of Insurance, Virginia Homeowners Insurance Guide (Building ordinance or law coverage)

  “Companies are required by law to offer you building ordinance or law coverage. This provides protection when a building damaged by a covered peril must be repaired or rebuilt in a more costly manner because the original construction does not comply with current building codes. This coverage may cost you extra.”

• Virginia Bureau of Insurance, Virginia Homeowners Insurance Guide (Personal property, limited coverage)

  “Coverage is limited to very small amounts for certain types of property that are especially susceptible to loss, such as cash, securities, jewelry, furs, manuscripts, and stamp or coin collections. You may receive a total of only $1,500 for all furs or jewelry stolen in a single theft. A $500 limit...”

• Virginia State Corporation Commission, Bureau of Insurance, Virginia Consumer's Guide for Homeowners Insurance (undated page, retrieved 2026-09-29), Deductibles

  “Some wind or hurricane deductibles are written as a flat amount, such as $2,000, while others are applied to the loss as a percentage of the amount of insurance coverage on the dwelling. For example, assume a hurricane causes damage to your house or your personal property amounting to $5000, and...”

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More Virginia sources

• Virginia Code s. 38.2-1809 - Records; fiduciary duties of agentsState statute
• Virginia Code s. 38.2-1822 - License required; agentsState statute
• Virginia Code s. 38.2-1826 - Reporting of actions; agentsState statute
• Virginia Code s. 38.2-1831 - Prohibited practices; grounds for license refusal, suspension, or revocationState statute
• Virginia Code s. 38.2-1833 - Appointment of agentsState statute
• Virginia Code s. 38.2-1834 - Termination of agent appointmentState statute
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• Virginia Code s. 38.2-1845 - Continuing educationState statute