                                 CODE OF VIRGINIA

OPTIONAL COVERAGE TO BE OFFERED WITH HOMEOWNER&#8217;S POLICY (§ 38.2-2120)

A. Any insurer who issues or delivers a new or renewal homeowner&#8217;s
insurance policy in this Commonwealth shall offer as an option a provision
insuring against loss caused or resulting from water which backs up through
sewers or drains.

B. Any insurer who issues or delivers a new or renewal homeowner&#8217;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 the
schedule provides for the repair of such property. The diminution in value of
the personal property shall be the amount, if any, by which the market value of
the personal property immediately following the completion of repair of the
damage to the personal property is less than the market value of the personal
property immediately prior to the damage and the change in market value is a
direct result of damage from the covered loss. The provisions of this subsection
shall apply to every such policy that is issued, delivered, or renewed by an
insurer licensed in the Commonwealth on or after July 1, 2025.

HISTORY: 1974, c. 564, § 38.1-335.2; 1986, c. 562; 2016, c. 558; 2024, c. 547.