The Virginia Property Insurance Association (VPIA) is Virginia’s FAIR Plan. It exists to provide basic property coverage to owners who can’t find it in the regular market, often because of a property’s age, condition, location or claims history. VPIA policies can look different from a typical homeowners policy, and that affects Virginia FAIR Plan claims.
What VPIA coverage often looks like
FAIR Plan coverage is often more basic than a standard homeowners policy. Depending on the form you bought, it may cover fewer perils, pay actual cash value instead of replacement cost, or leave out coverages like personal liability. Read your declarations and policy form carefully, because the details vary.
Where disputes arise
- ACV settlements where depreciation takes a large share of an older home’s claim.
- Named-peril coverage where the cause of loss decides whether anything is paid.
- Older homes with plaster, slate or heart pine priced as modern materials.
- Scope disputes on storm and fire losses, as with any insurer.
Can appraisal help?
If your VPIA policy contains an appraisal condition and the dispute is about the amount of loss, appraisal may be available. Check your form for the clause and its deadlines. The same limits apply: appraisal won’t decide whether a peril is covered.
Depreciation on an ACV policy
On an actual cash value policy, depreciation isn’t held back to be paid later. It’s permanently subtracted. That makes how depreciation is calculated especially important. The holdback recovery calculator includes an ACV-only option.
Questions about VPIA itself
Complaints about how a FAIR Plan claim was handled can be raised with the Bureau of Insurance, which oversees insurance in Virginia.