Virginia Issues New Rules Related to Dwelling Property and Homeowners Insurance

The Virginia State Corporation Commission, Bureau of Insurance issued new rules governing the content of dwelling property insurance policies (Chapter 341) and new rules governing the content of homeowners insurance policies (Chapter 342) found at Title 14 of the Virginia Administrative Code.  The new rules repeal the rules of Chapter 340 (Rules Governing Standards for the Content of Fire Insurance in Combination with Other Coverages) and become effective January 1, 2022 and require compliance for policies delivered or issued for delivery in Virginia with effective dates on and after July 1, 2023.  Insurers and rate service organizations are required to submit filings for compliance with these chapters no later than December 31, 2022.