Continuing my state-by-state review of mandatory condominium insurance requirements, this post will look at the state of Virginia, known as the “Mother of Presidents” because it is the birthplace of eight U.S. Presidents.

The Code of Virginia Section 55-79.81 governs insurance requirements for condominiums in the state of Virginia.

The Virginia Code states:

The condominium instruments may require the unit owners’ association, or the executive organ or managing agent on behalf of such association to obtain:

1. A master casualty policy affording fire and extended coverage in an amount consonant with the full replacement value of the structures within the condominium, or of such structures that in whole or in part comprise portions of the common elements.

2. A master liability policy, in an amount specified by the condominium instruments, covering the unit owners’ association, the executive organ, if any, the managing agent, if any, all persons acting or who may come to act as agents or employees of any of the foregoing with respect to the condominium, and all unit owners and other persons entitled to occupy any unit or other portion of the condominium.

3. Such other policies as may be required by the condominium instruments, including, without limitation, workers’ compensation insurance, liability insurance on motor vehicles owned by the association, and specialized policies covering lands or improvements in which the unit owners’ association has or shares ownership or other rights.

Unlike many states, Virginia does not require condominium associations or individual condominium unit owners to maintain insurance. Those looking to purchase a condominium unit should inquire as to whether or not the association carries insurance, and if it doesn’t, the unit owner should purchase his or her own property insurance to provide peace of mind in the event of a loss.