What Is Mutual Assurance Society of Virginia's Perpetual Policy?
Mutual Assurance Society of Virginia offers a product they call the "perpetual policy with Mutual Assurance." In short, as long as you're happy with the terms of your policy, it never expires. Generally, other policies are renewed once a year or every six months, at which point you'd be expected to pay an additional set of fees. You pay for your policy with Mutual Assurance Society of Virginia once. If you want to add services on after the fact, you would pay for those individual services.
With a one-time premium, your premium will be higher than you'd expect for one year homeowners insurance products. Customers pay an annual assessment on their premium, which is a small percentage of your premium. Representatives say the annual assessment is much cheaper than policies that renew each year.
For example, your first year's premium might be $1,000 when you buy through independent agents. Each year after, your assessment might be 20% of the premium, which would be $200 a year. With traditional insurance lines, you might expect to pay $1,000 each year.