Virginia Code 38.2-2610: Cancellation of home protection contracts
Current as of: 2023 | Check for updates
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A. No home protection contract shall be cancelable by the home protection company during the initial term for which it is issued, except for:
Terms Used In Virginia Code 38.2-2610
- Contract: A legal written agreement that becomes binding when signed.
- contract: means any insurance contract or agreement whereby a person undertakes for a specified period of time and for a predetermined fee to furnish, arrange for or indemnify for service, repair, or replacement of any and all of the structural components, parts, appliances, or systems of any covered residential dwelling necessitated by wear and tear, deterioration, inherent defect, or by the failure of an inspection to detect the likelihood of failure. See Virginia Code 38.2-2600
- Fraud: Intentional deception resulting in injury to another.
- Home protection company: means any person who performs, or arranges to perform, services pursuant to a home protection insurance contract. See Virginia Code 38.2-2600
1. Nonpayment of premium;
2. Fraud or misrepresentation of facts material to the issuance of the contract; or
3. Contracts providing coverage prior to the time the residential property is purchased, provided that purchase of the property does not occur.
B. Nothing in this section establishes the right of a contract holder to renew any contract.
1981, c. 530, § 38.1-940; 1986, c. 562.