Coverage Highlight: Blanket Property Coverage

VRSA provides the broadest property and liability protections to ease our members’ worries. One example is on the property form. Property losses may occur suddenly as a result of fire, wind, vandalism, or other unexpected hazards.

Blanket property coverage provides protections for buildings and contents under one total limit, versus separate limits for each building or contents in the building.

Unlike other pools, VRSA provides blanket property coverage to all members with property policies.  This coverage provides protection for covered property under the blanket limit, preventing potential coverage gaps where buildings may be inadvertently undervalued.

For example, if a building on your schedule valued at $500,000 is destroyed, but the cost to replace the building is $1.5 million, without blanket coverage your entity may be looking at a significant shortfall. However, with a blanket policy of $2 million, the member would be covered for the shortfall under the blanket policy.

VRSA provides all members with property coverage blanket limits based on their entity’s property values.

While blanket coverage is essential in protecting your entity’s property – it also stresses the importance of accurately valuing your entity’s buildings, contents, and property in the open. VRSA members benefit from free professional appraisals for all member locations valued at more than $1 million. This service is offered to members purchasing property coverage and includes buildings and contents values.

By doing things the right way – providing blanket coverage to all members, and accurately valuing member property, VRSA is able to continue providing stable rates and dependable coverages while treating members equitably and fairly.

We are committed to providing protections that are in the interest of our members. For more information on this and other coverage advantages, contact your VRSA Member Services representative at: 800-963-6800.