In addition to covering the building itself, Virginia Farm Bureau Insurance provides coverage for completed additions, permanently installed fixtures, machinery and equipment, your personal property used to maintain or service the building and exterior, and grade-floor building glass, including lettering or ornamentation.
There are two types of building coverages:
- “Special” Building Coverage provides protection from any cause of loss except those that are specifically excluded or limited in the policy.
- “Standard” Building Coverage provides protection from specific perils listed in the policy.
Virginia Farm Bureau Insurance will pay for covered losses to the building on a replacement cost basis unless you specifically request the actual cash value option. With the replacement cost basis there will be no deduction for depreciation when damaged property is repaired or replaced. Actual cash value pays damages equal to the replacement value of damaged property minus depreciation.
Business Personal Property
Your business personal property in and around the buildings covered in your policy are included in your coverage, as well as certain coverage for damage to the property of others that is in your care, custody, or control, and for which you are legally liable. Losses on Business Personal Property also will be paid for on a replacement cost basis, unless otherwise specified.