Va. Code Ann. § 6.2-411
This is the official text of Va. Code Ann. § 6.2-411, part of Virginia’s Code of Virginia — the complete compiled statutory law of Virginia, organized into 60+ numbered titles by subject.
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Requirements relating to insurance
Official statutory text
A. Any lender making a loan secured by a subordinate mortgage or deed of trust, as defined in § 6.2-300 , may require the borrower to provide:
1. Evidence of flood insurance if the security property is located in a special flood hazard area;
2. Evidence of fire and extended coverage insurance; and
3. Decreasing term life insurance, in an amount not exceeding the amount of the loan and for a period not exceeding the term of the loan.
B. At the option of the borrower, accident and health insurance and involuntary unemployment insurance may be provided by the lender.
C. Proof of all insurance issued in connection with loans subject to this chapter shall be furnished to the borrower within 10 days from the date the loan is closed.
1987, c. 622, § 6.1-330.72; 1993, c. 774; 1995, c. 75 ; 1996, c. 243 ; 1998, cc. 69 , 89 ; 2010, c. 794 .
1. Evidence of flood insurance if the security property is located in a special flood hazard area;
2. Evidence of fire and extended coverage insurance; and
3. Decreasing term life insurance, in an amount not exceeding the amount of the loan and for a period not exceeding the term of the loan.
B. At the option of the borrower, accident and health insurance and involuntary unemployment insurance may be provided by the lender.
C. Proof of all insurance issued in connection with loans subject to this chapter shall be furnished to the borrower within 10 days from the date the loan is closed.
1987, c. 622, § 6.1-330.72; 1993, c. 774; 1995, c. 75 ; 1996, c. 243 ; 1998, cc. 69 , 89 ; 2010, c. 794 .
Status: in_force · Read it on the official government site
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