Frequently Asked Questions

Actual Cash Value, or ACV, is the amount your insurance pays out after a loss, minus depreciation. For example, if your ten-year-old roof is damaged, ACV means you’ll get the value of a ten-year-old roof, not a brand-new one. It’s important to know this term because it affects how much you get after a claim. Many Norfolk homeowners and condo owners ask about ACV, especially after coastal storms. Understanding ACV can help you decide if you need better replacement coverage for your property.

Replacement Cost pays you enough to repair or replace your damaged property with new items of similar kind and quality, with no deduction for depreciation. This is different from Actual Cash Value, which subtracts for wear and tear. For example, if your kitchen is damaged in a flood in Ghent, replacement cost coverage will cover the full cost to rebuild it as new. Beach homeowners and condo owners in the Mid-Atlantic often choose replacement cost for peace of mind after disasters.

Liability Coverage pays others if you are legally responsible for injury or damage. For example, if you cause a car accident in Norfolk or someone slips at your Virginia Beach rental, liability coverage helps pay their medical bills or repairs. This coverage protects you from paying large out-of-pocket costs. It’s a must-have for Navy families and business owners who want protection from unexpected lawsuits or accidents.

An SR-22 is a form your insurance company files with the state to prove you have the minimum required auto insurance after certain violations, like a DUI. An FR-44 is similar, but for more serious offenses—it requires higher coverage limits. Both are common in Virginia and can affect your rates. If you need an SR-22 or FR-44 in the Hampton Roads area, our glossary helps you understand what’s required and how to stay compliant.

Not always. Most condo association (HOA) master policies only cover the building’s exterior or shared spaces. Your personal condo insurance (an HO-6 policy) protects your belongings and may cover interior walls, floors, and fixtures. It’s important to read your policy and check what your HOA covers. Many Norfolk and Ghent condo owners are surprised by gaps—our glossary and personalized review can help you understand what’s protected and what’s not.

Comprehensive coverage pays for damage to your car from things other than a collision—like theft, hurricane damage, vandalism, or hitting a deer. This coverage is popular for drivers in coastal areas like Virginia Beach and Norfolk, where storms, flooding, and other risks are common. Our glossary makes it easy to see if comprehensive is right for you and how it fits with your auto policy.

Our Insurance Glossary is written with Hampton Roads, Norfolk, and coastal living in mind. We use real examples from our community, explain local risks, and break down policies often used by Navy families, condo owners, and business owners. National glossaries can be confusing and miss local details—ours is tailored to your needs and written in simple, fifth-grade language for clarity.