Virginia § 6.2-411 Requirements relating to insurance

Virginia Statutes

§ 6.2-411 — Requirements relating to insurance

Virginia § 6.2-411

JurisdictionVirginia

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IGENERAL PROVISIONS

Ch. 4CERTAIN LENDING PRACTICES

Art. 2LOANS SECURED BY LIEN ON REAL ESTATE

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Bluebook

Va. Code Ann. § 6.2-411 (2026).

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.

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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.