38.2-2610 - Cancellation of home protection contracts. - Virginia Statutes

§ 38.2-2610. Cancellation of home protection contracts.

A. No home protection contract shall be cancelable by the home protectioncompany during the initial term for which it is issued, except for:

1. Nonpayment of premium;

2. Fraud or misrepresentation of facts material to the issuance of thecontract; or

3. Contracts providing coverage prior to the time the residential property ispurchased, provided that purchase of the property does not occur.

B. Nothing in this section establishes the right of a contract holder torenew any contract.

(1981, c. 530, § 38.1-940; 1986, c. 562.)