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Property Insurance

Property coverage is provided through the State Risk Management Plan and administered by the Division of Risk Management.


The plan covers the following:

  • Buildings owned by Virginia Commonwealth University, including property VCU is responsible for insuring
  • Contents owned, leased, or in the care, custody and control of VCU, including fine arts and property in-transit or on exhibit
  • Business income and extra expenses, subject to the limits of the plan

Personal Property

Personal belongings of employees and students that are lost, damaged or stolen while on VCU property are not covered by the plan, unless the personal property is damaged through the university’s negligence. To insure your personal property while at VCU, consider homeowners or renters insurance, as appropriate.

Reporting a loss

Follow these steps to report a loss:

  1. Report stolen or vandalized property to VCU Police at (804) 828-1196.
  2. Immediately report property damage that poses a safety risk or risk of further damage to the Physical Plant Customer Care Center at (804) 828-9444.
  3. Complete the Report of Loss to State-owned Property and send a copy of the completed report to Insurance and Risk Management at P.O. Box 834040, Richmond, Va. 23204-3884, or fax to (804) 828-8510.


The state Division of Risk Management provides property insurance coverage through a plan comprising self-insurance and commercial insurance. The plan covers:

  • All state-owned buildings and contents, whether located on or off campus
  • Loss of business income due to an insured occurrence
  • Extra expenses used to expedite repairs, in certain circumstances

Coverage applies anywhere in the world, with the exception of certain high-risk countries.


The deductible for insurance coverage is $25,000 per occurrence. The department that incurs the loss is responsible for the deductible. After all work related to the loss is completed and fully documented — including proof of vendor payment — Insurance and Risk Management will submit a request for payment to the Division of Risk Management. At that time, the office may reduce the department’s deductible to $5,000, if funding is available.

The deductible for a fine arts loss is $1,000, which is the responsibility of the department that incurs the loss.