"Virginia is a very unique market, in that despite the significant growth of high-value homes, insurers that specialize in serving the affluent actually lost 13% of their market share between 2008 and 2012."
White Plains, NY (PRWEB) November 19, 2013
Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property/casualty insurer that exclusively caters to high net worth individuals and families, has announced that it will begin offering customized, comprehensive property and casualty insurance to homeowners in Virginia, where the number of million dollar homes has grown by nearly 500% since 2000.
A Smart New Solution for Virginia’s High Net Worth Families
“Virginia is a very unique market, in that despite the significant growth of high-value homes, insurers that specialize in serving the affluent actually lost 13% of their market share between 2008 and 2012,” says Ross Buchmueller, president and CEO with PURE. “We’re confident that Virginia’s high net worth homeowners will find value in the coverage, service and savings that PURE provides.”
PURE was designed expressly for the unique needs of successful families with significant assets to protect, and its coverage is among the broadest in the industry. For example, its High Value Homeowners policy includes features like Guaranteed Replacement Cost coverage, which pays for homeowners to rebuild their home in like kind and quality, even if the cost to do so exceeds policy limits.
A Unique Approach to Service
PURE is committed to helping members better protect their property to decrease the likelihood of a claim, and features a team of Member Advocates®, who help members save time and eliminate hassles before, during and after a loss. For example, they regularly help members obtain repair estimates, purchase replacement vehicles, and arrange temporary living accommodations. PURE’s Member Advocates also help members access a number of proactive risk management services, including complimentary home risk appraisals, thermographic inspections, domestic employee background checks and more.
Commitment to Alignment of Interests
As a policyholder-owned insurer, PURE allocates its underwriting profits to its membership in the form of Subscriber Savings Accounts (SSAs). For calendar year 2012, $1.5 million of policyholder surplus growth was allocated to SSAs. Due to a low cost of capital, careful member selection, and a focus on risk management, PURE members report an average annual savings of more than 25% on their insurance premiums.*
Privilege Underwriters Reciprocal Exchange (PURE) is a policyholder-owned insurer dedicated to creating an exceptional experience for responsible high net worth individuals and families. PURE provides best-in-class, customizable coverage throughout most of the U.S for high-value homes, automobiles, jewelry, art, personal liability, watercraft and flood. Inspired by some of the finest policyholder-owned companies in the world, PURE emphasizes alignment of interests and transparency. PURE’s low cost of capital, careful member selection, and proactive risk management all contribute to highly competitive rates. As a member of The PURE Group, PURE is rated A- “Excellent” for Financial Strength by A.M. Best. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE. For more information or to find a local agent, visit pureinsurance.com.