Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property/casualty insurer that exclusively caters to high net worth individuals and families, announced that it has begun to accept new members (policyholders) in California.

In addition to providing these residents with access to specialty products such as high value homeowners and automobile insurance, PURE is also offering California homeowners a new, flexible earthquake insurance solution that is designed to eliminate several of the barriers that have deterred homeowners from purchasing earthquake coverage in the past.

The California Insurance Department reports that only 10 percent of homeowners in California purchase earthquake insurance.
Among the reasons for this low adoption rate are limited coverage and deductible options, and, ultimately, premiums. Since PURE launched in the state it has sold earthquake coverage on 46% of the homes it insures.

"Before our launch, we recruited the finest teams of Risk Managers, Member Advocates and Claims Professionals to ensure that every California member felt the same level of empathy and responsiveness that has defined PURE since our founding more than 8 years ago," said Ross Buchmueller, President and Chief Executive Officer of PURE Group of Insurance Companies.

In partnership with the finest independent brokers, PURE aims to ensure sound advice and proper coverage. Qualifying California homeowners have access to PURE’s "Broad" earthquake coverage option which provides more comprehensive, customizable coverage and greater control of their premiums than standard market options. Notable features include,

An Agreed Value Coverage Option — which eliminates the ‘all or nothing’ standard by allowing members to buy a coverage limit they choose, up to the value of the home;

Flexible Deductible Options — from 5% to 25% of the dwelling value — which reward greater risk retention with significantly lower premiums;

Generous Coverage for Additional Living Expenses — enabling members to maintain a normal standard of living if their home in uninhabitable as a result of earthquake damage; and,

Greater coverage than is traditionally offered (reasonable expenses up to the dwelling limit) to rebuild a home to current building codes.