Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property/casualty insurer, is planning to offer customized, comprehensive property and casualty insurance to homeowners in Virginia.

The underwriter, which exclusively caters to high net worth individuals and families, said that the new coverage will offer adequate coverage to home owners that has grown by nearly 500% since 2000.

PURE president and CEO Ross Buchmueller said, "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.

"We’re confident that Virginia’s high net worth homeowners will find value in the coverage, service and savings that PURE provides."

PURE’s High Value Homeowners policy includes features such as guaranteed replacement cost coverage, which pays for homeowners to rebuild their home, even if the cost to do so exceeds policy limits.

PURE is committed to helping members better protect their property to decrease the possibility of a claim, and features a team of Member Advocates, who help members save time and eliminate hassles before, during and after a loss.

PURE offers customizable coverage throughout most of the US for high-value homes, automobiles, jewelry, art, personal liability, watercraft and flood.