Privilege Underwriters Reciprocal Exchange (PURE), a member-owned reciprocal insurer, said that it will offer property and casualty insurance coverage to owners of well-built, high-value homes in Texas.
PURE said that it will offer its multiple policy lines including home, automobile, jewelry and art, personal excess liability and watercraft, as a coverage solution for qualified individuals and families. It will also provide policies and products tailored for high-net-worth market and coverage enhancements.
In addition to Texas, PURE recently began offering coverage in Maryland and Washington, DC. It also serves members in New York, New Jersey, Connecticut, Rhode Island, Florida and South Carolina, and has obtained licenses in Alabama, Mississippi, North Carolina and Georgia.
The company said that members pay a contribution of 10% of their high-value homeowners and watercraft premiums and 4% of their premium for all other policies for each of the first five years of membership. It is an admitted insurance company whose products and prices are regulated by Texas Department of Insurance.
Ross Buchmueller, president and CEO of PURE Risk Management, said: PURE is excited to offer a new option for owners of high-value homes in Texas, many of whom have faced particularly high insurance premiums in recent years due to the frequency and severity of catastrophic events.
PURE members benefit from having one trusted insurer for their homes, valuables, personal liability, watercraft and automobile insurance. The generous companion credits we will offer in Texas will enable us to provide even better coverage and service, easier administration and significant savings for our members.