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Insurer Seeks Market Amid NCs Pricey Homes

September 4, 2010

Associated Press - 10/05/10

RALEIGH,N.C. -- An insurer specializing in pricey properties is moving into North Carolina with a particular eye toward coastal real estate.

Privilege Underwriters Reciprocal Exchange offers its homeowners insurance policies for homes worth more than $1 million. Policyholders share the risks with fellow members of the covered group.

PURE said it was encouraged by the General Assembly's decision last year to revamp the state's hurricane insurance plan. The changes capped potential costs to insurers while spreading the risk of a disaster to
every property owner in the state.

The company also offers coverage to protect the jewelry and art, boats or
private automobile collections of well-heeled customers.

PURE operates in eight other East Coast states and in Texas.