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Insurer to Cover S.C., Coastal Homes

March 1, 2008

The Sun News - 04/02/08

A new homeowners insurance provider will soon start writing policies in South Carolina.

Privilege Underwriters Reciprocal Exchange, or PURE, plans to provide insurance including wind and hail coverage for homes worth $1 million and up. It will even offer insurance to high-value homes in the coastal wind pool, where many insurers have stopped writing wind and hail policies.

PURE launched in Florida in 2007 and has issued 3,000 policies there.

South Carolina is the first step in the company's expansion path, which the company hopes will extend up the coast, said PURE President and CEO Ross Buchmueller.

He sees the dearth of private insurers offering wind and hail coverage here as an opportunity.