PURE Insurance Launches PURE Home Spotlight™ Home Buying Report
New digital tool uses risk data to help its membership understand risks of potential luxury home purchases.
The PURE Group of Insurance Companies (the PURE Group), which includes Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty insurer designed for high net worth individuals and families, has launched PURE Home Spotlight™, a benefit exclusively available to the PURE membership that adds confidence to the home buying process. This report includes data and insights on property-specific risks that could identify homes at greater risk for future insurance claims and provides an initial indication of whether the home would be insurable with PURE.
Specifically, it includes:
- Hazard Data: Based on the typical risks for a geography, data on threats such as fire, flood, hail and earthquake are included in this report with additional perspective on how the data is relevant to the property.
- Loss History: As part of the pre-underwriting process, this report indicates if property claims had been filed for an MLS-listed location within the past five years.
- Permit Data: Where allowed, the report contains a summary of the publicly filed permits on the property, highlighting the date and valuation for projects including repairs and improvements.
- Insurability Rating: While not guaranteeing insurability, the report begins the underwriting process and indicates the likelihood that PURE would insure this property based on available data.
“Historically, about one in seven PURE members has purchased a home in a given year. With mortgage rates at an all-time low and the growing demand for vacation homes and suburban residences, we could see an increase in real estate shopping among the PURE membership,” said Matt Schreibeis, head of Member Experience for the PURE Group of Insurance Companies. “PURE Home Spotlight adds greater transparency and confidence to the home buying process for our members while reducing the friction that comes when finding out too late that the home may not be insurable or that insurance may not be as affordable as expected.”
“With so many unknown variables in the world, making a large financial decision like buying a home means that you want as much information as possible before moving forward with that decision,” said PURE member Dan Feder. “PURE Home Spotlight gave my family more peace of mind by providing clean, coordinated information that shows the full gradation of fire, earthquake and flood risks.”
PURE members have access to up to 5 PURE Home Spotlight reports per year from within the PURE Member Portal.
1. A final decision on eligibility and a quoted premium is dependent on additional criteria.