White Plains, New York – May 22, 2012 – Privilege Underwriters Reciprocal Exchange (PURE) today announced the expansion of its customized property and casualty insurance coverage to owners of well-built, high-value homes in Minnesota.
A Smart New Option for Minnesota's High Net Worth Families
PURE offers a suite of comprehensive insurance solutions designed for successful individuals and families with sophisticated needs. As a specialist insurer, PURE’s coverage and service is often broader than that offered by standard carriers. For example, in Minnesota, following a major claim, in addition to covering the cost of repairing or replacing damaged property, PURE’s High Value Homeowners policy will offer to contribute up to $2,500 to the cost of preventing a similar loss from re-occurring. PURE also offers the services of a Member Advocate to assist members by helping to eliminate the hassles associated with a claim and identifying ways to prevent future losses.
As a policyholder-owned company, PURE emphasizes transparency and alignment for members over short-term profits, providing the kind of conflict-free service that high net worth families seek. This alignment, coupled with careful selection of members and a focus on risk management, enables PURE to deliver specialist quality for less. Members have reported average savings of more than 25% on their annual insurance premiums.
A Much-Needed Option in a Challenging Market
Several years of consistently bad weather and relatively low premiums have made Minnesota an increasingly unprofitable market for insurers. In response, many companies have introduced homeowners rate increases, even for individuals and families that have not experienced claims. In an effort to find more affordable coverage, many homeowners who may be better served by specialist companies that offer broader coverage and specialized service, are turning to the lower cost and lower coverage of standard carriers.
“As families across the country carefully evaluate their spending, it’s no surprise that homeowners are seeking more reasonably priced insurance options, particularly amid reports that Minnesota’s homeowners rates may rise more than 20% this year,” said Ross Buchmueller, President and Chief Executive Officer of PURE. “With PURE, homeowners have the opportunity to find personalized service and enhanced coverage, often at significant savings.”
One Agent, One Bill
Coordinating insurance coverage across the country can be a challenge. In addition to Minnesota, PURE is currently licensed in 40 other markets, and can provide customized, high quality coverage for second homes – from Scottsdale, Arizona to coastal markets like Naples, Florida – while allowing members to enjoy the seamless service of one professional agent and the convenience of one bill. PURE’s competitive watercraft, automobile, collections and excess liability coverage provides an added benefit for families looking to streamline their insurance policies.
PURE is proud to provide insurance solutions through a select group of trusted, qualified ambassadors that cater to the high net worth community. Prospective PURE members can visit pureinsurance.com/agents to locate an appointed agent in their area.
For promotional purposes, PURE refers to the members of the PURE Group of Insurance Companies. PURE Group is rated “A-” (Excellent) by A.M. Best Company. Insurance coverage is underwritten through Privilege Underwriters Reciprocal Exchange, a Florida-domiciled reciprocal insurance exchange and member of the PURE Group. PURE provides coverage for high-value homes, automobiles, jewelry, art, personal liability and watercraft to more than 14,000 successful families in 35 markets across the U.S. and is committed to helping its members (policyholders) reduce the price of insurance today while controlling their long-term cost of risk. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE. For more information, visit pureinsurance.com.
Interviews with PURE's executives, agents and members may be coordinated
Copies of the A.M Best Company report are available
This material is descriptive only. The precise coverage offered is subject to the terms and conditions of the policies issued. The rights and responsibilities of members are subject to the Subscriber’s Agreement and Power of Attorney. Coverage may not be available in all jurisdictions. *Average savings based on members countrywide who reported savings to PURE since 2010. Actual savings, if any, will vary.