Area residents, as well as those across the state, now have another choice when it comes to picking an insurance provider.
Privilege Underwriters Reciprocal Exchange, a member-owned reciprocal insurer, recently expanded to offer comprehensive, customized property and casualty insurance coverage to responsible owners of well-built, high-value homes in Georgia. Through its multiple policy lines that include home, automobile, jewelry, art, personal liability and watercraft, PURE expects to offer comprehensive insurance solutions to successful individuals and families, said Ross Buchmueller, president and chief executive officer with PURE Risk Management LLC.
As a specialist insurer, PURE tailors its policies and products to serve the unique needs of responsible, successful high-net-worth consumers and offers cost-effective flexibility not easily found in today’s market, according to Buchmueller.
“In the current economic climate, insurance rates nationwide have continued to increase, and Georgia is no exception. PURE is excited to enter the Georgia market and offer a new cost-effective option for homeowners seeking high-quality, customized insurance coverage,” said Buchmueller. “We also believe owners of high-value homes in Georgia will appreciate the exceptional claims and risk-management services that PURE provides.”
Buchmueller said the member-owned company aligns its interests with its members (policyholders) more so than with outside shareholders – and alignment that can result in lower annual premiums, which can be a significant advantage in markets that have been impacted by rising insurance rates.
Since PURE began writing policies in 2007, members have reported average annual savings of more than $3,200 on their insurance premiums.
In Georgia, PURE’s High Value Homeowners policy includes $50,000 of coverage for jewelry that is lost, misplaced or stolen, at up to $25,000 per item. Standard insurers, as well as other specialist companies, provide $1,000 to $5,000 of coverage, which can be insufficient for owners of high-value homes.
PURE offers members who have suffered most major home losses a $2,500 credit to cover loss-mitigation measures. For example, in recent storms throughout the Northeast, dozens of PURE members suffered losses due to failed sump pumps, backed up sewers and drains and fallen trees. Many of them took advantage of PURE’s Loss Prevention Coverage to install back-up generators to prevent future sump pump failures. Others hired arborists to examine and remove trees likely to fall and contribute to damage in future storms.