As Hurricane Season begins, Privilege Underwriters Reciprocal Exchange (PURE) has launched a flood coverage suite to owners of well-built, high-value homes across most of the United States. PURE Flood Solutions is a customizable offering that allows PURE members (policyholders) to obtain flood coverage and claim service. In addition to becoming a Write Your Own (WYO) provider of the National Flood Insurance Program’s (NFIP) primary flood coverage, PURE has developed several optional coverage enhancements that are expressly designed for owners of high-value homes.
A Leading Cause of Losses for American Homeowners
As the most common type of natural disaster, flooding poses a serious and costly threat to families nationwide, but is not typically covered on homeowners insurance policies. What’s more, damage from floods is not just isolated to coastal or high-risk territories. While 9 of the ten most costly floods in U.S. history were associated with hurricanes and tropical storms, according to floodsmart.gov, the official site of the NFIP, more than 25% of flood losses have historically been paid for damages in medium or low-risk areas. Despite the common occurrence of floods, however, a 2011 poll by the Insurance Information Institute (III) found that 86% of American homeowners do not have a flood insurance policy.
PURE Flood Solutions highlights include:
- PURE Flood Insurance is primary flood coverage, offered through the NFIP’s WYO program. Coverage is available in all flood zones, for up to $250,000 for the dwelling and $100,000 for contents within a home.
- PURE Flood Extension will be offered to homeowners in high-risk flood zones and coastal areas, and closes the gaps left by primary flood insurance. PURE Flood Extension expands upon the NFIP’s definition of a “flood” to include single-home events, offers replacement cost coverage for damaged contents that may otherwise be subject to depreciation, and provides coverage for contents damaged in a basement.
- PURE Flood Advantage will be available to homeowners in low-risk, non-coastal areas. In addition to broadening coverage similarly to PURE Flood Extension, PURE Flood Advantage increases coverage to exceed the limits offered by the NFIP’s primary flood policy. Homeowners are eligible to receive up to $1 million in coverage for their home and contents.
- PURE Excess Flood enables homeowners in high-risk and coastal areas to increase their coverage limits to allow them to adequately rebuild their home and replace contents following a total loss.
PURE Flood Solutions also provides a number of service advantages to members. Following an event that causes multiple kinds of damage – such as a storm that causes wind damage to a roof and flooding to the home and contents –one dedicated adjuster can be enabled to handle losses associated with the home and the flood. This helps members avoid the delays or confusion that can result from multiple adjusters.
PURE refers to the members of the PURE Group of Insurance Companies. 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 families in 35 markets across the U.S. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE. Flood insurance policies are issued by Privilege Underwriters Reciprocal Exchange, a Write Your Own insurer in the National Flood Insurance Program (NFIP). Privilege Underwriters Reciprocal Exchange issues and services flood insurance policies in accordance with the NFIP.