- Extensive coverage and additional coverage available
- Guaranteed replacement cost dwelling coverage included
- Excellent reports of handling claims and customer service
- Discounts available that reward upgrades which prevent future losses
- Only serves high-value homes worth over $1 million
- Higher than average premiums
- Less than stellar rating through the BBB
PURE is an insurance company that provides high-net-worth insurance for owned homes. They also offer coverage for condos and co-ops. They serve 12 states: Texas, Louisiana, Georgia, Mississippi, Alabama, Florida, California, Massachusetts, New Jersey, New York, North Carolina, and South Carolina.
When you are shopping for a homeowners insurance policy, it is important to compare much more than the price and coverage. Taking a look at the other details about the insurer will allow you to see what kind of experience you are likely to have with the company and if it will suit your needs. Let’s take a deeper look at PURE homeowners insurance.
What makes PURE different from other insurers?
PURE (Privilege Underwriters Reciprocal Exchange) has been around for almost 14 years since they began a business in 2006. It is a unique insurance concept that is relatively new in this industry because it is structured much like a mutual insurance firm. Each client is considered a member and their premiums are used to pay for claims. The premiums are pooled together and the profit is divided among the members based on their premiums paid for the year.
PURE doesn’t insure anybody, but they make sure that their target client’s needs are met with the policies and services that they offer. PURE also gives out dividends to their clients, which makes them more similar to a cooperative membership.
Types of PURE homeowners insurance coverages
It is clear through PURE’s website that they cater to luxury homes that are worth more than standard dwellings. They can cover high-value homes as well as expensive personal belongings inside. They also specialize in these homes located in coastal regions. Bear in mind that PURE doesn’t offer home insurance for houses that are worth less than $1 million.
They give you options if you must rebuild your home. You can either choose to receive a payout or go for a cash settlement. PURE offers guaranteed replacement cost coverage, which means that the cost of the rebuild will be covered even if it exceeds the coverage limit.
If you have jewelry inside, this is also protected through their homeowners insurance policy. You also get coverage for drains and sewer backup damages. This is applicable whether the loss happens inside or outside of your home.
In case you are the victim of identity theft, PURE has coverage available to protect you during this process. They aim to protect customers both online and offline regarding these fraud losses.
If you experience a loss greater than $10,000, PURE offers an additional $2,500 to help prevent a similar loss. They also state they have flexible deductible options. If a deductible is set at $25,000 or less and a loss of $50,000 or more is experienced, they will waive the deductible.
Each of these coverages is expandable on their website, giving you plenty of information to read. PURE seems to make it easy for customers to understand what they are paying for and why they might need the coverage.
PURE homeowners insurance discounts
PURE offers several discounts for their homeowners insurance policies. They state they will offer discounts to homeowners that take preventative measures to protect their homes from natural disasters. These measures are seen as ways to ensure no large losses are experienced. Some examples of these preventative measures include installing storm shutters, having leak-detection sensors, and reinforcing garage doors. They encourage customers to ask agents about the current discounts available.
PURE’s website states that their objective in providing these discounts is to encourage behaviors that will help prevent future losses. Since they ensure high-value homes in coastal areas, PURE is very aware of all the losses that can occur.
While it is uncertain how much these discounts will affect premium pricing, it is still worth asking an agent about which ones apply. This can help lower premiums, especially when adding extra coverage to the policy.
Additional coverages from PURE
When living near the coast, having flood insurance is important. PURE offers flood insurance policies to homeowners. They also offer policies for watercraft that are owned. They seem to take an interest in protecting customers from water-related losses.
They also offer policies that are geared toward the interior elements of homes. PURE has a policy for jewelry, art, and other collectibles. There is also a policy available if you are looking for extra personal liability coverage.
In case you want to protect the mechanical and electrical systems inside your home, they have an equipment breakdown coverage designed for this as well. There are many ways you can get adequate protection for every aspect of your home through PURE.
PURE homeowners insurance premiums
When it comes to the cost of a PURE homeowners insurance policy, their prices are higher than average. This is likely because they are a company focused on insuring luxury homes that are worth more than average.
Since they also offer plenty of additional policies and coverages, you are probably going to be aware that the insurance is going to cost more when you go with PURE. They seem to push for the maximum coverage and as many extras as possible.
Since PURE only insures high-value homes worth $1 million or more, it is expected that their premiums are slightly higher than average. They also specialize in coastal properties which are known to be very expensive to insure. Overall, online reviews state that their pricing is fair for what you get.
PURE homeowners insurance claims
When you have a high-value home and experience a loss, it is important you are going to get the help you need in a timely manner. PURE has excellent ratings when it comes to the way they handle claims. Several customers praise the company for the way it handles these instances.
Customers are so happy with this process because they state their questions are answered promptly and efficiently. There is always someone to talk to regarding the claim who is willing to help move the process along. This is great in the event a loss does occur.
There are a few reviews stating that PURE is not great at handling claims and reported they had no help during their losses. Some have also expressed that their claims payment took a long time to come through. These reviews only make up a fraction of the reviews left by customers who have experienced losses.
PURE’s customer service
It is difficult to find a negative review regarding PURE’s customer service. People appear to be very pleased with the way they are treated when they have homes insured with PURE. They are able to service their policies and make changes with no issues.
There are many different homeowners leaving their praises online for the company, some have been with them for over a decade. This shows that PURE has a consistent reputation when it comes to providing excellent customer service.
PURE’s financial strength
There are a few ways to determine if a company is financially secure. Several websites provide ratings that give you a more transparent look at each insurance company.
BBB
Through the Better Business Bureau, PURE has earned a C- rating. This is considered average, and it shows that the company is decent when it comes to financial stability. Over the last three years, there were only three closed complaints.
AM Best
PURE gets an A+ rating through AM Best. This showcases a superior financial strength status with an outlook that appears very stable. Since April 2021, PURE has maintained this rating. This was previously raised from the A rating they held prior.
The verdict
PURE is an insurance company committed to protecting high-value homes. Their coverages are extensive because they know these homeowners living near coastal areas need extra protection by default. You will definitely have comprehensive coverage when you choose PURE.
If you are looking for additional coverage, PURE also provides this in abundance. They place an interest in protecting homeowners from water-related losses that can occur because of the geographic location of the home.
There are a few ways to obtain discounts through PURE, most of which involve installing preventative measures that will protect the home from storms. This system encourages customers to participate in these behaviors at all times to further prevent losses.
When it comes to premiums, PURE is on the more expensive side. They make it clear they serve luxury homes and high-value properties, so their premiums are higher than average. However, when you consider high dwelling coverage limits combined with other perks, their prices are actually competitive for higher-value homes.
One of the biggest reasons to choose PURE for homeowners insurance appears to be the way it handles claims and customer service. Their reviews online are stellar and highlight many situations where customers are pleased with how the company has been handling these requests.
Overall, they appear to be a financially secure company. While they do not have perfect ratings online, their outlook is positive for the future. They also have very few closed complaints, which is a good indication that they are always looking to improve the way they operate as an insurer.
PURE is a great choice if you have a high-value home and are located in a coastal area. Their coverage and commitment to helping its customers is arguably worthwhile when it comes to their higher premiums. Many people are very happy with the coverage provided and the experiences they have.
