PURE Specialty Exchange (PSE) has recently extended its High Value Homeowners coverage to six additional states: Arizona, Colorado, Hawaii, Montana, Utah, and Wyoming.
This coverage caters to homes situated in areas susceptible to coastal hazards, wildfires, and other risks, including short-term rentals.
Offering coverage of up to $50 million, it accommodates properties that might not meet the criteria for coverage from an admitted insurer.
As carriers diminish their capacity or withdraw from new business in these challenging locations, the demand for non-admitted solutions has surged.
Bryan Luker, Vice President and Program Manager at PURE Group, explains, “Sometimes PURE members buy and build in areas that are exposed to catastrophes like wildfires and hurricanes. They might choose to rent out their homes on a short-term or seasonal basis when not in use.”
“Whatever the case, if the risk profile falls outside of PURE’s appetite, this expansion allows us to provide a solution and demonstrates our commitment to the membership, even when many other markets would decline to offer coverage,” Luker adds.
In essence, PSE’s expansion into Western states prone to natural disaster-related risks addresses the gap left by traditional insurers, who typically avoid insuring such vulnerable properties. Thus, it reaffirms PSE’s dedication to offering solutions and protection to homeowners in need.
