PURE to Include Coverage for Eligible Condominiums in Florida

Martin Hartley, executive vice president and chief operating officer with Privilege Underwriters Reciprocal Exchange (PURE), announced the company will expand its homeowners insurance program, including windstorm coverage, for owners of eligible Florida condominiums.

Specifically, the company will insure residential units within well-built condominiums which, including their contents, alterations and additions, would cost at least $500,000 to replace.

“Our study of Florida’s homeowners’ insurance market revealed that a significant number of condominiums – particularly the more recently built – are well-protected against hurricanes, yet most insurance providers do not actively serve this niche,” Hartley said.

Hartley added, “A common cause of loss in condominium buildings occurs when water enters one condominium unit through another. To help eliminate disputes when losses occur, PURE offers up to $25,000 to cover damages to property in a neighboring unit that was caused by a PURE member. Moreover, unlike other insurance companies, we will not require the claimant to prove our insured was negligent.”

In May the Florida State Board of Administration granted PURE a $17 million surplus note, increasing PURE’s policyholder surplus to more than $50 million.

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Source: Privilege Underwriters Reciprocal Exchange