PURE Programs, a managing general underwriter unit of the PURE Group, is introducing a new program for retail insurance brokers to provide to clients that own high value homes in California that are at greater risk of loss due to wildfires.
The new high wildfire risk homeowners’ insurance program will cover high value homes directly adjacent to wildlands, with a wood shake roof, in an isolated location, or otherwise at greater risk of loss from wildfire – at pricing that reflects the increased risk faced by these properties, a release said. The offering will cover homes above $1 million in rebuilding cost.
In addition to insurance coverage, the program features proactive risk management and wildfire crisis response services.
“Beyond the human tragedy of the past few years of wildfires in California, insurers have taken huge financial losses and are dropping many homeowners’ policies at renewal, and not adding new policies in areas at risk of wildfire,” said PURE Group specialty operations president Martin Hartley.
PURE Programs’ new high wildfire risk homeowners’ insurance program is being offered in partnership with National Fire & Marine Insurance Company, a member of the Berkshire Hathaway group of insurance companies. National Fire & Marine Insurance Company will serve as the excess and surplus lines insurer for the new product.
Customers who opt into the insurance program will also be eligible for a wildfire mitigation program. The program features pre-fire and emergency response services meant to reduce and/or prevent a wildfire-related loss.