Privilege Underwriters Reciprocal Exchange (PURE) is offering coverage to owners of “well-built, high value homes” in New Jersey, the company said.

The White Plains, N.Y.-based specialty insurer said it is offering coverage without imposing mandatory hurricane deductibles in an attempt to provide “cost-effective flexibility not easily found in New Jersey,” according to a company statement on the new coverage.

Several insurers providing coverage to coastal areas have cut back or stopped writing new policies in recent years, fearing losses if a Hurricane Katrina-like event occurred in the region.

“PURE believes that the owners of large, well-built, high-value homes in New Jersey deserve access to high-quality insurance and shouldn’t necessarily have to pay higher premiums,” said Ross Buchmueller, president and CEO of PURE. Buchmueller founded AIG Private Client Group and served as its president until 2006 when he and his partners established PURE.

Ross Buchmueller

“We recognize that many prospective members are attracted to PURE because of the savings we offer; however, we are able to retain a solid membership base and grow our reputation because of our dedication to exceed claims service expectations and our commitment to help our members develop sound practices to protect their homes,” he added.

PURE also provides automobile, jewelry, art, personal liability and watercraft insurance to successful individuals and families.

Beyond covering repair costs or replacing damaged property, PURE will contribute up to $2,500 to help prevent large losses from recurring and to control the long-term cost of risk, the company said. For example, if lightning causes an electrical surge and damages electrical appliances valued at $10,000 or more, PURE may cover the replacement of the appliances and contribute to the installation of a lightning-suppression system to help prevent similar incidents.

“Owners of high-value homes in New Jersey, particularly those in coastal areas, will benefit greatly from PURE’s customized insurance offerings,” said Rhonda Graber of Bollinger Insurance in Short Hills, N.J., in PURE’s statement on the coverage. “In addition to receiving superior service and significant savings, they will have the peace of mind of knowing they’re well-protected. PURE has excellent financial strength and an outstanding reputation and history.”

As a reciprocal insurance exchange, PURE is member-owned. Members pay a surplus contribution of 10% of their high-value homeowners’ premium and 4% of their premium for all other policies, for each of the first five years of membership. PURE and the PURE Group of Insurance Cos. serve more than 3,700 members.

PURE is licensed in six states.