Hundreds of insurers compete for the U.S. home insurance market, but a select group of providers specializes in the high-value market catering to high-net-worth households. Off-the-shelf products from broad-market insurers can miss key risks for affluent families.
High-value insurers like PURE Insurance and Vault bring a holistic approach to personal insurance, offering higher coverage limits and a more comprehensive range of options when compared to standard insurance carriers. These two insurers bring outstanding value to the market, but each may have advantages for a specific coverage situation.
PURE Insurance History & Culture
Founded in 2006, PURE’s leadership represents a wealth of experience, specifically in the high-value insurance market. The company’s CEO, Ross Buchmueller, has worked in the high-net-worth insurance market for over 30 years, spending more than a decade with The Chubb Group and founding AIG’s Private Client Group. He also served as president for AIG’s high-value division.
PURE was born in response to areas of inefficiency Buchmueller saw in the high-net-worth insurance market. The resulting company, PURE Insurance, brings a member-owned model to the high-value market that delivers insurance savings averaging over 20% per year while providing unparalleled service.
Vault History & Culture
As one of the newest insurers in the high-value market, Vault traces its history back to 2015. Like PURE, however, Vault leverages the expertise of industry professionals with decades of experience. The company’s leadership boasts an impressive collective resume that includes top management roles with leading industry players.
Vault’s focus on efficiency draws on a commitment to evolution and remaining nimble. We’ve all experienced frustration with service providers and business policies that seem outdated. Vault empowers its employees to resolve issues, saving precious time while championing the needs of the customer.
Vault structures itself as a reciprocal insurance exchange (the same as PURE), an efficient way to bring a group with similar assets and lifestyles together. This structure effectively manages risks to keep costs low while also returning rewards in years the company has a surplus.
PURE Insurance vs. Vault: The Financial Facts
When comparing PURE vs. Vault, it’s important to review the AM Best Credit rating issued for each insurer. The credit rating issued by AM Best reviews each organizations financial strength, size and stability. PURE insurance is A+ Rated (Superior) by AM Best, while Vault’s rating is listed as A- (Excellent). Most importantly, both PURE and Vault maintain a stable Financial Outlook as per AM Best.
One difference between the A+ rating at Pure and the A- rating with Vault is financial size category. PURE insurance has a larger surplus than Vault Insurance which puts them in the ‘X’ financial size category compared to the ‘VIII” category for Vault.
Both PURE insurance and Vault are excellent choices for high-value carriers with superb reputations. If you strictly use financial rating and strength as a gauge, PURE has the upper hand, but there’s more to consider than just ratings, strength and the length of time in business. Coverage differences and premium should also be part of the decision equation. Our licensed team of advisors will help you weigh all these factors against your unique needs to determine the best fit.
PURE Insurance vs. Vault: Coverage types
High-net-worth households have special coverage considerations. The stakes are high, and attention to detail is paramount. Because coverage gaps can be more costly for high-value clients, you’ll find broader coverage options and protections not offered by standard insurers.
PURE Insurance Coverage Types
PURE offers a broad line of coverage types, allowing you to customize your insurance to your unique needs.
- Homeowners insurance: Designed for homes with a rebuild value of $1 million or more, PURE’s homeowners insurance offers robust protection against common risks. PURE also offers a cash settlement option that allows you to rebuild when and where you choose if you have a total loss.
- Automobile insurance: From everyday vehicles to antique cars or collections, PURE lets you customize your coverage for your auto fleet. Agreed value protection allows you to insure vehicles to their full value. PURE also offers coverage for luxury motorhomes, motorcycles, or even golf carts.
- Personal excess liability insurance: Both home and auto insurance offer customizable personal liability coverage. But PURE’s personal excess liability insurance lets you increase your liability limits affordably. PURE boasts savings of 65% compared to other carriers for members who carry liability limits above $10 million.
- Jewelry, valuables, art, and collections: Few asset markets can be more volatile than the art and jewelry markets. Values can change daily. PURE can protect jewelry and other valuables for their full value while also adjusting for market changes to ensure complete protection.
- Fraud and cyber fraud coverage: PURE Insurance also offers a combined policy that protects against losses due to fraud or cyber fraud. Coverage limits range from $100,000 to $2 million, with several coverage limits between from which to choose.
- Personal watercraft insurance: If your lifestyle includes open water, PURE’s agreed value coverage and liability protection can safeguard the success you’ve built. PURE can also assist with risk management for boaters and hurricane preparedness.
- Flood insurance: PURE uses a National Flood Insurance Agency policy as a base for its extended flood coverage. Choose from broader coverage options that provide seamless protection paired with your homeowners policy. Excess flood coverage can also extend your coverage limit to the full value of your home and belongings, leaving nothing to chance.
- Home systems protection: Choose optional coverage for the mechanical breakdown of critical systems in your home. Coverage includes HVAC, home security, elevators, pool equipment, and more.
- Condo / Co-op coverage options: A well-thought-out selection of benefits target risks unique to condo or co-op owners. High-value townhomes and brownstones are also eligible.
Vault Coverage Types
- Homeowners insurance: High-value homeowners can protect their homes with Vault’s customized home insurance policy. Highlights include extended replacement cost that adjusts your coverage level to allow for cost overruns and flexible cash settlement claim options that let you rebuild when and where (and if) you choose.
- Auto insurance: Enjoy worldwide auto liability coverage that protects you wherever life’s journey takes you. Vault also offers agreed value coverage for total protection without a depreciation deduction.
- Excess liability coverage: Vault’s flexible excess liability coverage raises your effective limits for home and auto liability while also offering protection for liability related to volunteer work or employment practices for domestic staff.
- Art & collections: Worldwide coverage for art, valuables, and collections can protect against theft, mysterious disappearance, and more. Your coverage can also adjust based on market appreciation, giving you a complete coverage solution.
- Home systems protection: Mechanical breakdown can be costly and often inconvenient. Consider coverage for critical systems such as pools, elevators, HVAC, and more. Vault’s home system protection can get you up and running again quickly.
- Service line protection: A standard home insurance policy does not cover service lines outside your home. Vault offers a coverage option for water, power, or data lines.
- Vault Custom: Difficult-to-insure homes can find protection through Vault Custom, a unique coverage program with flexible underwriting to get you the protection you need. With Vault Custom, you won’t have to sacrifice concierge service or lose coverage options.
PURE Insurance vs. Vault: Options and extras
The coverage options listed below highlight effective ways to further protect your assets and limit exposures. Base coverage protects against common risks. Options, also called endorsements, allow you to tailor your coverage to your specific needs and manage coverage costs effectively.
Extra coverages may be included as part of your high-value policy. Other coverage options let you fine-tune your coverage, investing your insurance dollars where you need the most protection.
PURE Options & Extra Coverages
- Guaranteed replacement cost for your home
- Broad jewelry coverage for up to $50,000, higher amounts available with scheduled coverage
- Coverage for sewer and drain backups
- Liability coverage for libel or slander, including defense costs
- Coverage for newly acquired valuables
- Cyber extortion and cyber fraud coverage
Vault Option & Extra Coverages
- Deductible waiver for high-value claims
- High deductible options to reduce insurance costs
- Jewelry coverage with a generous $50,000 sub-limit, higher coverage amounts available
- Included roadside assistance for auto policies
- Coverage for airbag deployment or vehicle lockouts
- Preferred coverage rates for vaulted jewelry
Reach Out to the Experienced Advisors at Coastal Insurance
As an independent agency specializing in high-value coverage, Coastal Insurance works with the finest insurers in the market. Both PURE Insurance and Vault offer outstanding coverage. To learn which provider is best for you, we encourage you to contact our experienced insurance advisors. We’ll work with you closely to understand your unique coverage needs and help you craft a comprehensive insurance solution at the best rates possible. Your confidentiality is assured. Protecting your legacy is our top priority.
About the Author
David W. Clausen is the CEO of Coastal Insurance Solutions. With over 20 years' experience and over 1 billion insured, David and Coastal Insurance Solutions are the recognized leaders in high net worth insurance. For the fourth consecutive year, David Clausen has been awarded Top Producer by Insurance Business America. David is a trusted high net worth insurance expert who’s published more than 200 articles. His articles & press releases have generated over 500K pageviews and has been featured on blogs such as Google News, Yahoo Finance, CNBC, Market Watch, Fox, The New York Times, etc. David founded Coastal Insurance Solutions in 2001 after earning a BBA from the State University of New York College at Oswego.