SageSure will offer comprehensive, full limits flood coverage so homeowners can fully protect their home and personal property under their home insurance policies.
PRODUCT: SageSure Flood Program.
COMPANIES: SageSure, SureChoice Underwriters Reciprocal Exchange (SURE).
AVAILABILITY: Appointed agents and brokers only.
FOCUS: SageSure has been offering homeowners insurance in coastal states since 2009 and expanded into the private flood market in 2022. SageSure has partnered with a leading global reinsurer and is leveraging its decades of flood insurance experience and modeling expertise to offer competitive, risk-based premiums to bring much-needed flood coverage capacity to Texas.
“Recent legislation and advances in flood risk modeling have allowed private insurers to develop and offer their own flood products," says Al Trovinger, regional vice president of sales, SageSure. “Private flood coverage not only provides customers with another option to choose from but offers broader, more comprehensive protection and competitive premiums while eliminating the frustrating operational burden commonly experienced when purchasing through the NFIP."
COVERAGE DETAILS: SageSure will offer comprehensive, full limits coverage so homeowners can fully protect their home and personal property in the same way they do for other perils under their home insurance policies. Policyholders will also be able to choose from less expensive, partial coverage options. A risk-based pricing model for all coverage levels provides homeowners with more affordable alternatives to secure full limits for flood insurance.
Flexible blanket coverage is available for dwelling, contents and additional living expenses. Dwelling-only coverage, the National Flood Insurance Program (NFIP) alternative and basement or sub-ground contents coverage is also available. The minimum deductible is $1,250.
UNDERWRITING: Policies in this flood program can be quoted in seconds through SageSure's Agent Portal. Several key risk characteristics are prefilled through third-party data or intelligent underwriting rules. No elevation certificate is required and the maximum waiting period is 15 days. Risks with any prior flood loss are ineligible for new flood coverage.
TARGET: Homeowners in low- and high-risk areas who want secure flood coverage but risk being underinsured because of limits on traditional NFIP policies.
COVERAGE AVAILABILITY: Coverage will initially be offered in Texas with plans to expand into additional states in 2023.
CONTACT: Al Trovinger, regional vice president of sales, SageSure; 101 Hudson Street, Ste. 2700, Jersey City, NJ 07302; 877-304-4785.
Will Jones is IA editor-in-chief.