SageSure announced the introduction of a new admitted, proprietary residential flood program initially available in Texas. SageSure will distribute flood insurance through its network of contracted producers while also handling all servicing and claims. The company said the program will expand to additional states next year.
SageSure, an MGA, specializes in catastrophe-exposed property markets and has presence in 14 states.
“We are excited to offer homeowners flexible options to insure their property for flood damage, which is not covered under standard home insurance policies,” said Paul VanderMarck, chief technology and innovation officer at SageSure. “Hurricane Ian is the most recent reminder of the importance of flood insurance, not only for homeowners in the areas recognized as highest risk but also in lower risk areas where flooding can still cause catastrophic damage.”
SageSure said it will offer comprehensive, full limits coverage so that 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 when compared to the cost for limited NFIP coverage.
The Jersey City, New Jersey-based company said the flood program is available through its carrier partner SURE. as convenient additional coverage on SURE home insurance policies. SageSure developed the new program in partnership with a “leading global reinsurer.”
About the photo: TKTK after Hurricane Harvey hit Rockport, Texas, U.S., on Saturday, Aug. 26, 2017. Photographer: Alex Scott/Bloomberg
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