SageSure Insurance Review
On average, around 5.4% of homeowners in the U.S. will file an insurance claim. Most are property damage claims. Although the chances of experiencing such damage are relatively small, you want to make sure that you have the best insurance for your specific geography. This article will review SageSure Insurance, which operates on both coasts of the United States.
At first view, SageSure seems to be a typical insurance provider that underwrites property policies. However, this business is distinctive in that it collaborates with different insurance providers all around the nation. You will receive a policy from one of SageSure’s partners based on your ZIP code. For individuals residing in Alabama or Texas, FedNat Insurance, for instance, is one of the major suppliers.
SageSure serves as the primary hub for a network of insurance agents rather than having locations all across the country. You can obtain an insurance quotation from several insurance companies as some of these partners operate in the same states. This enables you to evaluate which one best suits your requirements.
You’ll need to contact us for full details because coverage possibilities differ by state and provider. Here are the most popular policy alternatives, though.
Most homeowners policies are HO-3, making it highly likely that you will get this for your property. This insurance typically is broken into five categories:
Structure (A): This section protects the house itself and anything attached (e.g., a garage). Typically, category A covers most situations, but there will be specific limitations. For example, you may have to add hurricane or flood insurance, depending on where you live.
Other structures (B): This category covers detached structures beyond the main property, such as a gazebo. Again, the policy protects against most perils but pay attention to any specific exclusions within the insurance.
Belongings (C): Your stuff is worth a lot, so you need to be sure that you protect everything. Some insurance policies will offer replacement cost value (RCV), which covers a new item’s price. Other plans, however, will provide actual cash value (ACV), meaning that depreciation will come into play. If you want to protect high-end belongings like jewelry, you’ll need to get additional coverage with a floater.
Loss of use (D): If disaster strikes and forces you to move out of your home, you’ll need additional living expenses (ALE) to pay for things like hotels and food while your house is under repair. This loss of use category pays out when your home is uninhabitable.
Personal liability (E): If someone slips and falls or gets injured inside your house, you’re on the hook for any damages or lawsuits. Liability insurance covers these potential expenses, so you don’t have to pay out of pocket.
HO-5 home insurance
While an HO-3 policy covers most items and situations, there can be specific exclusions (e.g., water backup or flooding). If you want comprehensive homeowners insurance, an HO-5 policy is much more open-ended.
One of the most significant differences between these plans is that HO-5 usually provides replacement cost coverage for all belongings. There are no exclusions. You may still need floaters for expensive assets, but you can sleep easier at night with HO-5.
Wind-only coverage
Residents in states where hurricanes or high winds are common (e.g., Florida) need to protect against those winds’ potential devastation. While wind coverage comes standard in most homeowners insurance policies, many carriers sell X-wind policies, meaning wind coverage is excluded. You may need to purchase an additional policy for downed trees and debris as a result of high winds.
Dwelling fire (DP-3) insurance
If you live in your house, you’re protected against fire damage. However, if you own an unoccupied property or rent part of your home (e.g., a duplex), you need dwelling fire protection. You cannot usually get standard HO-3 home insurance policy for rental properties or vacant units.
Manufactured home insurance (MPO)
For those living in a manufactured home, standard homeowners insurance is not generally available. Instead, you can get MPO coverage that works much like HO-3 insurance. Usually, these policies only provide actual cash value for belongings and do not have a section for detached structures. MPO policies are HO-7 policies.
There may also be a longer list of excluded perils. So, be sure to read through the policy and ask about endorsements to protect yourself, your family, and your stuff.
Condo insurance (HO-6)
There are many benefits of purchasing a condo, but you must insure it like anything else. Condo insurance covers everything within your residence, including renovations and add-ons like fixtures or new walls. Although the condo board will protect shared spaces in the building, you need your unit’s plan for walls-in coverage. Otherwise, the costs of any damage or theft within will come out of your pocket.
Be aware that condo insurance is more limited. For example, you may not have earthquake or flood coverage, including sewer backup. So, read through the policy and add anything you may be missing.
