New Luxury Homeowners Insurance Product Launched in California
SageSure One has launched a new and exclusive homeowners insurance product in California through Olympus Insurance Co., targeting higher-value homes with its non-admitted HO5 policy.
This innovative insurance offering covers properties up to $20 million in insurable value, filling a niche between standard homeowners insurance and high-net-worth options. With comprehensive, open-perils coverage starting at $1 million in Coverage A, it addresses a market need for more robust protection tailored to upscale residences. Designed for properties that typically face challenges in obtaining sufficient insurance protection, this policy is crucial for homeowners in regions more susceptible to natural disasters, such as those in California.
Enhanced Coverage for Fire-Prone Areas
Understanding the unique risks associated with California's diverse geography, SageSure One's product extends eligibility to homes in "Very High Fire Hazard Severity Zones," provided they meet specific safety criteria. These requirements include achieving the Insurance Institute for Business & Home Safety's Wildfire Prepared Home Plus designation. Homes must also implement strict structural hardening using noncombustible materials and maintain defensible space measures to minimize fire risk. Such eligibility criteria reflect a broader industry trend towards enhanced resilience and proactive risk management in wildfire-prone areas.
Comprehensive Support for Policyholders
With SageSure One, each policyholder benefits from the guidance of a dedicated insurance consultant. This professional support extends from the initial quotation through to policy renewals, ensuring that both producers and policyholders have a seamless experience. The consultant also plays a pivotal role in simplifying the claims process by acting as a liaison among policyholders, producers, and adjusters, a service that underscores the importance of transparent and effective communication in today's insurance landscape.
Key Features of SageSure One's Homeowners Insurance Product
- Covers properties up to $20 million in insurable value
- Non-admitted HO5 policy for higher-value homes
- Comprehensive, open-perils coverage starting at $1 million
- Eligibility for homes in fire hazard zones with specific safety measures
- Dedicated consultant support from quotation to claims
The introduction of this Olympus Insurance Co. coverage adds to SageSure One's broader California portfolio, which includes products underwritten by SURE and SafePort Insurance Co. This strategic expansion reflects SageSure's commitment to offering robust residential property insurance, particularly in states like California, Florida, New York, and Texas, where catastrophic events are more frequent. As the managing general underwriter, SageSure continues to enhance its offerings across the 16 states it operates in, aligning with industry shifts toward more comprehensive and customer-focused insurance solutions.