Sanitizing textarea for wp_insert_post with TinyMCE enabled or disabled

I'm saving a post data from a front end form, where there is a textarea. I need to sanitize it properly so that won't be harmful by any kind. The textarea can be a plain text area or, if TinyMCE activated, it can become a rich text editor, but may be not with all sort of buttons, may be with basic text formatting features like bold, italic, anchor, quote, bullet points etc.

How can I sanitize the textarea data on saving the post from the front end, because there can be TinyMCE activated or deactivated.

Currently I'm doing no sanitization, because I thought wp_insert_post() will do that for me. But unfortunately it's taking wide range of HTML tags and that's messing my site.

What would be the best way to sanitize a textarea that can be either:

• A simple textarea, or
• A rich text editor with basic formatting buttons