Neptune Flood Launches Excess Flood Insurance Product

Largest Private Flood Insurance Provider Offers Excess Flood Insurance to Improve Upon NFIP Coverage for Residential, Commercial, and Condominium Properties

ST. PETERSBURG, Fla., Feb. 20, 2024 /PRNewswire/ -- Neptune Flood, the largest provider of private flood insurance in the United States, today announced the launch of its excess flood insurance product for residential, commercial, and condominium (RCBAP) properties.

A Neptune excess flood policy provides coverage above the maximum limit available through the National Flood Insurance Program (NFIP), allowing customers to keep their NFIP policy if they have yet to reach their market rate. The NFIP's $250,000 residential and $500,000 commercial limits have not been modified in over 25 years, during which time the average US house price has more than doubled. Neptune's excess product, offering over $4mm of coverage, addresses this coverage gap and protects against losses in excess of NFIP limits, allowing home and business owners to appropriately protect their property.  

A Neptune excess flood policy also allows policyholders to purchase enhanced protections that are not available through the NFIP. Residential customers can add coverage for temporary living expenses, basement contents, unattached structures, pool repair and refill, and replacement cost on contents; while business owners can add business interruption and building replacement cost.

According to the Government Accountability Office, over 2 million NFIP policies have yet to reach their Risk Rating 2.0 price. With Congress capping NFIP policy premium increases to 18% per year for most residential and 25% per year for commercial, many policies will take over a decade to reach their full price. "While most of these customers will be better served by Neptune's standard flood policy once they reach their full NFIP price, in the interim, Neptune's excess policy can close the coverage gap," said Trevor Burgess, Neptune's President & CEO.

Jean-Luc Eckstein, Neptune's Chief Customer Officer, added, "Our agents have been asking for excess coverage to help make up for the inadequacies in the NFIP policy. Until the subsidies from the NFIP go away, this new excess product can help ensure our customers get the coverage they need."

175,000 customers have chosen Neptune for primary flood coverage, which is available via thousands of agents and online via neptuneflood.com. Customers interested in an excess flood policy can contact their agent for a free quote or visit neptuneflood.com/excess to learn more.

Agents interested in offering Neptune to their customers can visit neptuneflood.com/new-agent. 

SOURCE Neptune Flood