With the NFIP set to shut down next week, again, it's time to take private flood insurance seriously

News provided by

Nov 30, 2018, 13:46 ET

ST. PETERSBURG, Fla., Nov. 30, 2018 /PRNewswire/ -- The National Flood Insurance Program (NFIP) is set to lapse next Friday, Dec. 7, potentially affecting millions of homeowners across the U.S. One legislative proposal that would have extended the program for six months has stalled in the U.S. Senate, and a possible government shutdown makes the fate of the NFIP uncertain. If the NFIP lapses, policyholders will not be able to renew their flood policy in the federal program, and homeowners who are buying or selling property in flood-prone areas may find their home closings delayed. This would mark the third time in two years that the government let the federal flood insurance program expire.

While it's anyone's guess if and when the federal government will renew the NFIP, Neptune Flood, offers a fast, hassle-free, flood insurance product with higher limits and additional coverages not provided by the NFIP, while being backed by the largest, most stable reinsurers in the world. Unlike the NFIP's mandatory 30-day wait for coverage, Neptune's flood insurance product provides coverage in just 10 days, ensuring that customers can get protected quicker and gain the peace of mind that comes from insuring against the most common natural disaster in the U.S.

Purchasing flood insurance has always been a complex process, but it doesn't have to be. Neptune, because of its technology innovation, was named to CNBC's Upstart 100 this year, providing customers with a reliable flood product in three minutes or less. Using technology and data algorithms, evaluating risk becomes simple and transforms a burdensome process into a user-friendly experience. Over 41 million Americans live in high-risk areas and should know that private flood insurance is available to them—no matter what happens to the federal flood insurance program. If you'd like to buy a policy, visit Neptune's online store at www.neptuneflood.com, where homeowners in 21 states can shop for coverage and purchase insurance in minutes.

About Neptune

Neptune Flood's proprietary underwriting algorithm uses advanced mapping technologies and synthesizes aerial remote sensing data to provide customers with a flood insurance policy in three minutes or less. Aside from giving customers a fast, more intuitive, online experience, this revolutionary approach to pricing flood risk often results in superior coverages, savings over the NFIP of up to 25%, and is available to households in all designated flood zones.

Neptune Flood was founded in 2016 by insurance and technology industry veterans, including CEO Jim Albert, with a goal of bringing advanced analytics and extreme ease of use to the flood insurance market. Neptune Flood's policies are currently backed by Lloyd's of London, rated "A" (Excellent) by A.M. Best. Neptune launched its product in early 2017 in Florida, and later in the year achieved the designation of Lloyd's coverholder with authority to provide flood insurance throughout the US. In January 2018, Neptune raised over $2 million in seed financing led by C1 Bank founder and former CEO Trevor Burgess who now serves as Neptune's Chairman.

SOURCE Neptune Flood