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US-based personal flood insurance coverage supplier Neptune Flood has introduced the enlargement of its protection into the state of Kentucky as a part of enlargement plan.
With the transfer, Neptune’s residential, business, and residential condominium constructing affiliation coverage (RCBAP) insurance coverage merchandise shall be out there within the Bluegrass State.
With this launch, the corporate at present has operations in 49 states and Washington, DC.
Neptune famous that it presents increased limits and broader protection than the Nationwide Flood Insurance coverage Program (NFIP), with as much as $4m in residential and business protection and $10m in RCBAP protection.
These choices are mentioned to permit property house owners to consolidate their flood safety beneath one complete coverage.
The insurtech firm added that its non-obligatory coverages akin to momentary residing bills and enterprise interruption are designed to supply enhanced safety, addressing gaps within the NFIP’s protection.
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Neptune, which has amassed a buyer base of 175,000, is accessible by a community of brokers and its on-line platform.
Neptune president and CEO Trevor Burgess mentioned: “We couldn’t be extra excited to make protection out there in Kentucky. Neptune is now out there within the contiguous US and Hawaii, with apologies to Alaska, letting brokers and clients shield property in opposition to flood threat.
“With lower than 1% of properties in Kentucky having a present NFIP flood coverage (simply 18,000 properties), our enlargement into the state couldn’t come sooner.”
Neptune chief buyer officer Jean-Luc Eckstein mentioned: “Based on Threat Issue by First Road Basis, over 300,000 properties in Kentucky have a larger than 25% likelihood of flooding within the subsequent 30 years.
“That’s lots of of 1000’s of properties left unprotected that may profit from Neptune. Our crew is able to onboard Kentucky brokers and get clients the protection they want.”
In Might 2023, Neptune raised undisclosed sum in funding from personal fairness buyers Bregal Sagemount and FTV Capital.
Supply:
https://www.prnewswire.com/news-releases/neptune-flood-expands-coverage-into-kentucky-302023387.html
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