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Non-public flood insurance coverage supplier Neptune Flood has launched its extra flood insurance coverage product for residential, industrial and rental properties.
The Neptune extra flood coverage supplies protection above the utmost restrict accessible by way of the Nationwide Flood Insurance coverage Program (NFIP). It additionally permits prospects to maintain their NFIP coverage if they’ve but to achieve their market price.
As well as, the Neptune extra product addresses protection gaps and protects in opposition to losses in extra of NFIP limits.
“Whereas most of those prospects will likely be higher served by Neptune’s commonplace flood coverage as soon as they attain their full NFIP worth, within the interim, Neptune’s extra coverage can shut the protection hole,” stated Trevor Burgess, Neptune’s president & CEO.
Jean-Luc Eckstein, Neptune’s chief buyer officer, added: “Our brokers have been asking for extra protection to assist make up for the inadequacies within the NFIP coverage. Till the subsidies from the NFIP go away, this new extra product can assist guarantee our prospects get the protection they want.”
Up to now, 175,000 prospects have chosen Neptune for major flood protection, which is out there through 1000’s of brokers and on-line.
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By GlobalData
In December 2023, Neptune Flood introduced the growth of its protection into the state of Kentucky as a part of growth plan.
With the transfer, Neptune’s residential, industrial, and residential condominium constructing affiliation coverage (RCBAP) insurance coverage merchandise will likely be accessible within the Bluegrass State.
With this launch, the corporate presently has operations in 49 states and Washington, DC.
Neptune famous that it gives larger limits and broader protection than the Nationwide Flood Insurance coverage Program (NFIP), with as much as $4m in residential and industrial protection and $10m in RCBAP protection.
Flood protection and the hole
GlobalData’s 2023 UK Insurance coverage Client Survey discovered that 93.7% of house owners with a mortgage and 91.6% of house owners who personal theirs outright had some type of dwelling insurance coverage. Solely 39.3% of personal tenants had any type of dwelling insurance coverage. It’s price mentioning that respondents to this survey needed to have some type of insurance coverage, so charges could also be barely decrease. Whereas the speed amongst householders is excessive, it nonetheless leaves numerous uninsured householders who’re susceptible to opposed climate.
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