Private flood insurance provider Neptune Flood has launched its excess flood insurance product for residential, commercial and condo properties.

The Neptune excess flood policy provides coverage above the maximum limit available through the National Flood Insurance Program (NFIP). It also allows customers to keep their NFIP policy if they have yet to reach their market rate.

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In addition, the Neptune excess product addresses coverage gaps and protects against losses in excess of NFIP limits.

“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.”

So far, 175,000 customers have chosen Neptune for primary flood coverage, which is available via thousands of agents and online.

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In December 2023, Neptune Flood announced the expansion of its coverage into the state of Kentucky as part of expansion plan.

With the move, Neptune’s residential, commercial, and residential condominium building association policy (RCBAP) insurance products will be available in the Bluegrass State.

With this launch, the company currently has operations in 49 states and Washington, DC.

Neptune noted that it offers higher limits and broader coverage than the National Flood Insurance Program (NFIP), with up to $4m in residential and commercial coverage and $10m in RCBAP coverage.

Flood coverage and the gap

GlobalData’s 2023 UK Insurance Consumer Survey found that 93.7% of homeowners with a mortgage and 91.6% of homeowners who own theirs outright had some form of home insurance. Only 39.3% of private tenants had any form of home insurance. It is worth mentioning that respondents to this survey had to have some form of insurance, so rates may be slightly lower. While the rate among homeowners is high, it still leaves a large number of uninsured homeowners who are vulnerable to adverse weather.