Market Overview

Neptune Flood Open for Business Should NFIP Lapse Again this Week

Share:

Neptune Flood Open for Business Should NFIP Lapse Again this Week

Neptune can facilitate homebuying transactions in 20 states during NFIP shutdown

PR Newswire

ST. PETERSBURG, Fla., July 30, 2018 /PRNewswire/ -- Neptune Flood, a data-driven insurtech, today announced that it is open for business and available to help homebuyers close on their transactions should the government's National Flood Insurance Program (NFIP) shutdown this week.   Neptune's digital store, Neptuneflood.com is a state-of-the-art site allowing consumers to shop for flood insurance - get quotes and buy - entirely online, in three minutes or less.   Neptune also sells via over 1,000 agents in 20 states:

Alabama, Arizona, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Michigan, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington.

As of this morning the House of Representatives has passed another temporary extension to the NFIP to November 30, 2018 but the Senate is not scheduled to take up the extension until August 2nd – days after the program expires July 31st.  In the United States homebuyers in designated high-risk flood zones who have a mortgage are required to buy flood insurance such as that provided by the NFIP or Neptune.

Trevor Burgess, Neptune's Chairman said, "Neptune Flood is one of the only private alternatives to the NFIP and we are open for business 365 days a year with policies backed by Lloyd's.  With Neptune, people in America finally have a private, technology-driven alternative to the government's flood insurance program."

Neptune Flood launched in the fall of 2017 with technology that allows users to quote and buy flood insurance in under three minutes and doesn't require a surveyor to visit your home to generate an elevation certificate.  Customers can save over one hour of time and up to 25% off their flood insurance when choosing Neptune over the government's National Flood Insurance Program (NFIP). Neptune also offers better coverage options, including four times the building coverage (up to $1 million), replacement cost for personal property and temporary living expenses if you cannot live in your home during a covered loss – none of which is offered by the NFIP.

"Neptune uses a data driven approach to analyze the specific risk of flooding at every single address in the states where we do business.  This big-data approach allows us to give an instant price to homeowners who want to buy flood insurance.  Thousands of consumers have chosen Neptune for flood insurance; go to neptuneflood.com and try it for your address," added Neptune CEO Jim Albert.

About Neptune
Neptune Flood utilizes advanced mapping technologies and aerial remote sensing to create sophisticated algorithms for the risk of flooding. This revolutionary approach to pricing flood risk often results in superior coverages, savings over the NFIP of up to 25%.

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, 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.

Related Links
http://www.neptuneflood.com

Cision View original content:http://www.prnewswire.com/news-releases/neptune-flood-open-for-business-should-nfip-lapse-again-this-week-300688242.html

SOURCE Neptune Flood

View Comments and Join the Discussion!