Some private flood insurance companies have a shorter or no waiting period. Inland flooding, such as rivers and streams overflowing during a stormįlood insurance through the NFIP has a 30-day waiting period before coverage goes into effect, meaning you can’t make a flood insurance claim for damage that occurred during the waiting period.The majority of homeowners who buy flood insurance buy it from the National Flood Insurance Program, but you may be able to buy a policy in the private market.įlood insurance can cover problems such as: A flood insurance policy is a separate policy that covers your house and your belongings for flood-related damage. What Is Flood Insurance and How Does it Work?įlood damage from problems like hurricanes and torrential rain is not covered by a standard homeowners insurance policy. The average payout on a flood claim from the National Flood Insurance Program (NFIP) was $52,000 in 2019, according to the most recent data from the FEMA. Without flood insurance, you could be hit hard with out-of-pocket expenses. Unfortunately, a standard homeowners insurance policy won’t cover flood damage-and only 15% of homeowners have flood insurance. And no number of sandbags or sheets of plywood can hold back devastating floods. Floods can be caused by predictable events that are exhaustively covered by the media, like hurricanes, but also by flash floods from heavy rain. Only 3% of homeowners believe they have a moderate to high risk of flooding within the next two years, according to a survey conducted by Swiss Re, an insurance company.ĭevastating floods can happen suddenly, both near the coast and in usually dry areas. But 99% of counties in the United States were impacted by flooding between 19, according to FEMA.Īnd here’s the problem: Far too many Americans don’t believe a flood is a major risk to their homes. Best with an issuer credit of A+.You might think your home won’t get flooded because you’ve never seen more than a big puddle in your yard. The company’s policies are currently backed by Lloyd’s of London, rated “A” (Excellent) by A.M. By summer 2018, Neptune will deploy a direct to consumer platform. The product is available today via digital agencies, MGAs and strategic partnerships with homeowner’s insurance carriers. The company launched its flood insurance product in early 2017 in Florida, and is now available in Florida, Virginia and Texas with opening across more than a dozen US states expected in early 2018. The company intends to use the funds to expand its sales and marketing efforts nationwide and accelerate its data driven, private flood insurance technology.įounded in 2016 by insurance and technology industry veterans Jim Albert and Bill Martin, and also led by COO Stephanie Lee, Neptune Flood utilizes advanced mapping technologies and aerial remote sensing to create algorithms for the risk of flooding and bring advanced analytics to the flood insurance marketplace. In conjunction with the funding, Trevor Burgess and Jonathan Carlon will join Neptune Flood’s Board of Directors. The round was led by Trevor Burgess, the founder and former CEO of C1 Bank, with participation from existing investor and Neptune CEO Jim Albert. Petersburg, Fla.-based flood insurance provider, secured over $2m in seed funding.
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