Neptune Flood expands choices | Insurance coverage Enterprise America

Personal flood insurer Neptune Flood has expanded its choices with the introduction of an extra flood insurance coverage product tailor-made for residential, industrial, and condominium (RCBAP) properties.

The brand new product is designed to offer protection past the boundaries set by the Nationwide Flood Insurance coverage Program (NFIP), which caps at $250,000 for residential and $500,000 for industrial properties. These limits have remained unchanged for over 25 years, a interval throughout which the typical worth of a US house has considerably elevated.

The surplus flood insurance coverage supplied by Neptune permits policyholders to take care of their present NFIP coverage whereas securing further protection, providing as much as $4 million in safety. This extra layer of insurance coverage was described as “vital” for owners and enterprise house owners searching for to totally shield their property towards flood-related losses that exceed NFIP limits.

Neptune’s extra flood coverage additionally introduces enhanced protections not accessible by the NFIP. For residential policyholders, choices embody protection for non permanent dwelling bills, contents in basements, constructions not connected to the principle dwelling, pool restore and refill, and substitute price valuation for private property. Industrial policyholders can go for added enterprise interruption insurance coverage and protection for the complete substitute price of buildings.

NFIP constraints

The Authorities Accountability Workplace reported that over two million NFIP insurance policies haven’t but adjusted to their Threat Ranking 2.0 worth, with annual premium will increase capped by Congress at 18% for many residential insurance policies and 25% for industrial insurance policies. Given these constraints, many NFIP policyholders won’t see their premiums replicate the complete danger for over a decade.

Trevor Burgess, president & CEO of Neptune, highlighted that whereas many purchasers will finally discover Neptune’s commonplace flood coverage extra advantageous as their NFIP premiums attain market charges, the corporate’s extra product serves as an interim resolution to bridge the present protection hole.

Jean-Luc Eckstein, Neptune’s chief buyer officer, additionally emphasised the demand for extra protection amongst brokers searching for to deal with the restrictions of NFIP insurance policies for his or her purchasers.

“Till the subsidies from the NFIP go away, this new extra product may help guarantee our clients get the protection they want,” Eckstein stated.

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