What is private flood insurance?
The majority of flood coverage in the United States is written by the government. The National Flood Insurance Program (NFIP), established in 1968, offers flood coverage to homeowners, renters, and business owners if the community participates in the program. Up until 2012, banks and mortgage companies could only accept an NFIP policy as flood coverage. With the passing of the Biggert-Waters Flood Insurance Reform Act in 2012, private flood insurance companies were able to enter the market and offer alternatives to the government program, creating greater coverage options at competitive rates. A Neptune policy meets the requirements for banks and mortgage companies to accept our coverage instead of the NFIP.
Thanks to our technology, Neptune offers enhanced coverage that can save you up to 25% for the same coverage or better compared to an NFIP policy.