Reinsurance News: Flood insurtech Neptune expands US presence

By March 24, 2020News

Neptune Flood Incorporated, a digital insurtech firm focused on the flood market, has announced its launch into Arkansas, Idaho and Illinois in the US.

With its expansion into these states, a potential 6.7 million more households will now have access to Neptune’s flood insurance solution.

The firm explained that it launched in these states in anticipation of the spring flooding season so that homeowners can properly prepare.

It noted that homeowners outside of high-risk flood zones often do not consider insurance to be necessary, but with 25% of all US flood claims now occurring outside of these zones there needs to be a push for more widespread coverage.

Additionally, river and lake flooding, along with flash floods from rain, are often not covered by standard homeowner’s insurance.

“We are expanding across the country to bring Neptune’s easy to use technology to the normally complex flood insurance market,” said Trevor Burgess, President and CEO of Neptune Flood.

“We’re proud to be able to offer homeowners the protection they require that far surpasses what is offered by the traditional NFIP,” he added.