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While few carriers are in the flood insurance market, Neptune Flood Insurance sees opportunity. Most of the market is covered by the National Flood Insurance Program, but founder and CEO Jim Albert said he saw a serious coverage gap that a nimble startup could help fill.
The Federal Emergency Management Agency delayed the release of its “Risk Rating 2.0” plan, which would rate homes’ flood risk more precisely than current models. It will now go into effect in October 2021.
An estimated 62 million homes should have flood insurance. But only 5.1 million do. With coverage as low as $1 per day, logic, not laws, should prevail. In this photo, floodwaters from Tropical Depression Imelda surround a home in Winnie, Texas. (Brian Hawthorne/Chambers County Sheriff’s Office via AP)
Start-ups are seeing an opportunity in providing private flood insurance that assesses risk property by property. CNBC’s Contessa Brewer reports.
AXA XL is partnering with digital private flood insurance program manager Neptune Flood in a strategic underwriting partnership that will more than double Neptune’s capacity across the country. According to CEO Jim Albert, the new partnership doesn’t change Neptune’s core coverage offering, which includes replacement cost, temporary living expense, basement contents, pool repair/refill and detached structures. Neptune provides limits up to $2 million in coverage for property and $500,000 for contents with a reduced waiting of 10 days vs. the 30-day waiting period under the NFIP. There’s no waiting period for loan transactions.
AXA XL has entered a strategic underwriting partnership with all-digital flood insurance program administrator Neptune Flood Insurance. The partnership will expand Neptune Flood Insurance’s capacity to homeowners in the US, a release said.
Global re/insurer AXA XL has partnered with Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy. California-sonoma-floodsIt’s hoped the underwriting partnership will expand Neptune’s flood insurance capacity to homeowners throughout the US.
Wholesale insurance broker All Risks, Ltd. announced the addition of New York state to QuickHome’s online residential flood quoting platform. This residential flood product is powered by Neptune Flood and boasts a quick sales process, advertising that personal flood coverage can be purchased online in three minutes or less. With the addition of New York, this product is available in 32 states with a variety of coverage options for homeowners.