Neptune Flood, a private flood insurance company, has announced successful growth in insurance carrier and reinsurer relationships, having reviewed and expanded programs with AXA XL, MS Transverse, and Lloyds.
Inc. revealed today that Neptune Flood, the largest private flood insurance provider in the country, ranks No. 732 on the 2023 Inc. 5000, its annual list of the fastest-growing private companies in America.
While the risk of flooding varies by location, the Federal Emergency Management Agency (FEMA) estimates a one-in-four chance of flooding for homes in high-risk areas over the course of a 30-year mortgage.
Sagemount and FTV will acquire a substantial minority stake in the Company, with Neptune CEO and management maintaining majority ownership.
The FT is pleased to announce this fourth annual ranking of the fastest growing companies in the Americas, covering a period when the region’s economies were powering out of the pandemic.
Citizens Property Insurance Corp. — the insurer of last resort and largest property insurance provider in Florida with nearly 1.2 million customers — now mandates policyholders must carry flood insurance.
After experiencing unsustainable growth last year due to several insolvencies, Florida’s insurer of last resort now requires customers to buy flood insurance.
The Neptune Consumer Survey of Flood Risk Awareness shows that consumers urgently need education about flood risk and flood insurance. Many homeowners who need flood insurance do not have that protection in place.
Heavy rains hammered California over the Christmas and New Year, causing billions of dollars in damage. But the bad weather also revealed how vulnerable homeowners are becoming to the unpredictable effects of climate change.
In California, only about 230,000 homes and other buildings have flood insurance policies, which are separate from homeowners insurance. That means only about 2% of properties are covered against flooding.
The wave of storms battering California are far from over, and it’s too early to calculate the cost of damage to homes and businesses overwhelmed by floodwaters.
Many Florida homeowners may wonder, “Do I need flood insurance?” While homeowners are usually fully aware that they need homeowners insurance to protect their homes in the event they are damaged or destroyed, they may not know that traditional homeowners insurance alone does not cover damage caused by flooding.