Neptune Flood, a St. Petersburg-based provider of private flood insurance, launched its excess flood insurance product for residential, commercial and condominium properties.
According to a release, a Neptune excess flood policy provides coverage above the maximum limit available through the National Flood Insurance Program, allowing customers to keep their NFIP policy if they have yet to reach their market rate, according to a release.
The NFIP’s $250,000 residential and $500,000 commercial limits have not been modified in more than 25 years, during which time the average U.S. house price has more than doubled.
Neptune’s excess product, offering over $4 million of coverage, addresses this coverage gap and protects against losses over NFIP limits, allowing home and business owners to protect their property appropriately, the statement said.
