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US-based non-public flood insurance coverage supplier Neptune Flood has introduced the enlargement of its protection into the state of Kentucky as a part of enlargement plan.
With the transfer, Neptune’s residential, business, and residential condominium constructing affiliation coverage (RCBAP) insurance coverage merchandise will probably be accessible within the Bluegrass State.
With this launch, the corporate at present has operations in 49 states and Washington, DC.
Neptune famous that it provides increased limits and broader protection than the Nationwide Flood Insurance coverage Program (NFIP), with as much as $4m in residential and business protection and $10m in RCBAP protection.
These choices are stated to permit property house owners to consolidate their flood safety underneath one complete coverage.
The insurtech firm added that its elective coverages akin to short-term residing bills and enterprise interruption are designed to supply enhanced safety, addressing gaps within the NFIP’s protection.
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Neptune, which has amassed a buyer base of 175,000, is accessible by a community of brokers and its on-line platform.
Neptune president and CEO Trevor Burgess stated: “We couldn’t be extra excited to make protection accessible in Kentucky. Neptune is now accessible within the contiguous US and Hawaii, with apologies to Alaska, letting brokers and clients defend property towards flood threat.
“With lower than 1% of houses in Kentucky having a present NFIP flood coverage (simply 18,000 houses), our enlargement into the state couldn’t come sooner.”
Neptune chief buyer officer Jean-Luc Eckstein stated: “In line with Threat Issue by First Road Basis, over 300,000 houses in Kentucky have a better than 25% probability of flooding within the subsequent 30 years.
“That’s lots of of hundreds of houses left unprotected that may profit from Neptune. Our group is able to onboard Kentucky brokers and get clients the protection they want.”
In Might 2023, Neptune raised undisclosed sum in funding from non-public fairness buyers Bregal Sagemount and FTV Capital.
Supply:
https://www.prnewswire.com/news-releases/neptune-flood-expands-coverage-into-kentucky-302023387.html
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