Neptune Flood, a private flood insurance company, has announced a significant milestone. As of this week, the company has surpassed $300 million in premiums and more than $100 billion in total insured value. This achievement highlights its growing influence in the flood insurance market, with over 235,000 policyholders across 49 states and Washington, D.C. The company plans to expand its services into Alaska soon.
Founded in 2018, Neptune Flood has focused on modernizing the insurance process through technology. The company utilizes artificial intelligence and machine learning to speed up the quoting and policy issuance process, making it easier for customers to obtain flood insurance.
The growth in the private flood insurance sector reflects a shift in consumer demand. With concerns about the federal National Flood Insurance Program (NFIP) and its limitations, more homeowners are looking for alternatives. CEO Trevor Burgess emphasized that reaching $300 million in premiums shows a clear need for accessible and affordable flood insurance options.
Florida leads the nation in the number of policies sold, while South Carolina has the highest per capita coverage. Harris County in Texas has the most policies among counties.
Neptune Flood’s Chief Customer Officer, Jean-Luc Eckstein, pointed out that the company’s success is not just about technology but also about providing great customer service. Since its inception, the company has paid out over $250 million in claims, with Hurricane Helene in 2024 being the source of many of those claims. Neptune partners with 25 insurance and reinsurance firms to enhance its underwriting and claims processes.
The rise of private flood insurance comes at a time when climate change and development in flood-prone areas are increasing risks. According to FEMA, flooding is the most frequent and costly natural disaster in the U.S., yet many homeowners are still without insurance. The NFIP has faced criticism for its outdated risk assessment methods and financial challenges, prompting private insurers to step in with faster and more efficient solutions.
As the demand for flood coverage grows, the role of private insurers like Neptune Flood will likely become even more crucial in ensuring homeowners are protected against flooding risks.