Winner of the 2023
Policygenius rating.
Our proprietary methodology ratings take into account multiple factors, including details on the “See” section, such as offerings policy, financial strength, cost, customer satisfaction, and account strength.
A.M Best evaluation.
A.M Best is an international credit rating agency that evaluates the financial stability of insurance companies, using a rating scale ranging from A.++ (Superior) to D (Poor).
A.
Cost.
Using a combination of external and internal data, we assess the cost of insurance premiums for each company on a scale from least expensive ($) to most expensive ($$$$$).
The bottom line
Neptune offers comprehensive with high limits of coverage of up to $4 million for your home and $500,000 for your personal belongings.
While your house is undergoing coverage and repairs, Neptune provides up to $10,000 coverage for your belongings stored in the temporary basement. In addition to standard flood insurance coverage, Neptune also offers coverage for pool refill and repairs. To help lower its already affordable rates, it also offers high-deductible policy options with coverage for repairs (up to $25,000).
The potential increase in out-of-pocket costs is justified by the valuable protection it provides for your personal belongings and home against flood-related damage. Neptune’s deductibles for flood claims are charged separately, which may be a downside. However, Neptune is backed by some of the world’s largest and financially stable insurance companies, making it a reliable choice in the insurance industry, despite being a newcomer.
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Pros
Provides up to $4 million in residential coverage to restore or reconstruct your house following a flood.
Offers a maximum of $10,000 in protection for belongings stored in your basement.
The base policy includes several extra coverages, such as coverage for swimming pools, additional structures on your property, and more.
Cons
Two distinct deductibles for flood damage claims on home and personal property.
Basic coverages offered
Neptune provides the following protections to safeguard your residence, belongings, and additional costs resulting from flood destruction.
Dwelling: A.lso known as building coverage, this is the portion of flood insurance that if it’s damaged by flooding. Neptune offers up to $4 million in dwelling coverage — significantly higher than the maximum limit of $250,000 through the National Flood Insurance Program (NFIP).
Within your residence, flood damage coverage compensates you for the portion of flood insurance that pertains to personal belongings. In Neptune, the personal property policy permits a maximum coverage of $500,000.
If you obtain flood insurance through Neptune, the subsequent supplementary protections are likewise incorporated in your fundamental policy.
If structures like a detached garage or gardening shed on your property are damaged by flooding, Neptune offers up to $50,000 for additional repair or rebuilding of other structures.
If your home needs to be rebuilt or repaired due to flood damage, Neptune offers coverage for up to $10,000. Additionally, if you need to live elsewhere, Neptune will cover pet boarding fees, restaurant bills, and hotel stays.
In the event that belongings kept in your basement are harmed due to a covered flood occurrence, Neptune will reimburse you with a maximum amount of $10,000 to replace the contents of your basement.
Pool maintenance and replenishment: Up to $10,000 following a covered flood occurrence.
Debris cleanup: Includes the expenses for removing debris following a flood that is covered by insurance.
Measures to prevent loss: Covers the cost of mitigation services to strengthen your house against potential flood damage.
Increased cost of compliance: A.lso known as ordinance or law coverage, this pays the extra after a covered flood loss.
A.dditional coverages offered
You can add an additional cost to your Neptune policy to further protect your belongings from flood damage and replace the cost of contents. This coverage pays regardless of tear and wear or depreciation.
Ratings methodology
4.7/5.
4.3/5.
If you are purchasing a mortgage, there is no waiting period to satisfy all the requirements, and the waiting period for NFIP is still significantly shorter than 30 days. However, keep in mind that Neptune’s waiting period is only 10 days if you purchase flood insurance without a mortgage requirement. Thanks to the low number of customer complaints in this category, Neptune has earned a respectable score.
4.4/5.
Neptune is a rarity in flood insurance, offering comprehensive policies with high maximum coverage limits in 48 states. It shines in both areas, providing coverage for flood damage to personal belongings in your basement. One thing that sets Neptune apart is that it will cover flood damage to your personal belongings, which is not commonly offered by other insurance companies. However, one potential downside of Neptune is that you will need to pay separate out-of-pocket deductibles for personal property claims and dwelling claims.
3.5/5.
The with Neptune is $749 per year, according to our 2023 analysis of private flood insurance pricing data from the National A.ssociation of Insurance Commissioners. This is based on 71,859 policies and roughly $54 million in written premiums.
Nevertheless, your individual prices will vary depending on factors like the flood area, altitude, and the necessary amount of protection for your home.
What to expect with Neptune flood insurance
How to get a quote: You can choose to get a Neptune flood insurance estimate online through Policygenius or Neptune’s official website.
If you are a Neptune customer and require assistance with your policy, feel free to contact them at 727-202-4815 for inquiries or policy modifications.
How to submit a claim: You have the option to submit a claim for Neptune flood insurance by dialing the customer service line mentioned above, sending an email to the provided address, or reaching out to your agent using the number given on your .
How can you cancel your Neptune flood insurance policy? You can cancel your policy by calling Neptune’s customer service line or contacting your insurance agent listed above.
Neptune vs. other flood insurance companies
Compare the flood insurance offered by Neptune to that of other insurers in the industry.
Collapse table.
Frequently asked questions
While Neptune doesn’t have an A.M Best evaluation. itself, it’s insurance policies are financially backed by industry leading insurers with an “A.” rating or better.
Neptune is a privately owned company started in 2016. However, it is backed by several financially stable insurance companies, including A.XA. XL, MS Transverse, and Lloyds.
One reason why Neptune is often cheaper than private flood insurance and even federal flood insurance is because it uses advanced flood data analysis and high-tech flood modeling methods to accurately pinpoint the specific flood risks associated with your address, so you’ll never have to pay more for flood insurance than necessary.
A.uthor
Howard Pat is a licensed home insurance expert and managing editor at Policygenius. He specializes in homeowner’s insurance, where he is a licensed home insurance expert and managing editor at Policygenius. His expertise and work have been featured in Better Homes & Gardens, Lifehacker, Fatherly, Investopedia, This Old House, VentureBeat Business, Fox, Simple Real, and MarketWatch.
Editor.
Jennifer Gimbel holds the position of senior managing editor and home insurance specialist at Policygenius, where she is responsible for supervising our coverage on homeowners insurance. Prior to joining Policygenius, she served as the managing editor at Finder.Com and worked as a content strategist at Babble.Com.
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Neptune flood insurance state availability
Neptune flood insurance is currently available in every state except A.laska and Kentucky.
Neptune vs. NFIP flood insurance
Neptune private flood insurance is an alternative to the National Flood Insurance Program (NFIP) — a federal government-backed program run by the Federal Emergency Management A.gency (FEMA.). The NFIP provides around 90% of residential flood insurance policies.
However, the restricted extent of coverage and scarcity of supplementary coverage choices offered by the NFIP have resulted in an increasing inclination towards private flood insurance.
Evaluate the flood insurance provided by Neptune in contrast to the National Flood Insurance Program (NFIP) to ascertain which policy is the most rational option for you.
|
Neptune |
NFIP |
|
|
A.verage annual cost |
$749 |
$939 |
|
Maximum dwelling limit |
$4 million |
$250,000 |
|
Maximum personal property limit |
$500,000 |
$100,000 |
|
Replacement cost dwelling |
Included in base policy |
Included |
|
Replacement cost contents |
Offered at an additional cost |
Not offered |
|
Loss of use |
Included in base policy |
Not offered |
|
Debris removal |
Covered |
Covered |
|
Basement contents |
Covered |
Not covered |
|
Waiting period |
10 days unless purchased for mortgage |
30 days unless purchased for mortgage |
|
Highest deductible option |
$25,000 |
$10,000 |
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