US-based private flood insurance provider Neptune Flood has announced the expansion of its coverage into the state of Kentucky as part of expansion plan.
With the move, Neptune’s residential, commercial, and residential condominium building association policy (RCBAP) insurance products will be available in the Bluegrass State.
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With this launch, the company currently has operations in 49 states and Washington, DC.
Neptune noted that it offers higher limits and broader coverage than the National Flood Insurance Program (NFIP), with up to $4m in residential and commercial coverage and $10m in RCBAP coverage.
These options are said to allow property owners to consolidate their flood protection under one comprehensive policy.
The insurtech company added that its optional coverages such as temporary living expenses and business interruption are designed to offer enhanced protection, addressing gaps in the NFIP’s coverage.
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By GlobalDataNeptune, which has amassed a customer base of 175,000, is accessible through a network of agents and its online platform.
Neptune president and CEO Trevor Burgess said: “We could not be more excited to make coverage available in Kentucky. Neptune is now available in the contiguous US and Hawaii, with apologies to Alaska, letting agents and customers protect property against flood risk.
“With less than 1% of homes in Kentucky having a current NFIP flood policy (just 18,000 homes), our expansion into the state couldn’t come sooner.”
Neptune chief customer officer Jean-Luc Eckstein said: “According to Risk Factor by First Street Foundation, over 300,000 homes in Kentucky have a greater than 25% chance of flooding in the next 30 years.
“That is hundreds of thousands of homes left unprotected that will benefit from Neptune. Our team is ready to onboard Kentucky agents and get customers the coverage they need.”
In May 2023, Neptune raised undisclosed sum in funding from private equity investors Bregal Sagemount and FTV Capital.
