Floods and flash floods can happen anywhere. Flood-related losses are not covered by a typical homeowners policy; special coverage has to be purchased. Policies are priced according to factors such as the community flood risk and the elevation characteristics of the structure insured.
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If you are in a high hazard area and have a loan on the property, lenders will most likely require you to purchase coverage; banks want to protect their interest.
According to FEMA, more than 20% of flood insurance claims come from outside high-risk areas. That means no matter where your property is located, it may be susceptible to loss.
Flood losses can be expensive – even in low risk areas flooding can cause substantial damage. Just one inch of water can cause upwards of $25,000 in damage.
FEMA’s support is often in the form of small, low interest loans and grants. Alternatively, flood insurance allows damage to be repaired up to the policy limit and doesn’t need to be paid back.
The majority of flood coverage in the Unites States is written by the government. The National Flood Insurance Program (NFIP), offers flood coverage to homeowners, renters and business owners if the community participates in the program.
The NFIP is set to expire after this current extension runs out. Recent legislation raised rates to help offset the $24B deficit of the NFIP, and mandated the study of expanding private flood coverage options. As a result, private companies are coming forward to offer alternatives to this government program.
Neptune Insurance is one of these private flood options. IMA has partnered with them to offer you a self-service portal where residential property owners can buy affordable flood coverage. Neptune provides broader coverage than NFIP:
|The Comparison||Neptune Residential Flood||NFIP Residential Flood|
|Property Coverage||Up to $4,000,000||Up to $250,000|
|Contents Coverage||Up to $500,000||Up to $100,000|
|Additional Coverage||Yes, Replacement cost, Temporary Living Expense, and more!||None|
|Elevation Certificate (EC)||Not required||Yes, plus an added cost|
|Waiting Period||No wait on real estate closing, otherwise 10 days||No wait on real estate closing, otherwise 30 days|