Neptune Doubles Flood Policy Limits to $15 Million

Neptune Insurance, one of the largest private flood insurance providers, has doubled its policy limits on most types of coverage, including limits of up to $15 million on commercial and residential structures, the company announced.

“Property values have continued to rise, but flood insurance coverage hasn’t always kept pace,” said Trevor Burgess, chairman and chief executive officer of St. Petersburg, Florida-headquartered Neptune.

The move gives Neptune’s nationwide network of 45,000 insurance agents more flexibility in writing flood coverage, as takeup on National Flood Insurance Program policies remains relatively low for many parts of the country.

The new $15 million cap applies to residential, commercial and condominium association policies, the publicly traded Neptune said. Residential coverage was previously capped at $7 million. By comparison, NFIP limits coverage to $250,000 per home and up to $500,000 per commercial building.

Neptune also said it has doubled limits for other types of coverage products:

• Business interruption coverage has increased from $500,000 to $1 million
• Loss of rental income coverage for apartment properties also doubled, to $1 million
• Outdoor trees, shrubs, and plants coverage cap went from $2,500 to $5,000.

Neptune announced it is now allowing residential condo building association policies (RCBAP) to lock in renewal pricing.

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Top photo: Fort Lauderdale flooding in 2023 (AP Photo/Rebecca Blackwell, File)

Topics Flood