Business
Neptune Flood Prepared to Help Strengthen National Flood Resilience as FEMA Review Council Urges Growth of the Private Market
Report highlights the importance of expanding the private sector’s role and strengthening ...
About this update from Northpalm Capital Corp.
[{"type":"text","content":"Neptune Flood Prepared to Help Strengthen National Flood Resilience as FEMA Review Council Urges Growth of the Private Market\n\n\n\n\n\n\n\n\n Report highlights the importance of expanding the private sector’s role and strengthening resilience nationwide\n \n\n\n\n\n\n Neptune Insurance Holdings, Inc. (NYSE: NP), the parent company of Neptune Flood, issued the following statement in response to the FEMA Review Council’s report to the President regarding the future of the National Flood Insurance Program (NFIP).\n \n\n Neptune Flood welcomes the FEMA Review Council’s recommendation to expand the role of the private flood insurance market as part of a more resilient national flood insurance system. Neptune stands ready to support these efforts by expanding access to affordable, modern flood protection for America’s property owners.\n \n\n Across the United States, over 15 million properties at risk of flooding remain uninsured today. Expanding the number of buildings protected by flood insurance is one of the most important steps the country can take to strengthen financial resilience for families, communities, and the broader U.S. economy. By combining the stability of the NFIP with the innovation and capacity of the private market, the United States has a meaningful opportunity to grow the insured base and improve protection against the nation’s costliest natural disaster.\n \n\n Private flood insurance is already helping expand access to coverage. Neptune has found that nearly half of existing NFIP policyholders would save money by switching to private flood insurance. Among those purchasing a new policy, nearly two-thirds would receive a lower premium in the private market. Private providers such as Neptune also offer consumer benefits not available through the NFIP, including higher coverage limits and optional protections such as reimbursement for temporary living expenses after a flood.\n \n\n The private flood insurance market operates at significant scale and is well positioned to serve a large share of U.S. property owners. Today, approximately 95 percent of residential and commercial properties currently insured through the NFIP would also qualify for coverage in the private market. At the same time, Neptune believes the NFIP remains an essential part of the nation’s flood insu...