Neptune flood insurance review: Best overall private market company
Neptune flood insurance is the highest rated of any company we’ve reviewed due to its high maximum policy limits, multiple additional coverages, and affordable rates.
By
Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.
Edited by
Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.
Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
5.0
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
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Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
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The bottom line
Neptune offers comprehensive flood insurance with high limits of coverage of up to $4 million for your home and $500,000 for your personal belongings.
In addition to standard flood insurance coverage, Neptune provides up to $10,000 in coverage for belongings stored in your basement, temporary living expenses while your house is undergoing repairs after a flood, and pool refill and repairs coverage. It also offers high-deductible policy options (up to $25,000) to help lower its already affordable flood insurance rates.
While Neptune’s status as an insurance industry newcomer may seem like a cause for concern, it’s backed by some of the largest and most financially stable insurance companies in the world. One downside of Neptune is they charge you two separate deductibles on claims involving flood damage to your home and personal belongings, but Neptune’s high marks make it worth the potentially higher out-of-pocket expenses.
Offers up to $4 million in dwelling protection to repair or rebuild your home after a flood
Provides up to $10,000 in coverage for items in your basement
Several additional coverages included in base policy, including protection for swimming pools, additional structures on your property, and more
Cons
Two separate deductibles for home and personal property flood damage claims
Basic coverages offered
Neptune offers the following coverages to protect your home, possessions, and other expenses due to flood damage.
Dwelling: Also known as building coverage, this is the portion of flood insurance thatpays to rebuild or repair the structure of your home 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).
Personal property: This is the portion of flood insurance that reimburses you for flood damage to personal belongings inside your home. Neptune allows for a maximum of $500,000 in personal property coverage.
If you get flood insurance with Neptune, the following additional coverages are also included in your base policy:
Other structures: Pays to rebuild or repair additional structures on your property, like a detached garage or gardening shed, if they’re damaged by flooding. Neptune offers up to $50,000 in other structures coverage.
Loss of use: Pays for hotel stays, restaurant bills, pet boarding fees, and other temporary living expenses after a covered loss if you need to live elsewhere while your home is being repaired or rebuilt due to flood damage. Neptune offers up to $10,000 in loss of use coverage.
Basement contents: Neptune will pay up to $10,000 to replace items stored in your basement if they’re damaged by a covered flood event.
Debris removal: Covers the cost to remove debris after a covered flood.
Loss avoidance measures: Pays for mitigation services to fortify your home against flood damage.
Increased cost of compliance: Also known as ordinance or law coverage, this pays the extra cost of getting your home up to code after a covered flood loss.
Additional coverages offered
To further protect your belongings from flood damage, you can add a replacement cost contents coverage endorsement to your Neptune policy for an additional cost. This coverage pays to replace your belongings with new items — regardless of depreciation or wear and tear.
Ratings methodology
Price
4.7/5
Our price rating scale looks at the average cost of a standalone flood insurance policy with the carrier based on pricing data from the National Association of Insurance Commissioners (NAIC). Neptune earned a high price rating thanks to its average annual flood insurance premium of $749 — around $200 cheaper than the average NFIP policy.
Customer experience
4.3/5
Our customer experience scale uses customer complaint data from the National Association of Insurance Commissioners (NAIC). We also considered each company’s waiting period, which is the number of days before your flood insurance coverage takes effect after you purchase the policy.
Neptune earned a respectable score in this category thanks to its low number of customer complaints. There’s a 10-day waiting period if you purchase Neptune flood insurance without a mortgage requirement, so homeowners looking for last-minute flood insurance before a big storm may want to look for an insurer with no waiting period. But keep in mind that Neptunes waiting period is still significantly shorter than the 30 days the NFIP makes you wait, and there’s no waiting period at all if you’re purchasing it to satisfy mortgage requirements.
Coverage options
4.4/5
Our coverage options rating is based on both the quantity and quality of additional coverages and policy options offered by each company. It also takes the carrier’s coverage availability into consideration and whether it offers policies in flood-prone states like Florida, Texas, Louisiana, California, or New Jersey.
Neptune shines in both areas, offering comprehensive policy options with high maximum coverage limits in 48 states and Washington, D.C. One thing that stands out about Neptune is that it will cover flood damage to personal belongings in your basement — a rarity in flood insurance. One potential downside with Neptune is you need to pay two separate out-of-pocket deductibles on dwelling and personal property claims.
Financial strength
3.5/5
Our financial strength rating is based on the company’s AM Best rating — the industry-leading metric to measure a company’s financial strength and ability to pay out flood insurance claims. Neptune flood insurance is financially backed by several industry-leading companies with an “A” rating or better from AM Best.This means it’s in an excellent position to pay out claims after a disaster — regardless of whether or not there’s an economic downturn.
How much does Neptune flood insurance cost?
The average cost of a standalone flood insurance policy with Neptune is $749 per year, according to our 2023 analysis of private flood insurance pricing data from the National Association of Insurance Commissioners. This is based on 71,859 policies and roughly $54 million in written premiums.
However, your own rates will vary depending on factors like your home's flood zone, elevation, and how much coverage you need.
Neptune flood insurance state availability
Neptune flood insurance is currently available in every state except Alaska and Kentucky.
Compare flood insurance quotes with top insurers in minutes
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 Agency (FEMA). The NFIP provides around 90% of residential flood insurance policies.
However, the NFIP’s low coverage limits, 30-day waiting period, and minimal available coverage add-ons have made private flood insurance an increasingly popular option.
Compare Neptune flood insurance to the NFIP to decide which policy makes the most sense for you:
How to get a quote: You can get a Neptune flood insurance quote online through Policygenius or Neptune’s website.
Customer service options: If you’re a Neptune customer and you have a question about your policy or you’d like to change your policy, you can call them at 727-202-4815.
How to file a claim: You can file a Neptune flood insurance claim by calling its customer service line at the number above, by emailing support@neptuneflood.com, or by contacting your agent at the number provided on your policy declarations page.
How to cancel your policy: You can cancel your Neptune flood insurance policy by calling your agent or Neptune’s customer service line listed above.
Neptune vs. other flood insurance companies
Compare Neptune flood insurance to other insurers in the industry:
While Neptune doesn't have an AM Best rating itself, it's insurance policies are financially backed by industry leading insurers with an "A" rating or better.
Who owns Neptune flood insurance?
Neptune is a privately owned company started in 2016. However, it is backed by several financially stable insurance companies, including AXA XL, MS Transverse, and Lloyds.
Why is Neptune flood insurance so cheap?
One reason Neptune is often cheaper than federal flood insurance and even some private flood insurance carriers is because of its high-tech method of gauging flood risk and determining. Neptune uses advanced flood models and data analysis to pinpoint the flood risk of a specific address, so you'll never pay more for flood insurance than you absolutely should.
Pat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.
Jennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.
