re: Anyone use Private Flood Insurance, eg Neptune Flood Insurance?

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Update: After reviewing the materials and further investigation, we decided to remain with NFIP. Two main reasons - 1) If we drop NFIP and return at a later date, we get hammered with new rates. Our agent said that if we were a new NFIP customer, our premium would be ~$2000 vs the ~$650 we are paying now. We didn't want to risk losing the private and then having to return to NFIP and getting hammered. 2) Private flood insurance is not backed up by the Feds so if Neptune (rated "A" by AM BEST) failed, we could be left holding the bag. Based on these 2 factors, we decided to stay with NFIP. Your decision may differ.

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Did your agent happen to mention what happens if you sell your house, move into another house 2 blocks away, and then purchase NFIP for the current house?

Will they hammer you with these new rates, as if you've never been with them in the past?