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Anyone use Private Flood Insurance, eg Neptune Flood Insurance?
Posted on 2/22/22 at 9:42 pm
Posted on 2/22/22 at 9:42 pm
Our house value has gone up and exceeds the NFIP cap of $250k by ~$75k. I would like to have the building coverage to be similar to that of our homeowner's policy.
We are roughly 700ft from the sound in flood zone X but our yard has flooded from very heavy rains several times in 20years; no house damage. We have had flood insurance since the house was built in 2000.
Our agent provided a quote from Neptune Flood Insurance.
Appreciate anyone's thoughts/experience on
1) Should flood coverage be same as homeowners?
2) Private flood insurance vs NFIP?
3) Neptune Flood Insurance
We are roughly 700ft from the sound in flood zone X but our yard has flooded from very heavy rains several times in 20years; no house damage. We have had flood insurance since the house was built in 2000.
Our agent provided a quote from Neptune Flood Insurance.
Appreciate anyone's thoughts/experience on
1) Should flood coverage be same as homeowners?
2) Private flood insurance vs NFIP?
3) Neptune Flood Insurance
7
Posted on 2/22/22 at 9:56 pm to TigersnJeeps
Never heard of it. Can you get both? How much does it cost? I might look into it at some point.
Posted on 2/22/22 at 10:32 pm to TigersnJeeps
quote:
Our agent provided a quote from Neptune Flood Insurance.
Never heard of them but am really interested to know what they quoted you.
Technically my flood insurance runs close too my homeowners through NFIP but there are so many variables.
Posted on 2/23/22 at 6:33 am to LEASTBAY
NFIP went up to ~$650.
Neptune was ~$1020.
Still reviewing but Neptune policy covers living expenses but NFIP doesn't.
Private has more options like the above, to cover pools, unattached structures etc. I don't need those.
Neptune was ~$1020.
Still reviewing but Neptune policy covers living expenses but NFIP doesn't.
Private has more options like the above, to cover pools, unattached structures etc. I don't need those.
Posted on 2/23/22 at 6:47 am to TigersnJeeps
The market value of your property is not the rebuild cost of your house. The NFIP cap of 250k is what you get to fix the damage. And unless you’re staring down a total loss, you won’t spend that amount to repair a 300k house.
And the good news is if you are staring down a total loss it was likely a catastrophic event (e.g., Katrina in NOLA)at which point there will be other programs available.
And the good news is if you are staring down a total loss it was likely a catastrophic event (e.g., Katrina in NOLA)at which point there will be other programs available.
Posted on 2/23/22 at 7:46 am to TigersnJeeps
If your that close I would probably just let it ride. I have an excess flood policy through the same company I use for the first 250. It’s pretty much the same rate.
Posted on 2/23/22 at 8:10 am to TigersnJeeps
One thing to consider is that private flood insurance is typically thru a surplus lines company. If a surplus lines company becomes insolvent and can’t meet their claim obligations, policyholders are pretty much shite out of luck. Admitted carriers have a secondary backing through their state’s insurance guaranty association (up to $500k per claim in Louisiana thru LIGA) if they become insolvent but surplus lines carriers do not.
You wouldn’t have to worry about NFIP being unable to pay claims after a catastrophe….the feds will just borrow (print) more money.
ETA: you can look into an excess flood policy too. Carry a max limit $250k building and $100k contents NFIP policy then the excess policy provides the additional coverage once your NFIP policy pays out policy limits on a claim.
You wouldn’t have to worry about NFIP being unable to pay claims after a catastrophe….the feds will just borrow (print) more money.
ETA: you can look into an excess flood policy too. Carry a max limit $250k building and $100k contents NFIP policy then the excess policy provides the additional coverage once your NFIP policy pays out policy limits on a claim.
This post was edited on 2/23/22 at 8:13 am
Posted on 2/23/22 at 8:50 am to TigersnJeeps
quote:
1) Should flood coverage be same as homeowners?
Not necessarily, but depends on your situation/set-up. Outside of a Katrina situation where you have 6-8' of standing water; the most you will need is enough coverage to cover flooring, 2-4' of sheetrock, repaint walls, and content coverage for any items in that 2-4' range (primarily furniture & appliances).
The coverage for homeowners' needs to cover all that, but also be able to cover roof damage, insulation, appliances 4' off the ground, personal contents 2-4' off ground, 2nd floor...
Posted on 2/23/22 at 10:23 am to ScopeCreep
True regarding market value but the numbers above are not market value. They are SWAGs (Sophisticated Wild-arse Guesses) on what the cost for a full rebuild would be.
and the interplay between the flood insurance and "other programs" is what i am trying to understand.
I don't want to pay more than i have to but i don't want an "oh $hit" moment later either.
and the interplay between the flood insurance and "other programs" is what i am trying to understand.
I don't want to pay more than i have to but i don't want an "oh $hit" moment later either.
Posted on 2/23/22 at 10:28 am to Tiger Prawn
quote:
ETA: you can look into an excess flood policy too. Carry a max limit $250k building and $100k contents NFIP policy then the excess policy provides the additional coverage once your NFIP policy pays out policy limits on a claim.
Trying to find out more about this as well...
Been riding the difference for a while but this last year with the increase cost in materials made the rebuild cost a bit more....
Thanks all
Posted on 2/23/22 at 4:55 pm to TigersnJeeps
Personally, I'd rather just deal with one claim and one company than try to deal with the government and with another excess flood company. Sounds like double the hassle. Good luck TnJ! Let us know if you find anything awesome.
Posted on 2/23/22 at 6:33 pm to gijen3
What we decided to do was go private insurance but at a building coverage level equivalent to NFIP.
It will cost ~$200/yr more than NFIP but we get replacement cost and temporary housing gcosts.
Our agent mentioned the hassles in dealing with 2 outfits with the excess coverage.
She also re-iterated what another poster said about flood rarely being a full rebuild for our circumstances.
All i can say is - shop around for the coverage that fits your specific circumstance. having a multi-line agent will help. We shop homeowners and auto every 2-3 years to knock downs costs as well.
It will cost ~$200/yr more than NFIP but we get replacement cost and temporary housing gcosts.
Our agent mentioned the hassles in dealing with 2 outfits with the excess coverage.
She also re-iterated what another poster said about flood rarely being a full rebuild for our circumstances.
All i can say is - shop around for the coverage that fits your specific circumstance. having a multi-line agent will help. We shop homeowners and auto every 2-3 years to knock downs costs as well.
Posted on 2/24/22 at 9:16 am to TigersnJeeps
What company did you end up going with if you don't mind me asking? We are looking to buy a house in Cali and we've gotten many quotes from several.
Posted on 2/24/22 at 12:26 pm to TigersnJeeps
Private flood insurance typically tends to be more expensive, it's notot government subsidized
What are the odds that a flood would be so massive that it would destroy your whole home?
What are the odds that a flood would be so massive that it would destroy your whole home?
Posted on 2/24/22 at 12:33 pm to gijen3
Neptune Flood
Posted on 2/25/22 at 10:20 am to gijen3
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.
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.
Posted on 2/26/22 at 12:43 pm to TigersnJeeps
quote:
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.
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?
Posted on 2/27/22 at 7:03 am to TimeAndTide
Yes. Literally did this exact thing (built on bigger lot in same subdivision) and got the new rate for flood insurance.
Posted on 2/27/22 at 1:01 pm to TimeAndTide
quote:Not as long as the seller had an NFIP policy. If they didn’t then the new rates are effective immediately
Will they hammer you with these new rates, as if you've never been with them in the past?
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