![]() Part of the patent application underlying Neptune’s systems has to do with that problem exactly. I’ve heard that private insurance companies may not want to absorb too many people leaving the National Flood Insurance Program out of fear of clustering too many policies together. It’s an enabling of the American consumer that Neptune has brought to the market, and giving the power to consumers to check their options and see if they can get a better price. That’s a great opportunity to go to, type in your address and see if you can save money. How should somebody start researching if they should switch to private?įour million American households over the next year are going to get a renewal notice from the National Flood Insurance Program that shows a price increase. We’re looking at the individual risk of your particular house, which may mean that your price could be materially lower than your neighbor’s price. For Neptune the flood zone is an output rather than an input. The federal government is moving in that direction, but not completely. Neptune uses very sophisticated computer systems and algorithms to determine the individual risk of each home. They all have a high risk of flooding and should buy flood insurance. That means those 5 million households misunderstand their risk of flooding. It really starts with, ‘Am I at risk of flooding?’ There are 5 million households in the state of Florida who do not have flood insurance. So when you get your insurance packet, it doesn’t say, ‘This is from FEMA and the National Flood Insurance Program.’ It has the name of one of these big insurance agencies even though the underlying insurance is really coming from the federal government.īut the confusion doesn’t stop there. They sell through agents, and those agents all have private-sounding names. People are confused about where their flood insurance comes from because the National Flood Insurance Program does not sell directly to consumers. Your company conducted a survey last year and found that a lot of people think they have private flood insurance, when it’s likely they actually get it through the federal government. The interview has been edited for length and clarity. He spoke to the Tampa Bay Times about the coming shifts in flood insurance and common misconceptions. Petersburg-based C1 Bank, where he had been the first openly gay CEO of a publicly listed bank. This will ensure that you and your asset will remain properly covered and protected.Trevor Burgess īurgess took the reins at Neptune in 2019 after selling St. If you reach out to Texas Classic Insurance, you can learn a lot more about how home insurance can protect you. As you are looking for insurance, you should call the team at Texas Classic Insurance. There are a lot of important choices that need to be made when you are looking for a new home insurance policy. In Texas, finding a way to properly protect your home and prized asset continues to be very important. When you get insurance, it will give you the support you need to manage these claims. A property owner will be taking on liability risk at all times due to the chance that a guest could be hurt or their asset could cause damage to another property. Liability CoverageĪll people need to have liability protection and a home insurance policy can provide some to you. When you get a full home insurance policy, you can receive coverage for all of these assets. Additionally, you will have a lot of personal assets stored beneath the roof. The home that you buy is bound to be one of the biggest purchases and investments that you will ever buy. ![]() One of the key advantages of a home insurance policy is that it can protect your assets. If you do get a quality insurance policy, it can help to ensure that you are protected as it offers several forms of coverage. As you are looking for a home here, you should also make sure that you get into a quality home insurance policy. There are many cities across the state that are rapidly growing, which will bring plenty of new professional opportunities and could lead to housing price growth. When you are a resident of the state of Texas, it would be a good idea to purchase your home.
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