Flood insurance inquiry..need help with a quote

[Ron D.]

My rental is located in McAllen, TX, but it's not in a flood zone.

I recently received a quote from a broker that seems competitive compared to others I’ve reviewed, so I’m hoping to get some feedback from those familiar with insurance products or companies.

The property is a fourplex — four units side by side with shared walls, and all units are two stories. Initially, the broker had selected “residential owner” as the property type, implying that I live there and rent out part of it. But I’ve never lived there. After correcting the property type to “rental,” the premium dropped significantly from around $1,400 to just over $500...for all 4 units.

The broker also sent me a screenshot showing how my property is classified. It’s listed as a condo with four units, not a multifamily, which he says is a different insurance product. I’ve always considered it a multifamily property, so this was a surprise.

Lastly, the flood policy he quoted is through Neptune, which I’ve never heard of. It sounds like a private insurer. My concern is whether they’re reliable — especially in the event of a catastrophe elsewhere. I don’t want to be dropped suddenly just because something happens in another part of the country or even near my rental.

Any feedback or experiences you can share would be appreciated! And if anyone wants to sell me a better and more competitive flood insurance pls PM me.