any help with private flood insurance?

Question

anyone every purchased private market flood insurance?

Robert Murphy · Answer

@John Whitfield I do believe that most private flood carriers (those backed by Lloyds of London) will cover all legit losses. The issue with most private flood insurance is that once there is a claim there is a chance of being non-renewed the following year. Neptune has great marketing however we have seen that with the first year they are cheap then the next year they do massive increases we have seen other private flood companies do this. We try to limit our clients to have to deal with this headache and have some really sold private flood options. Neptune is not one of them. That being said you will just have to see when you renew and if you want to res-hop next year just google "Lloyds of London Flood Insurance" and or " Private flood insurance" (skip over the ads) if go to the organic options. Your flood nerd.

John Whitfield · Answer

@Robert Murphy- Hi, ran across this thread.  I'm currently shopping for flood insurance and have gotten a quote from Neptune.  They're certainly less expensive than the FEMA backed policy.  In your experience with private flood insurance carriers, have you seen any issues with not paying in the event of a claim?  Thanks!

Robert Murphy · Answer

@Annchen Knodt so happy you got a "Lloyds of London flood insurance" (Do a google search for this term) just so you know Argenia is one of like 70 different options (called Syndicates) of "Lloyds of London Flood Insurance" it is a good to shop the market ever so often to make sure you are getting the best price and best coverage there are a few companies that shop all options. If you google search (and skip the ads) you will find options that will shop all available flood insurance in your State. You can also search "private flood insurance" to get other options as there are a few that are not Lloyds of London but our friends over seas are dominating the private flood insurance market. Other companies of note are Polarmar Speciality, Trisera, Lexington, HIG, Swiss RE, Zurich and there are many more coming on every day. Exciting times for the flood nerd.

Robert

Jayson Robinson · Answer

@Robert Murphy How do we connect? I’ve more properties located in a flood zone.

Jayson Robinson · Answer

@Robert Murphy Thanks for your help.  Are you also an agent?

Jayson Robinson · Answer

Is anyone familiar with Neptune flood insurance?

Annchen Knodt · Answer

I also have a Lloyd's of London plan (through a company called Argenia).  My lender (a local credit union) didn't have an issue with it, and it saved me tons of money.  My house is in zone AE and I know that it hasn't flooded for at least the past 25 years, so not sure what the policy would look like for one that's flooded somewhat recently.

Robert Murphy · Answer

@Jayson Robinson Private flood insurance is great and most of the policies are broader as John had mentioned - Since there is usually a drastic savings over the NFIP/FEMA or government policy the private flood insurance market is a great solution for most property owners (especially if the property has never had flood waters in it). If John can't help you. I would suggest that you do a google search for "lloyds of London Flood insurance" or "Private flood insurance" skip over all the ads they usually don't really get you what you want. And most will hound you trying to sell policies that you don't want.

Your grateful flood nerd Robert  @John Mocker the only time we constantly have seen rejection of the private flood insurance policies by lenders is when the loan is a FHA. Due to the "FHA rules" they can only use the NFIP or government policies. Talk about nepotism! And furthermore these people who are getting the FHA loans don't typically have much money yet due to the "FHA rule"  they will be forced to pay 1000 more than they typically would with the private market. I am hopeful that the government will see the benefit of allowing other flood insurance options but the NFIP/FEMA or government policy seems like it will stop at nothing to keep its monopoly on the flood insurance market.

Jayson Robinson · Answer

@John Mocker Do you write policies in GA?

any help with private flood insurance?

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