Insurance companies will only pay out in the event of water damage to their home from a flood – not other types of water damage. ![]() A burst pipe may be covered by a homeowners policy or home warranty, but flood damage is almost always excluded from homeowners insurance policies.įlood insurance must be purchased separately. This is in contrast to other forms of water damage that can occur in a home due to a burst pipe, leaky faucet, backed-up sewer, roof leak, or an older water heater. Floods typically cause extreme damage and are often categorized as a natural disaster or “vis major,” which is a Latin term used in insurance contracts to describe damage caused by a natural occurrence like a hurricane, flood, or earthquake. What Is Flood Insurance?įlood insurance is a type of property insurance that covers water damage specifically due to a flood. It’s important to understand the basics of what flood insurance does and does not cover, what kind of property owners will likely benefit from it most, and what your options are when choosing an insurance company. Like any home insurance policy, you’ll need to balance the risk versus the reward of paying for a policy that you may never need. However, even a seemingly small amount of water can produce devastating flood damage, and federal disaster assistance funds can only go so far. Therefore, not everyone will need (or want) to purchase flood coverage. 10 Best Flood Insurance Companies in 2023ĭepending on what part of the country you live in, you have a different level of risk for flooding. Most homeowners insurance plans do not cover flood damage, so flood insurance must be purchased separately. For homeowners, one type of insurance that’s often overlooked is flood insurance. Though shopping for coverage can feel overwhelming at times, insurance serves an essential function to keep our bodies and possessions protected now and in the future. From health insurance and life to car insurance to homeowners insurance, insurance policies offer many different types of coverage. We strive to combine the talent and experience of our team with the flexibility of our hybrid fronting structure to underwrite great MGA’s and their programs.” – Erik Matson, Chief Executive Officer and Co-Founder at Transverse.There are many different types of insurance that can help protect you and your property. We are excited to be supporting an excellent portrayal of the intersection of technology and insurance requirements. Neptune has approached a significant peril with great ingenuity and innovativeness. “Our relationship with Neptune is an exciting one for us. Neptune is the fast and easy alternative to the NFIP and most of the time we can save the home or business owner money while providing superior coverage.” – Neptune CEO Trevor Burgess. Transverse will help Neptune to serve tens of thousands of additional homeowners and businesses. “Neptune is proud to partner with Transverse and its experienced team of underwriters and program administrators. The program will look to protect approximately $10 billion in home and business value from the catastrophic risk of flooding. ![]() The $30 million premium capacity program will enable Neptune to meet the surging demand for Neptune’s flood insurance alternative to the government-backed NFIP program. Personal and commercial flood insurance provider Neptune FloodĪnnounced the launch of its latest capacity program sponsored by Transverse Insurance GroupĪnd backed by a panel of global reinsurers, which was placed through Acrisure Re (formerly Beach & Associates). Transverse Insurance Group Neptune partners with Transverse to expand flood insurance capacity
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