PRODUCT: Neptune Excess Flood Insurance.

COMPANIES: MS Transverse and AXA XL.

BEST RATING: A

AVAILABILITY: Agents can offer Neptune's primary and excess coverage by signing up on Neptune's website. No appointment is needed.

FOCUS: Recently, Neptune Flood, the largest provider of private flood insurance in the U.S., announced the launch of its excess flood insurance product for residential, commercial and condominium (RCBAP) properties.

The Neptune excess flood policy provides coverage above the maximum limit available through the National Flood Insurance Program (NFIP), allowing customers to keep their NFIP policy if they have yet to reach their market rate.

The NFIP's $250,000 residential and $500,000 commercial limits have not been modified in over 25 years, during which time the average U.S. house price has more than doubled. Neptune's excess product, offering over $4 million of coverage, addresses this coverage gap and protects against losses in excess of NFIP limits, allowing home and business owners to appropriately protect their property.

Over 2 million NFIP policies have yet to reach their Risk Rating 2.0 price, according to the Government Accountability Office. With Congress capping NFIP policy premium increases to 18% per year for most residential and 25% per year for commercial, many policies will take over a decade to reach their full price.

“While most of these customers will be better served by Neptune's standard flood policy once they reach their full NFIP price, in the interim, Neptune's excess policy can close the coverage gap," says Trevor Burgess, Neptune's president & CEO.

TARGET: Excess flood coverage is ideal for NFIP policyholders who have yet to reach the full market rate set by Risk Rating 2.0 but want higher coverage limits than available with the NFIP.

COVERAGE AVAILABILITY: All U.S. states except Alaska.

CONTACT: Neptune.

Will Jones is IA editor-in-chief.