Neptune Flood Insurance: The Horan Review

[Full disclosure: Neptune Flood is one of our insurance carriers. As such, the Horan agency receives commissions for policies Neptune underwrites for our clients. That relationship doesn't influence our opinions or evaluations of the carrier. What follows is an objective review of a company we chose to work with for many of the reasons you'll read below.]

Flood insurance is one of the more misunderstood topics in the insurance world. You may assume your homeowners policy has you covered, or that your property's distance from a river means you're not at risk.

Neither assumption tends to hold up when water starts moving through your living room. Here in Central New York, flood risk is real — even in areas that don't hug a waterway — and sorting through the available options can feel like more work than it's worth.

The Horan insurance agency in Central New York works with numerous carriers, including Neptune Flood, giving us a perspective on how different flood insurance providers compare for our clients' situations. Our experience with multiple carriers lets us evaluate them based on how they actually perform, not just how they're marketed.

In this article, we look at Neptune Flood's background, how the company operates, what its policies cover, and who in Central New York might consider them a reasonable fit.

How Neptune Flood Moved into a Market the Government Used to Own

Neptune Flood was founded in 2016 with a focus on merging technology and algorithms with insurance to offer flood coverage as a private-market alternative to the government-backed National Flood Insurance Program.

It's a notable distinction. The National Flood Insurance Program remains the largest provider of flood insurance in the United States, holding the majority of market share. Neptune entered the space with a straightforward thesis: the federal program has real limitations, and private insurers can do better for many property owners.

As of the end of 2025, Neptune reported 280,000 policies in force, a figure up 27% for the year, with written premium climbing 34% to $367 million. That kind of growth reflects genuine demand, not just marketing.

A Tech-Driven Approach to Risk

Neptune uses a proprietary artificial intelligence platform called Triton, which assesses flood risk on a property-by-property basis, allowing the company to offer pricing that reflects a property's individual characteristics.

This matters for Central New York homeowners because flood risk here isn't uniform. A home near Onondaga Creek in Syracuse faces different exposure than a property on higher ground in Manlius or Camillus, and a model that accounts for those differences can translate to more relevant pricing for individual properties.

Neptune operates as a Managing General Agency rather than a direct insurance carrier, it doesn't carry its own A.M. Best financial strength rating. Instead, Neptune's policies are backed by a panel of highly rated global insurers and reinsurers, including Lloyd's of London, AXA XL, and Swiss Re.

All carriers on Neptune's panel are rated A- or better by A.M. Best — a requirement under the Biggert-Waters Act of 2012 for the policy to qualify for mandatory acceptance by mortgage lenders.

Flood Risk in Central New York Deserves More Attention Than It Gets

Before getting into what Neptune covers, it's worth grounding this conversation in local context.

New York State has more properties at risk of flooding than New Jersey and Connecticut combined, according to a Federal Reserve report. Over 20,400 insured properties across the state have experienced repeated flooding, making New York the fourth state in the country with the largest number of insured properties damaged by at least two floods.

Locally, flood zone boundaries in Onondaga County have been a moving target. FEMA's revised Flood Insurance Rate Maps — which took effect in 2016 — added properties in communities including portions of Syracuse to designated Special Flood Hazard Areas for the first time, triggering mandatory flood insurance requirements for homeowners with federally backed mortgages in those zones.

Communities along Onondaga Creek, Limestone Creek, and other waterways in the region have seen flood zone classifications revisited more than once.

What this means practically: some Central New York homeowners are required by their lender to carry flood insurance, and others are not — but the absence of a mandate doesn't mean the absence of risk. A dedicated flood policy, whether through the federal program or a private carrier like Neptune, fills a gap that standard homeowners coverage leaves open.

Also be sure to read our companion article: If I’m Not in a Flood Zone, Do I Need Flood Insurance?

What Neptune Flood Covers

Neptune offers residential, commercial, and condominium association flood policies. For homeowners in Central New York, the residential side is most relevant.

Dwelling and Personal Property Coverage

Neptune offers up to $4 million in dwelling coverage — significantly higher than the maximum limit of $250,000 available through the National Flood Insurance Program. For personal property, Neptune allows a maximum of $500,000 in coverage.

Those limits matter for higher-value homes or for owners of property that would require substantial reconstruction after a flood event.

What's Included in the Base Policy

Neptune's base policy includes several additional coverages: other structures, which pays to rebuild or repair structures like detached garages or sheds damaged by flooding; temporary living expenses while your home is being repaired; and pool refill and repairs coverage.

One notable feature is that Neptune covers flood damage to personal belongings stored in basements — something that's relatively uncommon in flood insurance generally.

Optional Add-Ons

Neptune offers several optional coverages that aren't available through the federal program. These include:

• Coverage for unattached structures on your property, such as sheds, barns, or pool houses, up to $100,000
• Pool repair and refill coverage for in-ground pools up to $20,000, covering draining a damaged pool, repairing the shell, and refilling it
• Basement contents coverage up to $10,000, covering 75% of personal property losses in a basement as defined by the policy
• Replacement cost coverage for contents, so damaged belongings are reimbursed based on current value rather than depreciated value

One item worth noting: Neptune charges two separate deductibles on claims involving flood damage to a home and its personal property. That's a real cost consideration when comparing Neptune against other options.

Waiting Period

Neptune coverage begins within 10 days, with no waiting period on closings or for rollovers from another flood policy. By comparison, the federal program's standard waiting period is 30 days. That shorter window can matter — for instance, if someone is purchasing a home and needs coverage in place quickly, or if they're switching from one policy to another without a gap.

Neptune Flood and New York State Law

Private flood insurance has gained clearer legal footing in recent years. A 2019 federal rule now requires regulated lenders to accept private flood insurance policies — including those from companies like Neptune — as long as the policy provides coverage at least as broad as a standard federal flood policy for the same type of property, including deductibles, exclusions, and other conditions.

Neptune's policies include language confirming they meet this federal definition, which means they're generally accepted by lenders in place of a federal program policy where flood insurance is required.

New York State has also added consumer protections specific to flood insurance. A law signed in December 2024 — amended in February 2025 — limits how much flood insurance coverage a mortgage lender may require a homeowner to carry, capping the required amount at the outstanding principal mortgage balance.

Separately, legislation signed in September 2023 requires sellers to disclose to potential buyers whether a home is located in a flood risk zone or has flooded in the past, eliminating the prior option for sellers to waive that disclosure in exchange for a $500 credit at closing.

For buyers in Central New York, these changes add meaningful transparency to the home purchase process. It's worth knowing, though, that a lender's minimum coverage requirement and the amount needed to cover the cost of rebuilding after a significant flood can be two very different numbers — and that gap is worth discussing with a licensed agent before settling on a coverage amount.

Who Neptune Flood May Suit in Central New York

Neptune may be worth considering for property owners who fall into one of these categories:

• Homeowners whose property value exceeds the $250,000 dwelling cap of the federal program
• Buyers closing on a home who need coverage in place quickly
• Owners switching from the federal program who want to avoid a gap in coverage
• Property owners with finished basements containing valuable belongings
• Commercial property owners whose replacement cost needs may exceed the federal program's limits for nonresidential structures
• Homeowners in lower-risk zones who want a private-market quote to compare against the federal program's rates

Neptune may be less suitable for:

• Properties in very high-risk zones where private insurers may decline coverage or price it higher than the federal program
• Property owners who prefer the stability of the government-backed program
• Those who've had multiple flood claims and face underwriting challenges in the private market