If NFIP was doing such a bad job, then they should be able to win the business without changing the rules.
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Thread title has a transposition.
I’ve worked for a couple FL personal lines companies that had a flood product. Some benefits to our product were that we could offer higher Coverage A limits and cover items that the NFIP excluded.
We also had the benefit on our side of not having to distinguish between flood and wind damage. Documentation and claim expertise for that is expensive and needs to be done for the claims that end up in litigation (or to fend off the lawyers seeking those clients). We also avoided the inevitable theft claims following a hurricane. You know, when people put all there water damaged items outside to dry and everything gets stolen. Which results in a claim with the standard deductible instead of the wind deductible.
However, we had a low take-up rate, even when we had competitive rated with the NFIP because the agent commission was higher from the NFIP and they had guaranteed renewal. There was a question on whether the homeowner would be able to purchase flood from the NFIP in the future.
Neptune is an MGA, not an insurer, correct? I think it would be more interesting if they were a risk-bearing insurance company.
Sorry about the typo in my original thread title.
You alone (well, and some admins) can fix it.