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Neptune Flood Research Group Reveals California’s Hidden Flood Crisis: Only 1.4% of Properties Insured, with 2.3 Million at Risk

businesswire.com
NP The article discusses Neptune Flood's report on California's flood insurance gap. While the report highlights a significant risk and coverage shortfall, the company itself is presented neutrally as a provider of solutions. The article does not offer direct commentary on Neptune Flood's stock performance or future prospects.

Neptune Flood Research Group Reveals California’s Hidden Flood Crisis: Only 1.4% of Properties Insured, with 2.3 Million at Risk ST. PETERSBURG, Fla.--( BUSINESS WIRE)-- Neptune Flood, the largest private flood insurance provider in the United States, today released a new report from the Neptune Flood Research Group revealing that California faces one of the largest flood insurance coverage gaps in the country. Despite 2.3 million properties facing flood risk over the next 30 years, residential flood insurance penetration across the state stands at just 1.4%.

The report documents how flooding driven by atmospheric rivers, urbanization, aging infrastructure, and post-wildfire conditions represents a persistent, underappreciated threat to California homeowners, even as participation in the National Flood Insurance Program (NFIP) has declined by 35% since 2016.

Key Findings

“Flood risk in California is rising, but coverage is falling. Millions of homeowners are left exposed to a growing and often misunderstood threat. Bridging that gap will take broader access to modern flood insurance solutions, like those offered by the private market.”

Matt Duffy, President, Neptune Flood

The report calls for a coordinated response to close the coverage gap, including investment in flood infrastructure, modernization of FEMA flood maps, expanded access to private flood insurance, and greater integration of flood resilience into California’s housing and development standards.

The full report, California Underwater: A Blind Spot in the Golden State, is available here and on neptuneflood.com/research.

About Neptune Flood

Neptune Flood (NYSE: NP) is a leading, data-driven managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary flood and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast, accurate, and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance.