St. Pete-based online flood insurance ‘store’ now open for business

Former C1Bank CEO Trevor Burgess is backing a new online "story" for selling flood insurance. Here Burgess is shown when C1 went public in 2014. [Photo courtesy of Ben Hider/NYSE]
Former C1Bank CEO Trevor Burgess is backing a new online "story" for selling flood insurance. Here Burgess is shown when C1 went public in 2014. [Photo courtesy of Ben Hider/NYSE]
Published June 11 2018
Updated June 11 2018

ST. PETERSBURG --- What is billed as the nation’s first online flood insurance store is up and running. St. Petersburg-based Neptune Flood has launched its new digital store, neptuneflood.com, enabling consumers in Florida and 20 other states to get quotes and buy online in three minutes or less.

The company, backed by former C1 Bank CEO Trevor Burgess, says customers can save more than an hour in the process and up to 25 percent off their flood premiums when choosing Neptune over the beleaguered National Flood Insurance Program. Neptune’s service does not require a surveyor to visit the house to generate an elevation certificate.

Congress has until the end of July to renew the national program, which is $25 billion in debt because its subsidized rates have failed to cover the program’s true costs. Pressure is heavy to raise premiums to actuarially sound levels, but critics say that could be disastrous for states like Florida that have so many homes in flood-prone areas.

Neptune, though, might not be the answer for everyone. A reporter who visited the site today and plugged in the required information about her house in St. Petersburg’s low-lying Shore Acres neighborhood got this response: "We are sorry but we are not able to provide coverage at this time.’’

EARLIER COVERAGE: Former Tampa Bay banking whiz Trevor Burgess has new interest: flood insurance

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