Neptune Flood Announces Results of the 2024 Neptune Consumer Survey of Flood Awareness

Largest private flood insurance company partners with the University of South Florida Customer Experience Lab – St. Petersburg for fifth consecutive year to gather consumer perceptions and attitudes toward flood insurance

ST. PETERSBURG, Fla., Jan. 29, 2025 /PRNewswire/ -- Neptune Flood, the largest provider of private flood insurance in the United States, today released the results of its fifth annual Neptune Consumer Survey of Flood Awareness, conducted in partnership with the University of South Florida St. Petersburg Customer Experience Lab.

The survey offers vital insights into the evolving flood insurance landscape in the United States, capturing homeowners' viewpoints nationwide and highlighting significant shifts in risk perception, barriers to insurance adoption, and consumer preferences. Amid increasingly severe weather events and growing climate awareness, the survey emphasizes the rising importance of tailored flood insurance solutions.

Key Insights:

1. Increased Awareness of Flood Risk: Following a historic storm season in 2024 with 5 US hurricane landfalls, 77% of respondents assessed their flood risk as increasing, compared to 63.9% in 2023.
2. Increased Willingness to Invest in Flood Insurance: Just 2.2% of respondents indicated they would be unwilling to pay higher flood insurance premiums, down from 6.6% in 2023. Consumers are finding more value from flood insurance as a necessary component of homeownership.
3. Generation Shift in Risk Perception: Younger demographics, particularly those aged 18-34, exhibit the highest levels of concern, signaling a generational shift in attitudes toward climate resilience.
4. Barriers to Insurance Adoption: Nearly 80% of respondents indicated that the perceived expense of flood insurance had deterred them from purchasing homes, while nearly 70% of non-policyholders cited a lack of perceived risk as their primary reason for abstaining.
5. Geographical Preferences in Flood Insurance Providers: Preferences for private versus federal insurance providers vary regionally, with Midwestern residents showing a clear preference for private insurers due to higher coverage limits and greater flexibility. Meanwhile, respondents from the Mid-Atlantic region expressed a stronger inclination toward the National Flood Insurance Program (NFIP), citing trust and stability as key factors.
6. Attractiveness of Comprehensive Coverage Options: Policy features such as temporary living expense coverage and replacement cost coverage for home contents remain top priorities among respondents. Nearly 90% expressed a willingness to purchase policies offering these benefits.

Trevor Burgess, Neptune Flood's President and CEO, emphasized the company's role in leading the private flood insurance market, stating, "These findings highlight both the opportunities and the responsibilities we have as flood insurance industry leaders. By leveraging data-driven insights, Neptune can continue to innovate and deliver policies that empower homeowners to protect their properties and families against an evolving risk landscape."

Dr. Philip J. Trocchia, Professor at the University of South Florida St. Petersburg Customer Experience Lab, remarked, "The year-over-year trends clearly show a growing awareness of flood risks among homeowners. This heightened awareness, coupled with Neptune's innovative approach to insurance, presents a unique opportunity to address the gaps in coverage and meet the increasing demand for customized flood protection."

The survey was conducted in November 2024. Using Qualtrics to construct the questionnaire and Amazon MTurk as the survey tool, the results are comprised of 881 qualified responses across 18 US states. Data validation included rigorous attention checks and reCAPTCHA filters to ensure quality insights. These measures provide robust and reliable findings for year-over-year comparisons.

• Click here to view the complete analysis.
• Click here to view the survey data.

About Neptune Flood

As the largest provider of private flood insurance in the United States, Neptune Flood continues to expand rapidly, offering a competitive alternative to the NFIP. Today, Neptune provides nearly $100 billion in coverage across over 225,000 residential and commercial properties, demonstrating both scale and stability within the flood insurance marketplace.

SOURCE Neptune Flood