Case Study

Multifamily

Chicago Multifamily Dodges $75k/year Bullet

Chicago, IL

Image of Multifamily property for Chicago Multifamily Dodges $75k/year Bullet

$75K Lender Mandate Removed

Solutions Found:

LOMA

Solution Value: $75,000

NFE Solution: Letter of Map Amendment

What happens when your property gets mapped into a Special Flood Hazard Area (SFHA)? Typically, the lender will require flood insurance if there is a loan on the property, and that added expense is never a welcome surprise to property owners!

After being newly mapped into an SFHA, their lender alerted a Chicago property that they had 45 days to place flood, total replacement cost, and business income insurance. Quotes were coming back at nearly $75,000/year. Talk about sticker shock!

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Flood Insurance Mandates Removed

NH Homeowner Relieved of Rising Flood Insurance Costs - Bedford, NH

A homeowner in Bedford, NH, faced skyrocketing flood insurance premiums, nearly doubling their mortgage payments. They sought relief and their insurance agent recommended NFE as a trusted partner. NFE conducted a complimentary engineering review, qualifying the property for a LOMA. NFE assisted throughout the FEMA submission process, addressing RFIs and ensuring smooth progress. The homeowner obtained a LOMA, eliminating the need for flood insurance, improving property value and marketability.

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$245K+ in Added Property Value

Real Estate Portfolio Secures $14.7K Annual Insurance Savings - Clarkston, GA

From overwhelming challenges to remarkable success, National Flood Experts secures $14.7K in savings and $245K in added property value for an Atlanta-based Property management company's Clarkston, GA, multifamily property. By completing an extensive review and comprehensive Flood Expert Survey (FES), NFE successfully eliminated the lender mandate for flood insurance, unlocking the full financial potential of the client's property. Click to read more.

Image of Multifamily property for MD Multifamily Property - $48K NOI Increase

$48,000 NOI Increase

MD Multifamily Property - $48K NOI Increase - Dundalk, MD

A 60 building property just outside of Baltimore, MD, saved $48,000 in flood insurance premiums after our engineering review qualified 11 buildings for removal from the flood zone, removing the lender mandate for flood insurance.