Case Study

Multifamily

Chicago Multifamily Dodges $75k/year Bullet

Chicago, IL

$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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$250,000 in Added Property Value

Multifamily Property in Toms River Successfully Removed from Special Flood Hazard Area (SFHA) - Toms River , NJ

NFE successfully removed a multifamily property in Toms River from the Special Flood Hazard Area (SFHA). A Flood Expert Survey (FES) qualified all 5 buildings for a Letter of Map Amendment (LOMA). These solutions elimated$15,000 in annual insurance costs and added a remarkable $250,000 in property value.

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≈$814K in Property Value Added

OH A-Zone Property Saves $48K In Annual Premiums - Lebanon, OH

Learn how National Flood Experts helped a top Affordable Housing Owners increase the value of their multifamily property in Lebanon, OH, by more than $814,000. Through NFE’s comprehensive engineering review, four buildings were successfully removed from the high-risk “A” flood zone, eliminating the lender mandate for flood insurance and decreasing annual expenses by $48,000+ while also increasing property value.

Image of Multifamily property for Successful Insurance Collaboration, Resulting in a LOMA, Cost Savings and Increased Property Value

$217,000 in Added Property Value

Successful Insurance Collaboration, Resulting in a LOMA, Cost Savings and Increased Property Value - Slidell, LA

Learn how a collaboration between a Client’s insurance broker and NFE resulted in a successfully obtained LOMA, saving a multifamily property in Slidell, LA, $13K in annual flood insurance premiums while adding $217K in property value.