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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$50,000 in Added Property Value

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Learn how National Flood Experts helped a client increase the value of their commercial property in Clive, IA, by $50K. Through NFE’s Flood Expert Survey, the property was successfully removed from the AE flood zone, improving the future marketability of the property.

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Excess Flood Insurance Requirement Eliminated for DE Multifamily Property - Dover, DE

Explore how a Dover, DE, multifamily property eliminated excess flood insurance requirements, added property value, and reduced annual flood insurance expenses thanks to NFE's comprehensive engineering review and Flood Expert Survey (FES). NFE's analysis, supported by on-site data collected during the FES, qualified 3 of 4 buildings for removal from the high-risk flood zone, eliminating the lender mandate for flood insurance for those three buildings and eliminating the excess flood insurance requirement.

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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.