Case Study

Multifamily

$50K+ in Flood Insurance Mandates Removed for Multifamily Property

Fort Myers, FL

Image of Multifamily property for $50K+ in Flood Insurance Mandates Removed for Multifamily Property

$1.2MM in Added Property Value

Solutions Found:

Insurance Consulting

LOMA

Solutions Value: $50,000+ in Lender Mandates Removed, Adding a Whopping $1.2 Million in Property Value

NFE Solutions: LOMA, Insurance Consulting

A Multifamily property owner in Fort Myers, FL, faced a significant challenge with the rising costs of their flood insurance premiums. The owner previously had the property reviewed by another engineering group that was unsuccessful in qualifying the property for removal from the special flood hazard area (SFHA), causing many issues, including flood insurance premiums in excess of $50,000 and reduced property value.

National Flood Experts (NFE) reached out to the client, sharing that we were up to the task of finding cost-saving solutions that may have been previously overlooked. NFE then conducted a comprehensive desktop engineering review of the property and identified a unique solution to remove all buildings from the SFHA through a Letter of Map Amendment (LOMA), and a second scenario to save the client up to an additional $9,000 on their current policy premiums.

The results were outstanding. NFE ultimately improved the property value by $1.2 million and removed the lender mandate for flood insurance for all 13 buildings on the property. NFE's innovative approach helped the client protect their investment and allowed them to achieve significant cost savings on their flood insurance.

At NFE, we specialize in finding unique and innovative solutions for our clients. Our team's deep understanding of flood insurance and all relative factors enables us to provide customized solutions that save our clients time and money.

View Other Case Studies

Image of Multifamily property for Multifamily Property in Hampton, VA  Improves NOI by $11K+

$185,000 in Added Property Value

Multifamily Property in Hampton, VA Improves NOI by $11K+ - Hampton, VA

Get cost-cutting strategies for your flood zone properties. Read how National Flood Experts helped a client save over $11K annually in flood insurance premiums and added $185K in property value following their complimentary engineering review and Flood Expert Survey.

Image of Multifamily property for Excess Flood Insurance Requirement Eliminated for DE Multifamily Property

Excess Flood Insurance Requireme

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.

Image of Commercial property for Industrial Warehouse | 93% Policy Reduction

$13K in Annual Savings

Industrial Warehouse | 93% Policy Reduction - Berkeley, MO

We helped save industrial warehouse owners in Berkeley, MO $13,000+ in annual insurance premiums.