Case Study

Multifamily

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

Fort Myers, FL

$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 Industrial property for Montana Utility Company Achieves LOMA Success

Industrial Property Achieve LOMA

Montana Utility Company Achieves LOMA Success - Helena, MT

A water management company worked with the team at NFE to secure a LOMA for their Helena, MT property. Clients have many reasons for seeking out NFE’s services, from lifting lender-mandated flood insurance via a letter of map amendment or reducing flood insurance policy premiums via insurance consulting; we are happy to help reduce expenses, boost NOI, and increase property value in whatever way we can!

Image of Multifamily property for Property Reclassified to X-Zone Prior to Acquisition

NOI Boost on Day 1 of Ownership

Property Reclassified to X-Zone Prior to Acquisition - Canton, MI

A 36-building mulitfamily property experienced a significant boost to NOI on Day 1 of ownership due to a rush review and LOMA success by the National Flood Experts team. Thanks to the LOMA, the new owners were not required to place lender-mandated flood insurance and excess flood insurance on the property - talk about major savings and red tape avoided!

Image of Multifamily property for Reducing Insurance Costs and Boosting Property Value in a High-Risk Flood Zone

$108,000 in Added Property Value

Reducing Insurance Costs and Boosting Property Value in a High-Risk Flood Zone - Albuquerque, NM

Explore how a multifamily property in Albuquerque, NM, eliminated its annual flood insurance costs and how NFE’s Flood Expert Survey helped remove the property from the SFHA, raising the overall property value by over $108,000.