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 Multifamily property for RI Affordable Housing Community Adds $142K in Property Value

LOMA Success Saves $8.5K/Year

RI Affordable Housing Community Adds $142K in Property Value - North Kingstown, RI

Learn how National Flood Experts helped an affordable housing community in North Kingstown, RI, increase the value of their property by $142,000, remove lender mandates for five buildings, and improve annual NOI by $8,500+. Through NFE’s comprehensive engineering review, flood expert survey, and advanced modeling services, five buildings were successfully removed from the high-risk “A” flood zone.

Image of Multifamily property for Lender Mandates Removed For A Multifamily Building in Oklahoma City, OK

$120,000 in Added Property Value

Lender Mandates Removed For A Multifamily Building in Oklahoma City, OK - Oklahoma City, OK

Discover how NFE successfully removed a multifamily building in Oklahoma, OK, from a complex A flood zone. After conducting a thorough Flood Expert Survey, we obtained FEMA's approval for a LOMA, saving the client nearly $7,200 per year on flood insurance and boosting property value by approx. $120,000.

Image of Multifamily property for Multifamily Property in Toms River Successfully Removed from Special Flood Hazard Area (SFHA)

$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.