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 Land property for Commercial Development Firm Wins Big in NY

$10K Saved & Headaches Avoided

Commercial Development Firm Wins Big in NY - Brooklyn, NY

An entire undeveloped lot was being pulled into the SFHA, creating permitting nightmare for the owners. NFE's engineering analysis pulled the ENTIRE lot out of the SFHA both NOW and when the pending preliminary map goes into force.

Image of Industrial property for Flooring Showroom Saves Nearly $9K in Premiums

$9,000 in Premium Savings

Flooring Showroom Saves Nearly $9K in Premiums - Fort Myers, FL

NFE's field work and engineering expertise, led to significant cost savings for a wood flooring companies' Fort Myers, FL location, adding major value to their property. Read more to explore NFE's cost-saving solutions for your properties in flood zones.

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.