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 Mississippi Multifamily Property Successfully Removed from Flood Zone

$225,000 Added Property Value

Mississippi Multifamily Property Successfully Removed from Flood Zone - Starkville, MS

Discover how an introduction to NFE from their insurance broker helped a Multifamily Property in Starkville, MS, save $13,500 in flood insurance premiums and add $225,000 in property value. Working with NFE to uncover savings opportunities is a win for insurance agents and policyholders.

Image of Land property for Unlocking Potential: Transforming a Flood-Zone Property into a Lucrative Investment Opportunity

NFE Transforms Land Investment

Unlocking Potential: Transforming a Flood-Zone Property into a Lucrative Investment Opportunity - Buda, TX

Through meticulous assessment and expertise, National Flood Experts successfully confirmed the removal of 20.1 acres from the flood zone, effectively doubling the developable acreage of a parcel in Buda, TX. This game-changing solution not only increased the property value but also played a pivotal role in broadening the buyer pool.

Image of Multifamily property for 19 of 29 Buildings Removed from SFHA

$365K+ Added in Property Value

19 of 29 Buildings Removed from SFHA - Coral Springs, FL

On a rushed timeline due to an upcoming sale, NFE's flood experts helped the nation's largest multi-family property owner save ≈$22K in annual flood insurance premiums while also adding $365K in property value for a 29-building property in Coral Springs, FL. NFE’s field work and engineering review maximized cost savings and helped the current and future owners avoid costly premium hikes on the horizon.