Case Study

Condominium

16 of 18 Buildings Removed from SFHA

Palm Harbor, FL

Image of Condominium property for 16 of 18 Buildings Removed from SFHA

$174K in Annual Budgetary Saving

Solutions Found:

LOMA

Solutions Value: $174K flood insurance premium savings

NFE Solutions: LOMA

A condominium community in Palm Harbor, FL, was facing hefty rate increases on their flood insurance costs; the property had never experienced flood issues, and the Condo Board was interested in exploring ways to reduce this significant budgetary expense.

The Board's insurance agent introduced them to National Flood Experts, whose comprehensive engineering review and on-site data collection qualified 16 of 18 buildings for removal from the Special Flood Hazard Area (SFHA) through Letter of Map Amendment (LOMA).

The project resulted in a HUGE win for the Board, reducing the communities annual flood insurance expense by $174,000!

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$75K Lender Mandate Removed

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Our team flew up to the Windy City, gathered pertinent site-specific data, and successfully petitioned FEMA for a Letter of Map Amendment (LOMA). With the LOMA in hand, the lender mandates were removed, and the client dodged a $75k/year bullet!