Case Study

Condominium

16 of 18 Buildings Removed from SFHA

Palm Harbor, FL

$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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NFE successfully reclassified an entire Multifamily property in Fond du Lac, WI out of the high-hazard flood zone. Resulting in $11K year-over-year flood insurance savings and improving the property value by $175K!