Solutions Value: $13,500 flood insurance premium savings | $225,000 in added property value
NFE Solutions: LOMA
In the insurance industry, finding cost-saving solutions for clients is always a top priority. Recently, a multifamily property in Starkville, MS, achieved this goal with the help of their insurance agent, who introduced them to National Flood Experts.
The multifamily property was struggling with high flood insurance premiums and was determined to find a way to reduce costs. Their insurance agent contacted NFE to perform a desktop engineering review of the property. After the analysis, NFE qualified three of five buildings on the property for removal from the high-hazard flood zone via a FEMA Letter of Map Amendment (LOMA).
The case was more complex than usual, as the property was in an understudied "A" flood zone. NFE presented additional modeling exhibits to FEMA, and the extra work proved worthwhile, with FEMA issuing the LOMA.
THE LOMA allows the property owners to prove that the three buildings are in an area of lower flood risk and, as a result, avoid mandatory flood insurance coverage placed by the lender for those buildings.
The insurance agent's introduction to NFE saved the client $13,500 on flood insurance premiums and increased the property value by $225,000. This case highlights the benefits of working with NFE to find solutions to help insurance agents find cost savings for their clients. Moreover, partnering with NFE uncovers new opportunities and provides valuable insights that can benefit insurance agents and policyholders.
In conclusion, the collaboration between insurance agents and NFE can result in cost-savings and add significant property value. Insurance agents can partner with NFE to find innovative solutions to help clients save money while increasing their property value.