Case Study

Multifamily

Mississippi Multifamily Property Successfully Removed from Flood Zone

Starkville, MS

Image of Multifamily property for Mississippi Multifamily Property Successfully Removed from Flood Zone

$225,000 Added Property Value

Solutions Found:

LOMA

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.

View Other Case Studies

Image of Residential property for NH Homeowner Relieved of Rising Flood Insurance Costs

Flood Insurance Mandates Removed

NH Homeowner Relieved of Rising Flood Insurance Costs - Bedford, NH

A homeowner in Bedford, NH, faced skyrocketing flood insurance premiums, nearly doubling their mortgage payments. They sought relief and their insurance agent recommended NFE as a trusted partner. NFE conducted a complimentary engineering review, qualifying the property for a LOMA. NFE assisted throughout the FEMA submission process, addressing RFIs and ensuring smooth progress. The homeowner obtained a LOMA, eliminating the need for flood insurance, improving property value and marketability.

Image of Commercial property for National Hotel Portfolio Saves $53K in Premiums

$670K in Added Property Value

National Hotel Portfolio Saves $53K in Premiums - Miami & Marathon, FL

NFE's expertise helped a portfolio of hotels save more than $53K in flood insurance premiums and removed the lender mandates for 15 properties. Qualifying the buildings for Letters of Map Amendments also resulted in ≈ $670K increase in property value (assuming an 8% CAP rate).

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.