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 Commercial property for Lahaina, HI Property Saves $73K

$73K NOI Increase

Lahaina, HI Property Saves $73K - Lahaina, HI

In gorgeous Lahaina, HI, on the island of Maui, our team identified ≈ $73,000 in cost savings for a commercial property less than a stone's throw from the shores of the Pacific Ocean.

Image of Commercial property for $1.8MM+ in Added Property Value for a Commercial Real Estate Portfolio. Huge!

$110K in Premium Savings

$1.8MM+ in Added Property Value for a Commercial Real Estate Portfolio. Huge! - Honolulu & Lahaina, HI

Read how NFE helped a commercial real-estate portfolio save over $110,000 in premiums and increase property value exceeding $1.8 million across several retail & hotel properties in Hawaii and California.

Image of Multifamily property for Commercial Development Firm Adds $111K in Property Value

$111,000 in Added Property Value

Commercial Development Firm Adds $111K in Property Value - Tucson, AZ

In Tucson, AZ, a client had $5,500 per year in flood insurance expenses on two apartment buildings in the AE flood zone. SPOILER ALERT: Not anymore.