Case Study

Multifamily

Houston Multifamily Property Saves Over $31K in Premiums

Houston, TX

Image of Multifamily property for Houston Multifamily Property Saves Over $31K in Premiums

$500,000 in Added Property Value

Solutions Found:

Flood Expert Survey

LOMA

Solutions Value:≈$31K in Lender Mandates Removed, Adding $500,000 in Property Value

NFE Solutions: FES; LOMA

National Flood Experts' engineering review revalidated a multifamily property's Letter of Map Amendment (LOMA) compliance, including newly built structures, removing lender mandates for flood insurance, and saving over $31,000 in premiums in Houston, TX.

A newly acquired multifamily property in Houston, TX, was faced with hefty lender mandates (including excess!) as the lender did not recognize an existing LOMA due to the addition of new structures on the property.

The owner's insurance agent introduced them to National Flood Experts. The NFE team visited the site and performed a Flood Expert Survey (FES) to gather current data. The FES proved worthwhile, with the data revalidating the existing LOMA while also qualifying the new buildings for removal from the SFHA. After providing the LOMA, the lender removed all mandates for flood insurance! The project made a huge impact on the property value, with an increase of $500,000.

NFE's solutions proved to be essential in boosting NOI early, providing significant savings, and adding a substantial increase in property value for the new owners.

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$165K in Added Property Value

Multifamily Property Avoids Flood Insurance Requirements at Closing - Shepherdsville, KY

Learn how a multifamily property in Kentucky saved $10,000+ on flood insurance mandates and increased property value by $165,000. NFE's expertise qualified all buildings for a Letter of Map Amendment (LOMA), helping the client avoid unnecessary and hefty flood insurance requirements while facilitating a smooth closing.

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Utah Property Successfully Reclassified to X Zone - Hurricane, UT

Explore how a Hurricane, UT, property (Duplex, 3 Sheds, 1 Storage structure, and the land!) were reclassified to an X-zone, removing lender mandates for flood insurance and increasing property value significantly.

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$33K NOI Increase

Houston Multifamily Increases NOI by $33K - Houston, TX

In total, NFE solutions resulted in $550,000 in added property value (assuming a 6% CAP Rate) and a $33,000 boost in NOI for a multifamily property on Bissonnet St in Houston, TX.