Solutions Value: Lender mandates removed, adding significant property value
NFE Solution: FES; LOMA
A condo community in New Port Richey, FL, was facing skyrocketing flood insurance premiums for four of their buildings. The lack of recent data on the buildings made it challenging to find accurate and comprehensive solutions to reduce costs. The property owner sought assistance and their longtime insurance partner referred them to National Flood Experts (NFE) for guidance.
NFE understood the importance of accurate data and recommended conducting a Flood Expert Survey (FES) to collect comprehensive, building-specific data to identify potential solutions. The insurance partner was familiar with NFE's past successes for other clients and recommended the FES as an initial step to finding cost-saving solutions. The Condo Board agreed to proceed with the FES.
NFE's field team conducted the FES, diligently collecting comprehensive data on each building. The engineering team at NFE reviewed and analyzed the data, leading to the qualification of all four buildings for a Letter of Map Amendment (LOMA). The LOMA provided the condo association with the flexibility to either cancel flood insurance for the four buildings or adjust their insurance coverage according to their preferences.
The LOMA removed lender mandates from the four buildings, resulting in substantial savings in flood insurance premiums for the client. Additionally, the removal of these buildings from the Special Flood Hazard Area (SHFA) added a significant property value, making them more attractive to future owners.
This project showcases how the collaborative efforts between the insurance partner and NFE helped the condo community reduce insurance costs and increase the value of their property. By leveraging accurate information and expertise, the insurance partner provided valuable guidance and referred the client to NFE, helping the client reduce their year-over-year expenses.
