Case Study

Condominium

Condo Property in Florida Successfully Removed from SHFA

New Port Richey, FL

Image of Condominium property for Condo Property in Florida Successfully Removed from SHFA

Lender Mandates Removed

Solutions Found:

Flood Expert Survey

LOMA

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.

View Other Case Studies

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

$225,000 Added Property Value

Mississippi Multifamily Property Successfully Removed from Flood Zone - Starkville, MS

Discover how an introduction to NFE from their insurance broker helped a Multifamily Property in Starkville, MS, save $13,500 in flood insurance premiums and add $225,000 in property value. Working with NFE to uncover savings opportunities is a win for insurance agents and policyholders.

Image of Multifamily property for Property Management Company Increases NOI by $40.5K

$40.5K NOI Increase

Property Management Company Increases NOI by $40.5K - New Orleans, LA

This Multifamily property got a major NOI boost in The Big Easy, adding $40,511 back to the property's operating budget!

Image of Multifamily property for Refinancing Saved, Excess Flood Insurance Mandate Removed, and $1MM+ in Property Value Added for Terre Haute, IN, Multifamily Property

$1MM+ in Added Property Value

Refinancing Saved, Excess Flood Insurance Mandate Removed, and $1MM+ in Property Value Added for Terre Haute, IN, Multifamily Property - Terre Haute , IN

Discover how a multifamily property owner in Terre Haute, IN, maximized refinancing and eliminated the need for excess flood insurance coverage. NFE’s engineering review helped the owners overcome restrictions, increase property value by a staggering $1MM+, and increase NOI by $65,250 annually - all in just under two weeks!