Solutions Value: $10K Year-Over-Year Savings | $167K Added Property Value
NFE Solution: LOMA; FES
Discover how National Flood Experts (NFE) helped a vertically integrated investment and management firm based in Houston, TX, to reduce their high flood insurance premiums for a multifamily property in Texarkana, TX. By performing a thorough Flood Expert Survey (FES) and obtaining a Letter of Map Amendment (LOMA), NFE significantly decreased costs and improved property value.
After completing successful projects in the area, NFE contacted the owners of a Texarkana multifamily property. The client expressed frustration with high flood insurance premiums and their interest in finding solutions. They decided to explore potential savings with NFE.
Flood Expert Survey (FES): NFE reviewed the necessary documents provided by the client and identified an opportunity for further evaluation. They advised the client to proceed with a comprehensive FES of the property to assess potential savings scenarios fully. Committed to reducing their flood insurance premiums, the client agreed to move forward with the FES.
NFE's field experts promptly conducted the FES, gathering accurate and building-specific data for determining available savings scenarios. Leveraging their expertise and knowledge, NFE diligently worked to provide an optimal solution for the client.
Solution: After thorough analysis, NFE's engineering review determined that the property qualified for a LOMA. This designation removed the property from the high-risk flood zone, significantly reducing flood insurance premiums.
Results and Benefits: By successfully obtaining the LOMA for the client's property, NFE achieved the following outcomes:
Increased Net Operating Income (NOI): The client experienced a boost in their NOI by $10,000, directly resulting from the reduced flood insurance premiums.
Enhanced Property Value: The reassessment and removal from the high-risk flood zone led to an impressive increase in property value by $167,000, providing long-term benefits for the multifamily property.
Through the comprehensive FES and successful LOMA submission, NFE reduced the client's flood insurance premiums and improved property value.
