Solutions Value: $10K Annual Savings | $167K Added Property Value
NFE Solution: LOMA; FES
Discover how National Flood Experts (NFE) assisted an industrial storage facility in Bonita Springs, FL, to overcome increased flood insurance premiums caused by updated FEMA maps. Through their expertise and a thorough Flood Expert Survey (FES), NFE reduced the client's costs and enhanced property value.
Challenge: Due to updated FEMA maps, an industrial storage facility faced skyrocketing flood insurance premiums after being newly mapped into a high-risk flood zone. The client, referred by a previous NFE Client, sought NFE's assistance to find an affordable solution.
Solution: To gather the most current, building-specific data, NFE conducted a comprehensive Flood Expert Survey (FES) to evaluate the property and identify all potential cost-saving solutions. The in-house engineering review of the FES data determined that two of the three buildings qualified for a Letter of Map Amendment (LOMA), removing them from the high-risk flood zone.
By securing the LOMA designation, the client achieved significant outcomes:
Cost Savings: The client's annual flood insurance premiums were reduced by an impressive $10,000.
Property Value Increase: With the reassessment and removal from the high-risk flood zone, the property value increased by $167,000 (assuming a 6% CAP rate), improving the overall worth of the industrial storage facility.
Conclusion: NFE's project for this Client industrial storage facility demonstrates its commitment to delivering effective cost-saving solutions across all real estate verticals. By conducting a thorough FES and securing a LOMA for two buildings, NFE helped the client reduce costs and enhance property value.
