Solutions Value: $15K in Lender Mandates Removed, Adding $250K in Property Value
NFE Solution: LOMA; FES
Learn how NFE successfully removed a multifamily property in Toms River, NJ, from the Special Flood Hazard Area (SFHA) after obtaining accurate data by performing a Flood Expert Survey (FES); NFE engineers qualified all five buildings for a Letter of Map Amendment (LOMA). These solutions eliminate the property's annual insurance costs and significantly increase property value.
After completing successful projects in the area, NFE contacted the property owners, a real estate investment and management firm, to share the potential for savings. With five buildings in the SFHA, the client was spending $15,000 annually on insurance premiums. Despite multiple storms in the area, including hurricanes, the property had never experienced flooding. The client was interested in reducing or eliminating the expense.
Solution: NFE took on the challenge of assessing the property to determine if the buildings could be removed from the SFHA and alleviate the client's insurance costs. A thorough FES to gather building-specific data was essential to ensure accurate solutions. After carefully examining the collected data, NFE's engineering team qualified the multifamily property for removal from the SFHA and obtained a LOMA for the client.
Cost Savings & Property Value Increase: The LOMA removed the lender mandate for flood insurance, and the client saved $15,000 yearly in flood insurance expenses, which immediately boosted the properties' NOI, increasing the property value by a staggering $250,000.
Conclusion: NFE utilized its industry expertise and detailed evaluation to provide the client seamless service and significant cost savings while adding substantial value to their investment.
