Case Study

Multifamily

Multifamily Property in Salem, NJ, Achieves $7.5K NOI Boost

Salem, NJ

Image of Multifamily property for Multifamily Property in Salem, NJ, Achieves $7.5K NOI Boost

$125K in Added Property Value

Solutions Found:

LOMA

Flood Expert Survey

Solutions Value: $7.5K NOI Increase | $125K in Added Property Value

NFE Solution: LOMA; FES

The client, a multifamily investment and property management firm that had previously engaged in projects with National Flood Experts (NFE), was faced with significant flood insurance expenses for a property in Salem, NJ. Three buildings on the property were located in a high-hazard flood zone, and the lender was mandating flood insurance for the three buildings.

NFE provided a comprehensive solution to the client's challenges. First, NFE initiated a complimentary desktop engineering review of the property to identify potential avenues for removing the flood insurance mandate. Based on their assessment, NFE recommended conducting a Flood Expert Survey (FES) to gather property-specific data and confirm the eligibility for a Letter of Map Amendment (LOMA).

NFE conducted the FES and analyzed the findings, concluding that all three buildings on the property qualified for a LOMA. Leveraging their expertise, NFE prepared an air-tight case and submitted it to Federal Emergency Management Agency (FEMA) for approval.

Thanks to the efforts of NFE, the LOMA was approved, removing all three buildings from the flood zone and eliminating the lender requirement for flood insurance.

With the LOMA in hand, the client's lender released the mandate for flood insurance. As a result, the client experienced a significant reduction in annual insurance premiums, amounting to $7,500. This reduction instantly improved the property's net operating income (NOI) and increased the property's value by an impressive $125K.

The client's decision to engage with National Flood Experts (NFE) for this project demonstrates their trust in the company's expertise and ability to deliver results. By successfully removing the flood insurance mandate through the LOMA process, NFE showcased its commitment to providing effective flood zone solutions and delivering financial benefits to clients.

View Other Case Studies

Image of Commercial property for Maryland Yacht Club Saves $23K

$23K in Premium Savings

Maryland Yacht Club Saves $23K - Annapolis, MD

A Yacht Club in Annapolis, MD was alerted by the NFIP that their flood insurance policy was being non-renewed & they were shocked when the private carrier quote came in at $30,000+ annually. Their Insurance Agent called National Flood Experts to see if we could assist & our team went to work and provided $23K in Premium Savings.

Image of Multifamily property for Lender Mandates Removed For A Multifamily Building in Oklahoma City, OK

$120,000 in Added Property Value

Lender Mandates Removed For A Multifamily Building in Oklahoma City, OK - Oklahoma City, OK

Discover how NFE successfully removed a multifamily building in Oklahoma, OK, from a complex A flood zone. After conducting a thorough Flood Expert Survey, we obtained FEMA's approval for a LOMA, saving the client nearly $7,200 per year on flood insurance and boosting property value by approx. $120,000.

Image of Multifamily property for Successful Insurance Collaboration, Resulting in a LOMA, Cost Savings and Increased Property Value

$217,000 in Added Property Value

Successful Insurance Collaboration, Resulting in a LOMA, Cost Savings and Increased Property Value - Slidell, LA

Learn how a collaboration between a Client’s insurance broker and NFE resulted in a successfully obtained LOMA, saving a multifamily property in Slidell, LA, $13K in annual flood insurance premiums while adding $217K in property value.