Solutions Value: Over $11K Reduction in Flood Insurance Premiums Achieved | $184K in Added Property Value
NFE Solution: LOMA; FES
The client, a Colorado-based commercial investment firm, met the National Flood Experts (NFE) team at a conference. Over the years, they have engaged NFE for multiple successful projects, benefitting from our expertise and cost-saving solutions.
In this case, the client faced high flood insurance premiums on three buildings within a storage facility in Hixson, TN. The escalating costs of flood insurance were impacting their profitability and financial position. They sought a solution to reduce these premiums and improve their financial performance.
NFE provided a comprehensive solution to address the client's challenges. NFE's engineering team conducted a thorough complimentary desktop engineering review of the client's property, offering their expertise and insights. Based on the initial analysis, NFE concluded that there was a strong possibility the three buildings would qualify for removal from the Special Flood Hazard Area (SFHA).
To confirm the feasibility of the solution, NFE recommended conducting a Flood Expert Survey (FES) to gather additional data specific to the property. The FES data confirmed the initial findings, solidifying the case for removal from the SFHA. NFE then successfully obtained a Letter of Map Amendment (LOMA) from FEMA.
NFE's solution resulted in significant cost savings and increased property value for the client. By removing the three buildings from the SFHA, the client realized annual savings of over $11,000 and increased the property value by approximately $184,000.
