Solutions Value: $18.6K+ in Annual Savings Premium and $310K+ in Added Property Value
NFE Solution: FES; LOMA
A multifamily property management company with a footprint throughout Arizona, Colorado, New Mexico, Texas, and Utah, faced rising flood insurance premiums for one of their properties in Bernalillo, NM. Seeking a solution, the CFO contacted National FLood Experts (NFE) after meeting the NFE team at a multifamily conference.
NFE went to work, completing a desktop engineering review of the six buildings mandated to carry flood insurance. The desktop review indicated a strong chance for a Letter of Map Amendment (LOMA) for the property, but additional property-specific data was required to confirm the solution. The client agreed to the recommended Field Expert Survey (FES), and NFE's field team traveled to New Mexico to gather the required data.
Based on the gathered data, NFE's engineering team determined that the buildings qualified for flood zone removal through the LOMA process. To support the LOMA application, NFE compiled and submitted all the required documents and other relevant data required by FEMA, working closely with the client to ensure the accuracy and completeness of the submission.
All six (6) buildings were successfully removed from the Special Flood Hazard Area (SFHA), and the lender mandate for flood insurance coverage was eliminated, resulting in significant cost savings of over $18,600 in annual premiums while improving the overall property value, by an estimated to be over $310,000 - A MASSIVE WIN!