Solutions Value: $11K+ Annual Premium Savings with $187K+ in Added Property Value
NFE Solution: LOMA
National Flood Experts resolved a flood zone issue for a multifamily property in Thomasville, GA when 5 of 13 buildings were flagged as located in the Special Flood Hazard Area (SFHA), triggering lender mandates for NFIP and Excess flood insurance policies. To alleviate these burdens and enhance the property's value, the property owner sought the assistance of NFE.
To address the challenges faced by the client, NFE conducted a thorough desktop engineering review of the entire property at no cost. This review helped identify potential areas for flood zone removal via Letter of Map Amendment (LOMA).
By qualifying all five impacted buildings for flood zone removal, the project facilitated the removal of the lender mandates for both the NFIP and excess flood insurance policies. The project was completed in less than five days, showcasing NFE's efficiency and expertise in dealing with flood zone designations.
This swift solution immediately relieved the client from high insurance costs and lender mandates, yielding significant and tangible results for the client and, overall, providing flood insurance savings of $11,000+ per year and increased property value by $187,000+. This increase in value has the potential to positively impact the long-term financial performance of the property.
NFE's expertise and timely solution enable property owners to achieve substantial cost savings and increased property value for their assets in flood zones.
