Solutions Value: Flood Insurance Mandates Removed & Property Value Improved
NFE Solution: LOMA
A homeowner in Bedford, NH, had been struggling with rising flood insurance premiums nearing the point of doubling their mortgage payments. Seeking relief from this financial burden, they contacted their insurance agent, who recognized the need for specialized assistance and recommended NFE as a trusted partner.
We began by conducting a complimentary engineering review of the property, which involved a comprehensive assessment of the A-zone property to determine potential eligibility for a Letter of Map Amendment (LOMA) or other cost-saving solutions. Following a thorough review, NFE qualified the property for a LOMA.
Throughout the process, NFE worked closely with the insurance agent and the homeowner, providing valuable guidance and support, handling every step of the FEMA submission process, including FEMA's Requests for Information (RFI), and ensuring smooth application progress.
NFE's efforts yielded excellent results for the homeowner - who obtained a LOMA for their property, successfully removing the lender mandate for flood insurance. The solution provided relief from high insurance costs and improved the property's overall worth and marketability should the owner decide to sell in the future, offering peace of mind and allowing the homeowner to focus on other financial goals. The collaboration between the insurance agent, NFE, and the homeowner exemplifies how strategic and specialized solutions can alleviate financial stress and provide positive outcomes.