Solutions Value: $5,000 in Annual Premium Savings | $84,000 in Added Property Value
NFE Solution: FES, LOMA
A three-building multifamily property in Indianapolis, IN, was barely clipped by the A flood zone, and the owners were interested in exploring ways to eliminate or reduce their flood insurance premiums for the property.
Recognizing the Client's pain point, their insurance broker contacted National Flood Experts (NFE) to review the property to uncover potential cost savings solutions.
NFE gathered the relevant documents and performed the initial desktop review, which identified a high likelihood that the property would qualify for removal from the Special Flood Hazard Area (SFHA) through a Letter of Map Amendment (LOMA). To fully confirm the solution, additional data was required. The Client agreed to have NFE perform a Flood Expert Survey (FES) of the property. The survey data qualified all three apartment buildings for a LOMA. NFE's engineering team prepared the FEMA submission package and handled FEMA's request for additional information. Just over one month after submission to FEMA, the LOMA was approved!
The results are outstanding! The LOMA officially reclassified all three apartment buildings from the SFHA and into the X zone. Reclassification from the SFHA removed the lender mandate for flood insurance on the property, allowing the Client to adjust or cancel their insurance policies according to their risk plan and financial strategy. The Client was also able to enjoy an $84,000 property value increase!
NFE's comprehensive engineering review process, FES execution, and the LOMA qualification demonstrated the effectiveness of proactive measures in addressing flood zone challenges. The insurance partner delivered exceptional service to their Client by connecting them to NFE, helping them achieve significant financial savings and added property value.