Solutions Value: $13K in Annual Premium Savings | $217K in Added Property Value
NFE Solution: FES; LOMA
For a multifamily property in Slidell, LA, working with National Flood Experts (NFE) resulted in a Letter of Map Amendment (LOMA) that reclassified six apartment buildings out of the Special Flood Hazard Area (SFHA). The successful project increased NOI by $13K and added $217K in property value.
The client owned six multifamily buildings in an AE zone and was required by their lender to carry flood insurance on all six buildings. Searching for ways to help reduce their client's annual flood insurance expense, their insurance broker contacted NFE for help. NFE reviewed the property documents and completed a Flood Expert Survey (FES) for the six buildings to obtain additional data.
After an exhaustive review of the new data, NFE's engineers identified a solution to remove all six buildings from the SFHA. This complex solution required several additional steps above and beyond a standard project. The client realized the upside of the reclassification would be extremely valuable to the property and decided to move forward with the project. NFE provided all required guidance and consulted with the client every step of the way.
NFE and the client's determination paid off when FEMA confirmed the LOMA, eliminating the lender mandate for flood insurance, saving the client almost $13,000 per year, and adding an instant increase to the property's NOI. On top of the NOI Boost, the property value increased by $217,000!