Case Study

Multifamily

Reducing Insurance Costs and Boosting Property Value in a High-Risk Flood Zone

Albuquerque, NM

Image of Multifamily property for Reducing Insurance Costs and Boosting Property Value in a High-Risk Flood Zone

$108,000 in Added Property Value

Solutions Found:

Flood Expert Survey

LOMA

Solutions Value: $6,500 in Annual Premium Savings | $108,000+ in Added Property Value

NFE Solution: FES, LOMA

A multifamily property located in Albuquerque, NM, was facing high annual flood insurance costs due to its location within the A-Zone.

During a cold call to the client, the NFE Account Representative discovered that only one of the apartment buildings was barely clipped by the A flood zone and was required by the lender to carry flood insurance on that building, costing the client approximately $6,500 per year. The client was interested in exploring options to reduce or remove the flood insurance expense for the property.

Due to the complex and understudied nature of A-Zones, NFE performed a Flood Expert Survey (FES) to gather building-specific data, accurately assess the situation and explore potential solutions.

After completing the FES, NFE’s engineering team analyzed the data and qualified the building for a Letter of Map Amendment (LOMA). Upon approval by FEMA, the LOMA removed the property from the high-risk flood zone and into an X Zone.

As a result, the client saved approximately $6,500 annually on flood insurance costs and saw an increased property value of over $108,000.

This project highlights the importance of accurate flood zone identification and the significant financial implications it can hold for property owners. Through expert analysis and smart solutions, NFE was able to help the client realize substantial annual savings and significantly increase the value of their property.

View Other Case Studies

Image of Multifamily property for Cold Call Results in $116K Property Value Increase for Multifamily Owner

$116K in Added Property Value

Cold Call Results in $116K Property Value Increase for Multifamily Owner - Colorado Springs, CO

Explore how National Flood Experts helped a client increase the value of their multifamily property in Colorado Springs, CO by more than $116,000. Through NFE’s comprehensive engineering review, the building was successfully removed from the high-risk flood zone, eliminating the lender mandate for flood insurance and decreasing annual expenses by nearly $7,000 while also increasing property value.

Image of Multifamily property for Chicago Multifamily Dodges $75k/year Bullet

$75K Lender Mandate Removed

Chicago Multifamily Dodges $75k/year Bullet - Chicago, IL

Our team flew up to the Windy City, gathered pertinent site-specific data, and successfully petitioned FEMA for a Letter of Map Amendment (LOMA). With the LOMA in hand, the lender mandates were removed, and the client dodged a $75k/year bullet!

Image of Industrial property for Storage Facility in Hixson, TN Reduces Flood Insurance Premiums by $11.3K

$184K in Added Property Value

Storage Facility in Hixson, TN Reduces Flood Insurance Premiums by $11.3K - Hixson, TN

Read how National Flood Experts helped an industrial storage facility in Hixson, TN, achieve cost-cutting solutions and overcome financial strain caused by high flood insurance premiums. Through a comprehensive review process, NFE saved the client over $11,000 annually and increased their property value by $184,000. Discover how NFE's expertise and strategic recommendations transformed the client's financial position and set them up for long-term success.