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.
