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 19 of 29 Buildings Removed from SFHA

$365K+ Added in Property Value

19 of 29 Buildings Removed from SFHA - Coral Springs, FL

On a rushed timeline due to an upcoming sale, NFE's flood experts helped the nation's largest multi-family property owner save ≈$22K in annual flood insurance premiums while also adding $365K in property value for a 29-building property in Coral Springs, FL. NFE’s field work and engineering review maximized cost savings and helped the current and future owners avoid costly premium hikes on the horizon.

Image of Residential property for Lender Mandate Lifted for Homeowner in Maine

LOMA Achieved for Homeowner

Lender Mandate Lifted for Homeowner in Maine - Kittery, ME

Discover how NFE helped a single-family homeowner in Kittery, ME, confirm their location outside of the special flood hazard area (SFHA) and remove the lender mandate for flood insurance on their home via a Letter of Map Amendment (LOMA).

Image of Commercial property for Increase Commercial Real Estate Value Through Flood Zone Reclassification

$50,000 in Added Property Value

Increase Commercial Real Estate Value Through Flood Zone Reclassification - Clive, IA

Learn how National Flood Experts helped a client increase the value of their commercial property in Clive, IA, by $50K. Through NFE’s Flood Expert Survey, the property was successfully removed from the AE flood zone, improving the future marketability of the property.