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 Property Management Company Increases NOI by $40.5K

$40.5K NOI Increase

Property Management Company Increases NOI by $40.5K - New Orleans, LA

This Multifamily property got a major NOI boost in The Big Easy, adding $40,511 back to the property's operating budget!

Image of Multifamily property for MD Multifamily Property - $48K NOI Increase

$48,000 NOI Increase

MD Multifamily Property - $48K NOI Increase - Dundalk, MD

A 60 building property just outside of Baltimore, MD, saved $48,000 in flood insurance premiums after our engineering review qualified 11 buildings for removal from the flood zone, removing the lender mandate for flood insurance.

Image of Commercial property for FEMA 50% Improvement Rule Avoided & Property Value Increased by $200K

$200,000 in Added Property Value

FEMA 50% Improvement Rule Avoided & Property Value Increased by $200K - Chattanooga, TN

Discover how a Chattanooga, TN, hotel owner saved $12K per year on flood insurance, added $200K in property value, and avoided FEMA’s 50% improvement rule by working with National Flood Experts (NFE) after being referred to NFE by their insurance agent.