Solutions Value: $3,000 in Annual Premium Savings | $50,000 in Added Property Value
NFE Solution: FES, LOMA
After identifying a shopping center in Clive, IA, for potential flood-zone cost-saving solutions, National Flood Experts called the owner to discuss what might be possible. The owner expressed worry about the rising costs of flood insurance and how this may pose a significant risk to the property's value, potentially negatively affecting its future sale. Interested in removing the building from the AE zone, the Client greenlit NFE to perform an engineering review of the property.
NFE gathered the relevant documents and performed the initial desktop review, which identified a high likelihood that the building would qualify for removal from the Special Flood Hazard Area (SFHA) through a Letter of Map Amendment (LOMA). To fully confirm the solution, additional building-specific data was required. The Client agreed to have NFE perform a Flood Expert Survey (FES) of the property. After an exhaustive review of the new data, NFE's engineers qualified the building for a LOMA.
Upon FEMA approval of the LOMA, the building was successfully removed from the SFHA and reclassified into an X Zone. The Client realized an annual savings of $3,000 and, most importantly, a $50,000 increase in the property value. The LOMA plays a significant role in the future marketability of the building. Making the commercial property in Clive, IA, a more appealing asset to a broader buyer pool when the owner decides to sell the property.
NFE's comprehensive engineering review process, FES execution, and the LOMA qualification demonstrate the effectiveness of proactive measures to address flood zone challenges to enhance property value and bolster future sale prospects.
