Case Study

Multifamily

Excess Flood Insurance Requirement Eliminated for DE Multifamily Property

Dover, DE

Image of Multifamily property for Excess Flood Insurance Requirement Eliminated for DE Multifamily Property

Excess Flood Insurance Requireme

Solutions Found:

LOMA

Flood Expert Survey

Solutions Value: ≈$106,000 in Added Property Value | ≈$6,300 in Annual Premium Savings

NFE Solution: LOMA; FES

A cold call from National Flood Experts paid off big for this Client and their Dover, DE, multifamily property whose lender was mandating National Flood Insurance Program (NFIP) AND excess flood insurance coverage.

Based on past successful projects and area data, NFE's in-house research team pre-qualified the Client's property as having a high likelihood of cost-saving solutions. NFE contacted the property owner to share our services and what we thought may be possible for their property. The Client was interested in exploring what solutions might be available.

NFE gathered the relevant documents and performed the initial desktop engineering review, which confirmed the high likelihood that the property would qualify for removal from the Special Flood Hazard Area (SFHA) through a Letter of Map Amendment (LOMA). To fully confirm the solution, additional property-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 three multifamily buildings for a LOMA.

The entire project was expedited through FEMA, and the LOMA was secured in less than a week.

Our solution ELIMINATED the lender's requirement for excess and NFIP policies for the three buildings and created a $6,300+ boost to NOI. The LOMA also increased property value by a whopping $106,000!

This case study embodies how NFE's comprehensive engineering reviews can help overcome lender hurdles, generate significant savings, and enhance property value.

View Other Case Studies

Image of Multifamily property for Mississippi Multifamily Property Successfully Removed from Flood Zone

$225,000 Added Property Value

Mississippi Multifamily Property Successfully Removed from Flood Zone - Starkville, MS

Discover how an introduction to NFE from their insurance broker helped a Multifamily Property in Starkville, MS, save $13,500 in flood insurance premiums and add $225,000 in property value. Working with NFE to uncover savings opportunities is a win for insurance agents and policyholders.

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 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.