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.

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In this case study, a New Jersey-based Commercial Real Estate Developer partnered with National Flood Experts (NFE) to reduce annual flood premiums and increase the property value of their multifamily properties in NJ & NY. NFE successfully removed flood insurance mandates from 15 buildings, resulting in approximately $105,000 in annual cost savings and over $1.75 million in increased property value.