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 Property Owner in Texarkana Trims Year-Over-Year Flood Insurance Premiums by $10K

$10K Year-Over-Year Savings

Property Owner in Texarkana Trims Year-Over-Year Flood Insurance Premiums by $10K - Texarkana, TX

Discover how NFE helped a property owner in Texarkana, TX, overcome high flood insurance premiums. Through a comprehensive Flood Expert Survey (FES) and expert analysis, NFE successfully obtained a Letter of Map Amendment (LOMA), resulting in a yearly savings of approximately $10,000 and an increased property value of $167,000. Experience our expertise in flood risk management and effective solutions for tangible benefits.

Image of Residential property for NH Homeowner Relieved of Rising Flood Insurance Costs

Flood Insurance Mandates Removed

NH Homeowner Relieved of Rising Flood Insurance Costs - Bedford, NH

A homeowner in Bedford, NH, faced skyrocketing flood insurance premiums, nearly doubling their mortgage payments. They sought relief and their insurance agent recommended NFE as a trusted partner. NFE conducted a complimentary engineering review, qualifying the property for a LOMA. NFE assisted throughout the FEMA submission process, addressing RFIs and ensuring smooth progress. The homeowner obtained a LOMA, eliminating the need for flood insurance, improving property value and marketability.

Image of Multifamily property for Multifamily Property Removed from SFHA Prior to Renewal

$130K + in Added Property Value

Multifamily Property Removed from SFHA Prior to Renewal - La Porte, TX

Learn how NFE managed to obtain a LOMA approval within 48 hours of submission and helped a multifamily property in La Porte, TX avoid flood insurance renewal costs. NFE's commitment to exceptional customer service and ability to expedite projects proved to be a success.