Case Study

Residential

Lender Mandate Lifted for Homeowner in Maine

Kittery, ME

LOMA Achieved for Homeowner

Solutions Found:

LOMA

NFE Solution: LOMA

A single-family homeowner in Kittery, ME, reached out to NFE to explore potential cost-saving scenarios for her home.

NFE got to work immediately to provide a comprehensive solution to the Client's challenges. First, NFE gathered the relevant documents and performed the complimentary desktop engineering review. THe desktop review qualified the Client's home for removal from the Special Flood Hazard Area (SFHA) via a Letter of Map Amendment (LOMA). Next, the NFE team prepared an airtight case and submitted it to the Federal Emergency Management Agency (FEMA) for approval.

The LOMA was approved thanks to NFE's efforts, removing the home from the high-hazard flood zone and eliminating the lender requirement for flood insurance.

With the LOMA in hand, the Client's lender released the mandate for flood insurance on the property. With the lender mandates out of the picture, the Client was able to modify or cancel their flood insurance policy as they wished.

View Other Case Studies

Image of Commercial property for National Hotel Portfolio Saves $53K in Premiums

$670K in Added Property Value

National Hotel Portfolio Saves $53K in Premiums - Miami & Marathon, FL

NFE's expertise helped a portfolio of hotels save more than $53K in flood insurance premiums and removed the lender mandates for 15 properties. Qualifying the buildings for Letters of Map Amendments also resulted in ≈ $670K increase in property value (assuming an 8% CAP rate).

Image of Multifamily property for Successful Insurance Collaboration, Resulting in a LOMA, Cost Savings and Increased Property Value

$217,000 in Added Property Value

Successful Insurance Collaboration, Resulting in a LOMA, Cost Savings and Increased Property Value - Slidell, LA

Learn how a collaboration between a Client’s insurance broker and NFE resulted in a successfully obtained LOMA, saving a multifamily property in Slidell, LA, $13K in annual flood insurance premiums while adding $217K in property value.

Image of Multifamily property for NJ & NY Multifamily Properties Save $105K+

$1.75MM+ in Added Property Value

NJ & NY Multifamily Properties Save $105K+ - Multiple, NY

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 $17.5 million in increased property value.