Solutions Value: $4K+ in Annual Premium Savings
NFE Solution: LOMA
A cold call from National Flood Experts paid off big for a national real estate investment firm focused on acquiring and managing self-storage facilities across the U.S.A. NFE performed a portfolio review for this client and ultimately found savings across 11 of their properties.
Based on past successful projects and area data, NFE's in-house research team pre-qualified several of the Client's self-storage facilities as having a high likelihood of cost-saving solutions. NFE contacted the company's Founder and CEO to share more information about our services and what we thought may be possible for their properties, and she was interested in exploring what solutions might be available.
For this Carson City, NV, self-storage property with four buildings impacted by the Special Flood Hazard Area (SFHA), NFE's engineering team conducted the initial desktop review, which confirmed that two of the four AE-Zone buildings would qualify for removal from the SFHA through a Letter of Map Amendment (LOMA). Upon approval by FEMA, the LOMA removed the buildings from the SFHA and into an X Zone. With the LOMA in hand, the Client's lender released the mandate for flood insurance for those two buildings. As a result, the Client's flood insurance expenses decreased by more than $4,000 annually. This reduction improved the property’s bottom line while also increasing the property value.