Case Study

Multifamily

OH A-Zone Property Saves $48K In Annual Premiums

Lebanon, OH

Image of Multifamily property for OH A-Zone Property Saves $48K In Annual Premiums

≈$814K in Property Value Added

Solutions Found:

Flood Expert Survey

LOMA

Solutions Value: ≈$814,000 in Added Property Value | ≈$48,000 in Annual Premium Savings

NFE Solution: LOMA; FES

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

For this Lebanon, OH, multifamily property with four buildings impacted by the Special Flood Hazard Area (SFHA), NFE got to work immediately. NFE's engineering team performed the initial desktop review, which confirmed the high likelihood that the four A-Zone buildings would qualify for removal from the SFHA through a Letter of Map Amendment (LOMA). Due to the complex and understudied nature of A-Zones and 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. NFE's in-house Field Experts visited the property and meticulously gathered all required data. After an exhaustive review of the new data, NFE's engineers qualified all four buildings for a 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. As a result, the Client's flood insurance expenses decreased by more than $48,000 annually. This reduction improved the property's net operating income (NOI) and increased the property's value by approximately $814,000, assuming a 6% CAP Rate.

View Other Case Studies

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 Commercial property for Maryland Yacht Club Saves $23K

$23K in Premium Savings

Maryland Yacht Club Saves $23K - Annapolis, MD

A Yacht Club in Annapolis, MD was alerted by the NFIP that their flood insurance policy was being non-renewed & they were shocked when the private carrier quote came in at $30,000+ annually. Their Insurance Agent called National Flood Experts to see if we could assist & our team went to work and provided $23K in Premium Savings.

Image of Condominium property for Condo Association | $10k in Savings

$73K premium increase avoided!

Condo Association | $10k in Savings - Sarasota, FL

A Condo HOA's premium was set to increase from $17,000/year to potentially $90,000+; our team qualified a scenario that resulted in a premium of only $7,000/year.