Case Study

Multifamily

LOMA Success for a Multifamily Property Clipped by a Floodway

Buckhannon, WV

≈$178K in Property Value Added

Solutions Found:

LOMA

Solutions Value: ≈$178,000 in Added Property Value | ≈$10,700 in Annual Premium Savings

NFE Solution: LOMA

This Client, a multifamily property owner, was not aware that individual properties could be reclassified from the SFHA so a cold call from National Flood Experts paid off big for their Buckhannon, WV, property that was pulled into the SFHA by a recent map update. When NFE contacted company leadership to share more information about our services and what we thought may be possible for their property, the Client was interested in exploring what solutions might be available.

Armed with data provided by the Client, NFE's engineering team performed the initial desktop review, which confirmed that the building would qualify for removal from the SFHA through a Letter of Map Amendment (LOMA).

Upon approval by FEMA, the LOMA removed the building 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 $10,700 annually. This reduction improved the property's net operating income (NOI) and increased the property's value by approximately $178,000, assuming a 6% CAP Rate.

View Other Case Studies

Image of Multifamily property for Houston Multifamily Property Saves Over $31K in Premiums

$500,000 in Added Property Value

Houston Multifamily Property Saves Over $31K in Premiums - Houston, TX

Learn how NFE's Flood Expert Survey helped a multifamily property in Houston, FL achieve LOMA compliance, remove additional buildings from the flood zone, save over $31k in flood insurance premiums, and increase property value by $500k.

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 Houston Multifamily Increases NOI by $33K

$33K NOI Increase

Houston Multifamily Increases NOI by $33K - Houston, TX

In total, NFE solutions resulted in $550,000 in added property value (assuming a 6% CAP Rate) and a $33,000 boost in NOI for a multifamily property on Bissonnet St in Houston, TX.