A large real estate asset management and advisory company with 16 multifamily properties in its portfolio that standard flood zone determinations indicated to be within FEMA-designated Special Flood Hazard Areas (SFHA), which include flood zones beginning with letters A or V. The cost of Annual Premiums were $136,045.
We performed a thorough flood risk analysis on 13 of these properties and found that 11 properties were not at high risk of flooding during catastrophic rainstorms. Therefore, these 11 properties had been wrongly included in the SFHA. We worked with FEMA to successfully remove the 11 properties from the high-risk flood zone and to reclassify them into a low-risk flood zone, where they should have been in the first place.
This successful reclassification of 11 apartment complexes increased property values by $1,500,000 (based on the application of a 7{b73b969d192d8eafaea0090998e86317c7e4c69160e33071b50feed6bdb2d318} capitalization rate to the amount of savings) and eliminated $103,000 in premium costs.
We’re here to help!
Contact us today to learn how our Flood Zone Correction Service can help you reduce or eliminate flood insurance premiums and increase your commercial multifamily property values.
[button link=”mailto:info@crio.com?subject=CRIO Website – Flood Insurance”]Contact Us[/button]