A large multifamily real estate company owned a large apartment complex with 29 buildings, where the NFIP flood insurance premiums were $222,434 for 29 flood insurance policies. The high cost of flood insurance resulted in the property operating with a negative cash flow for several years, which substantially decreased the value of the property. The client desperately sought a premium reduction solution that would decrease its flood insurance costs while allowing it to maintain the same coverage in order to satisfy its lender’s flood insurance requirement.
We used our research-driven underwriting process to procure data that enabled us to re-rate the flood policies using an alternative rate structure available through the NFIP. As a result, we delivered substantial future savings, captured a large insurance refund, and increased property values.
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Contact us today to learn how our Premium Reduction Service can help you increase your commercial multifamily property value.
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