One of the nation’s leading self-storage companies owns a property in Texas with 8 buildings, where the NFIP flood insurance premiums were $52,014 for the 8 NFIP policies. The client desperately sought a 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.
Our industry-leading flood team quickly determined that there were more favorable rates available for these buildings. This enabled us to re-rate the flood policies using the lower cost rate structure available through the NFIP. As a result, our Premium Reduction Service captured a large insurance refund, delivered substantial future savings, and increased the value of this property.
Our Premium Reduction Service delivered following valuable benefits:
- Reduced annual flood premiums by $43,938 (84%).
- Increased property value by more than $625,000 by capitalizing the annual savings at a 7% capitalization rate.
- Procured a $43,938 insurance refund.
Contact us today to learn how our Premium Reduction Service can deliver valuable benefits to your clients.