A new study that measured the economic value of using FORTIFIED Multifamily, a voluntary beyond-code construction and re-roofing method developed by the Insurance Institute for Business & Home Safety (IBHS), found the return can be as high as 72%.
The Alabama Center for Insurance Information and Research (ACIIR) at the University of Alabama's Culverhouse College of Business study predicts lower insurance costs due to reduced risk, coupled with increased revenue, more than pay for the cost of achieving a FORTIFIED designation. The size of this return on investment varied based on where the project was located, and which FORTIFIED designation was sought. It ranged from 8.1% with added hail protection in inland areas to 72% for a Gold designation near the coast.
A building can be constructed to a FORTIFIED standard for either Hurricane or High Wind, and property owners can choose from three designation levels, including Roof, Silver, or Gold. The standard requires upgrades be verified and documented by an independent third-party evaluator.
The FORTIFIED Multifamily program was developed based on decades of lab and field research by IBHS to identify methods to strengthen homes, commercial buildings, and multifamily properties against severe weather, including hurricanes and tornadoes. The standard is publicly available and is free.
Related Stories
Mixed-Use | Oct 2, 2020
Zaha Hadid Architects unveils 2 Murray Road in Hong Kong
The project reinterprets the structural forms and layering of a Bauhinia bud about to blossom.
Reconstruction & Renovation | Sep 30, 2020
SOM reimagines former Cook County Hospital into mixed-use destination
The project is the first phase of a proposed $1 billion redevelopment plan for the area in Chicago.
Sustainability | Sep 29, 2020
Heatherwick Studio creates a new concept for San Francisco’s Piers 30-32
The new vision is dubbed The Cove.
Mixed-Use | Sep 23, 2020
SOM-designed waterfront neighborhood will include 1,045-foot-tall tower
The project will focus on harnessing the sea and the sun to create a low-carbon waterfront community.
Mixed-Use | Sep 7, 2020
Google proposes 40-acre redevelopment that includes nearly 2,000 housing units
Lendlease will manage the design and construction, as a partner in a multi-development deal struck last year between the two companies.
Mixed-Use | Sep 3, 2020
10 Design will redevelop the Nanjing Dajiaochang Airport
The old military airport will become a contemporary mixed-use destination.
Mixed-Use | Aug 17, 2020
New Sydney towers will have the world’s first AI-driven facade system
SOM and Fender Katsalidis are designing the project.
Mixed-Use | Aug 4, 2020
San Jose’s new tallest building tops out
Steinberg Hart designed the project.
Mixed-Use | Jul 27, 2020
$92 million reconstruction of St. Petersburg Municipal Pier completes
Rogers Partners, ASD | SKY, and landscape architect Ken Smith Workshop designed the project.
Mixed-Use | Jul 22, 2020
Skanska selects Pickard Chilton to design innovative office tower in Bellevue, Wash.
The 800,000-gsf mixed-use project is located at 10660 NE 8th Street.
