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 | Jul 21, 2020
Phase one of The Orbit masterplan detailed for Innisfil, Ontario
Partisans is designing the project.
Mixed-Use | Jul 20, 2020
J. Small Investments, Lyda Hill Philanthropies have unveiled plans for a 23-acre mixed-use development in Dallas
The vacant campus was purchased from ExxonMobil Oil Corporation in 2015.
Mixed-Use | Jul 17, 2020
Ryan Companies breaks ground on 122-acre Highland Bridge redevelopment in St. Paul, Minn.
The community’s goal is to provide 100% renewable energy to its houses and businesses.
Mixed-Use | Jul 15, 2020
1928 hotel reimagined as new residential and cultural hub in Merced, Calif.
Page & Turnbull designed the project.
Mixed-Use | Jul 14, 2020
Apartments and condos occupy what was once a five-story car dealership
Wisznia | Architecture+Development designed, developed, and is managing the project.
Mixed-Use | Feb 21, 2020
SB Architects to design Fort Lauderdale’s FATVillage mixed-use destination
The project will build upon the existing FATVillage Arts District.
Mixed-Use | Feb 14, 2020
Kenya’s Pinnacle Tower will be the tallest tower in Africa
ArchGroup Consultants is designing the project.
Mixed-Use | Feb 13, 2020
1010 On-The-Rhine creates a walkable destination in Cincinnati
GBBN designed the project.
Sustainability | Feb 12, 2020
KPF unveils The Pinnacle at Central Wharf, a high-performance, resilient tower
The project will reconnect Downtown Boston to the waterfront.
Mixed-Use | Feb 11, 2020
KTGY unveils designs for Downtown Superior’s Main Street mixed-use portion
The development will be built in Superior, Colo.