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 15, 2019
Skybridges connect SOM’s two trapezoidal Buenos Aires towers
The project aims to become the center of activity in the city’s Catalinas Norte business district expansion.
Mixed-Use | Oct 9, 2019
OMA’s KaDeWe combines retail, a hotel, and a rooftop park in one building
The project will establish urban connections and public spaces through its own internal organization.
Mixed-Use | Oct 1, 2019
KPF breaks ground on West Lake 66 mixed-use development in Hangzhou
The project hopes to reinvigorate the city’s deteriorated surrounding blocks.
Mixed-Use | Sep 16, 2019
Heatherwick Studio designs a giant planted pergola in Tokyo’s Toranomon-Azabudai district
Japan’s tallest skyscraper, designed by Pelli Clarke Pelli, is also part of the district’s redevelopment.
Multifamily Housing | Aug 19, 2019
Affordable, senior development rises in the Bronx
RKTB Architects is designing the project.
Mixed-Use | Aug 14, 2019
Las Vegas’ $7.9 billion ‘mini-city’ will be a ‘digital revolution in motion’
All of the project’s buildings will be net-zero.
Mixed-Use | Aug 12, 2019
BIG will master plan Saudi Arabia's 'Giga-Project'
Qiddiya is currently under construction 28 miles outside of Riyadh.
Mixed-Use | Jul 25, 2019
5 ways to activate ‘dead space’ in mixed-use developments
By energizing the areas in between tenant spaces, design and real estate teams can drive more traffic—and revenue—for tenants.
Mixed-Use | Jul 24, 2019
Three-building development to rise on vacant parcel in Chicago suburb Arlington Heights
Tinaglia Architects designed the project.
Mixed-Use | Jul 23, 2019
Shanghai’s T20 stacks office and community space atop a plant-filled parking garage
Jacques Ferrier Architecture and Sensual City Studio designed the building.
