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 19, 2019
Lendlease and Google to develop mixed-use neighborhoods in San Francisco Bay
The residential, retail, hospitality, and other civic components have an estimated development value of $15 billion.
Mixed-Use | Jul 18, 2019
POST Houston mixed-use development will include a five-acre “skylawn”
OMA is designing the project.
Mixed-Use | Jul 2, 2019
Brooklyn’s Flatbush Caton Market redevelopment will preserve the Caribbean community amidst gentrification
Freeform + Deform designed the building with Magnusson Architecture + Planning as the Architect of Record.
Mixed-Use | Jun 20, 2019
SOM-designed mixed-use tower opens in Sydney
The building is located in Sydney’s Central Business District.
Mixed-Use | Jun 13, 2019
Site of former Motorola headquarters will become a mixed-use district
UrbanStreet Group and Antunovich Associates are developing the master plan for the project.
Mixed-Use | Jun 3, 2019
12-story mixed-use development opens in Washington, D.C.
Cooper Carry designed the project.
Mixed-Use | May 28, 2019
Broward County Convention Center expansion to include Headquarters Hotel
Omni Hotels & Resorts will manage the County-owned hotel.
Mixed-Use | May 23, 2019
237-room hotel will anchor Nashville’s new $540 million mixed-use development
Chartwell Hospitality will operate the hotel.
Mixed-Use | May 15, 2019
Puerto Rican mixed-use, mixed income housing development begins construction
Álvarez-Díaz & Villalón designed the project.
Mixed-Use | May 14, 2019
Mixed-use community breaks ground in Greenville, S.C.
The Beach Company is developing the project.
